Domestic and foreign institutions warn of a potential 51% supply shortage for ABF substrates by 2028, impacting key manufacturers Nanya PCB, Unimicron, and Kinsus. Goldman Sachs, Daiwa Capital, and Cathay Securities Investment Consulting have raised industry outlooks and target prices for these companies, with Daiwa setting Nanya PCB's fair value at 2,444 yuan.
Critical advanced packaging substrates face a severe supply crunch, tightening the bottleneck for AI chip production and driving up component costs.