Key Takeaways from China AI PCB Tour: AI Upcycle Intact, Capacity and Execution Matter
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Key Views
Initial Vera Rubin capacity allocation may be more balanced, but new supplier entry does not necessarily erode incumbents' share—ultimate positioning depends on scalable delivery capabilities encompassing yield stability, material readiness, and speed. Even if Kyber faces delays, the impact on 2028 AI PCB TAM should be offset by stronger demand from existing Nvidia generations and rising ASIC adoption. Meanwhile, optical module upgrades toward 1.6T and potential CoWoP-driven PCB designs are catalyzing mSAP process demand. CCL pricing is diverging: high-end CCL supply remains manageable with limited contract price increases, whereas low-end CCL faces more acute shortages and margin pressure.
Outlook
Domestic AI infrastructure buildout may generate incremental high-end AI PCB demand from 2027 onward.
Recommended Securities
Victory Giant Technology - H (2476.HK): Rated Overweight; last price HK$230.20; target price HK$600 (set June 8, 2026), underpinned by AI PCB leadership and on-track capacity expansion supporting high-volume delivery.