摩根大通-亚太印刷电路板、覆铜板、基板、测试及无源元件-Asia PCB,CCL,Substrate,Testing,and Passive Components-20260401

AsiaPacificEquityResearch

April2026

AsiaPCB,CCL,Substrate,Testing,andPassiveComponents

JerryTsaiAC

jerry.tsai@

J.P.MorganSecurities(Taiwan)Limited(886-2)2725-9867

Seetheendpagesofthispresentationforanalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.

CCL/PCB

AIdrivingHPCCCL/PCBTAMgrowth

Source:J.P.Morganestimates.Source:J.P.Morganestimates.

Not

HPCCCLTAM

Source:J.P.Morganestimates

HPCCCLTAMbyapplication

TAMbyCCLgrade

HPCCCL/PCB:massivecontentgrowthintheforeseeablefuture

CCLcontentperAIchip

CCLcontentperAIrack

Source:J.P.Morganestimates.

Source:J.P.Morganestimates.

CCLTAMforNvidia/Google/AWS

PCBlayercountcomparison(switchasillustration)

Source:J.P.Morganestimates.Source:J.P.Morganestimates.

HPCCCL/PCB:supplycouldundershootdemand

Source:J.P.Morganestimates,companydata.Source:J.P.Morganestimates.

PCB/HDIfabricationyield

Source:J.P.Morganestimates.

CCLcapacitygrowth

M9projects

Source:J.P.Morganestimates.

CCLcapacityconversionloss

HPCCCL/PCB:regularserverandLEOunderstronggrowth

Source:J.P.Morganestimates.

RegularserverCCL/PCBTAM

LEOCCL/PCBTAM

...

Source:JPMorganestimates,companydata

PCB/CCL:peervaluation

Valuations

Note:1)SharepricesasofApril9;2)J.P.MorgancoversEliteMaterial(coveredbyJerryTsai),Isupetasys(bySangsikLee),TripodTech(byJerryTsai),andFlexium(byJerryTsai),whosefinancialforecastsarebasedonJ.P.Morganestimates.OthersarebasedonBloombergFinanceL.P.estimates.

Source:J.P.Morganestimates,companydata,BloombergFinanceL.P.

Substrate

Substrate:enteringunprecedentedsupplytightness

IndustryUTRtrend

...

Source:JPMorganestimates

Globalsubstratedemandbreakdown

Source:Companydata,J.P.Morganestimates.

Substrate:massivesizemigrationahead

MajorAIchipbodysize&layercount

Source:J.P.Morganestimates.

CoWoSinterposersizevssubstrate

...

Source:JPMorganestimates

Substrate:enteringunprecedentedsupplytightness

Globalsubstratesupply

(equivalentto30x30mm,6layers)

Capacity201820192020202120222023202420252026e2027e2028e

Unimicron435155586769737992102117

Ibiden32344455606365728295107

Nanya2829313642454748505457

SEMCO1718192022243032333640

Shinko2424303541444649505355

Kinsus68121621262627283137

AT&S1011142132353840424549

Others1011131315202326303441

Total170186218254300326348373407449503

Growth9.1%17.3%16.5%18.3%8.7%6.8%7.0%9.3%10.2%12.1%

Absolutegrowth

Source:Companydata,J.P.Morganestimates.

16

32

36

46

26

22

24

35

42

54;

Globalstepperdemandforecast

NittoboTglasscapacityexpansion(left)andvol/pricingtrend(right)

%

Demand

(2023as100)

Source:Companydata,J.P.Morganestimates.

Source:J.P.Morganestimates,companydata.

Substrate:positiveimplicationfromT-glassshortage;LTAemerging

Source:J.P.Morgan.

T-glassallocation

Source:J.P.Morganestimates

Unimicronmarginforecasts

Source:J.P.Morganestimates,companydata.

LTAcomparisonbytype

Substrate:peervaluations

Valuations

Note:1)SharepricesasofApril9;2)J.P.MorgancoversUnimicron(coveredbyJerryTsai),Ibiden(byAkinoriKanemoto),andSamsungElectro(byJayKwon),whosefinancialforecastsarebasedonJ.P.Morganestimates.OthersarebasedonBloombergFinanceL.P.estimates.

Source:J.P.Morganestimates,companydata,BloombergFinanceL.P.

Testingequipment

ICtesting:1)longertestingtime(unitgrowth);2)higherTDP(ASPgrowth)

NvidiaGPUFT/SLTtestingtime

Source:J.P.Morganestimates.

NvidiaGPUTDPperchip

Source:J.P.Morganestimates.

..

.

Source:JPMorganestimates

NvidiaGPUSLTequipmentshipment(Chroma100%share)

Source:J.P.Morganestimates.

NvidiaGPUSLTequipmentASP(Chroma100%share)

Chroma:SLT,MetrologyandDatacenterPowerTesting—eachat40%+CAGR

Source:J.P.Morganestimates,companydata.

Source:J.P.Morganestimates,companydata.

Chromasegmentoverview

Source:J.P.Morganestimates,companydata.

Chromarev.andGM

2025marginprofilebysegment

Chroma:SLTandmetrology(bothat40%+CAGR)

Semi/photonrev.mix

Source:J.P.Morganestimates,companydata.

ChromaSLTequipmentvspeer

SLTandmetrologyrev.growth

Source:J.P.Morganestimates,companydata.

ChromaATCvspeer

Source:Companydata.Source:Companydata.

Chroma:powertestingsegmentdrivenbydatacenterpowertesting(TAM80%+CAGR)

Nvidiaserverpowercontentperrack(PSU,etc)

Source:J.P.Morganestimates.

ChromaATS/powertestingrev.mix

Source:J.P.Morganestimates,companydata.

..

.

Source:JPMorganestimates,companydata

AIserverpowerTAM(PSU,etc.)

Source:Companydata,J.P.Morganestimates.

Chromadatacenterpowertestingrev.growth

OverviewofDatacenterPowerStructure

nChromaistheleaderinAIdatacenterpowertesting.

nChromahasacomprehensiveproductofferinginthedatacenterpowerequipmenttestingrealm(offeringineachproductcategoryseenextpage).

Boardlevel

Racklevel

Source:Chroma.

Chroma:datacenterpowertesting(underATSsegment)–comprehensiveoffering

DCconvertertestingproductoffering

Source:Chroma.

Back-upBatteryUnit(BBU)testingproductoffering

Source:Chroma.

Racklevelpowertestingproductoffering

Source:Chroma.

Futuredatacenterpowersupplytechnology

HVDCpowertestingproductoffering

Source:Chroma.

Incrementalcatalyst:CPOtesting

Source:TSMC

CPOtestingprocessoverview

Chroma

Source:J.P.Morgan,Advantest.

Chromamodel587XX:insertion3

Source:J.P.Morganestimates.

Testingequipment:peervaluations

Valuations

Note:1)SharepricesasofApril9;2)J.P.MorgancoversChromaATE(coveredbyJerryTsai),Advantest(byMioShikanai),Teradyne(bySamikChatterjee),Keysight(bySamikChatterjee),andDeltaElec(byAlbertHung),whosefinancialforecastsarebasedonJ.P.Morganestimates.OthersarebasedonBloombergFinanceL.P.consensus.

Source:J.P.Morganestimates,companydata,BloombergFinanceL.P.

Passivecomponents

Passivecomponent:1)consumptionincreasesfromAIdemand;2)pricingstable

MLCCcontentcomparisonbyapplication

Source:J.P.Morganestimates,companydata.

MLCCindustryvolumeandYoY

Source:J.P.Morganestimates,companydata.

..

.

Source:JPMorganestimates,companydata

MLCCindustryrevenue,volume,ASPCAGRcomparison

Source:J.P.Morganestimates,companydata.

MLCCindustryrevenueandYoY

Source:J.P.Morganestimates,companydata.

Source:J.P.Morganestimates,companydata.

MLCCplayers’UTRtrend

Source:J.P.Morganestimates,companydata.

MLCCindustrybottom-uprevenueandYoYtrend

MLCCindustrybottom-upOPMtrend

Source:J.P.Morganestimates,companydata.

MLCCindustrybottom-upsharecomparison(value)

Source:J.P.Morganestimates,companydata.

Source:J.P.Morganestimates,companydata.

YAGEO:muchmorethanMLCCTantalumandresistorfuelling20%revCAGR(25-27E)

MorethanMLCC:2025rev.breakdown

Source:J.P.Morganestimates,companydata.

GlobalTantalummarketsharesplit

YAGEOrev.growthbysegment

Source:J.P.Morganestimates,companydata.

Resistorrev.andUTRsurpassMLCC(YAGEOm/s:30-40%)

Passivecomponents:peervaluation

Valuations

Note:1)SharepricesasofApril9;2)J.P.MorgancoversYAGEO(coveredbyJerryTsai),Murata(byAkinoriKanemoto),TaiyoYuden(byAkinoriKanemoto)andSamsungElectro(coveredbyJayKwon),whosefinancialforecastsarebasedonJ.P.Morganestimates.OthersarebasedonBloombergFinanceL.P.consensus.

Source:J.P.Morganestimates,companydata,BloombergFinanceL.P.

Disclosures

AnalystCertification:TheResearchAnalyst(s)denotedbyan“AC”onthecoverofthisreportcertifies(or,wheremultipleResearchAnalystsareprimarilyresponsibleforthisreport,theResearchAnalystdenotedbyan“AC”onthecoverorwithinthedocumentindividuallycertifies,withrespecttoeachsecurityorissuerthattheResearchAnalystcoversinthisresearch)that:(1)alloftheviewsexpressedinthisreportaccuratelyreflecttheResearchAnalyst’spersonalviewsaboutanyandallofthesubjectsecuritiesorissuers;and(2)nopartofanyoftheResearchAnalyst'scompensationwas,is,orwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedbytheResearch

Analyst(s)inthisreport.ForallKorea-basedResearchAnalystslistedonthefrontcover,ifapplicable,theyalsocertify,asperKOFIArequirements,thattheResearchAnalyst’sanalysiswasmadeingoodfaithandthattheviewsreflecttheResearchAnalyst’sownopinion,withoutundueinfluenceorintervention.

AllauthorsnamedwithinthisreportareResearchAnalystswhoproduceindependentresearchunlessotherwisespecified.InEurope,SectorSpecialists(SalesandTrading)maybeshownonthisreportascontactsbutarenotauthorsofthereportorpartoftheResearchDepartment.

ImportantDisclosures

Company-SpecificDisclosures:J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Importantdisclosures,includingpricechartsandcreditopinionhistorytables(ifapplicable),areavailableforcompendiumreportsandallJ.P.Morgan–coveredcompanies,andcertainnon-coveredcompanies,byvisiting

/research/disclosures

,calling1-800-477-0406,ore-mailingresearch.disclosure.inquiries@withyourrequest.

ExplanationofEquityResearchRatings,DesignationsandAnalyst(s)CoverageUniverse:

J.P.Morganusesthefollowingratingsystem:Overweight(overthedurationofthepricetargetindicatedinthisreport,weexpectthisstockwilloutperformtheaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearchAnalyst’steam’s,coverageuniverse);Neutral(overthedurationofthepricetargetindicatedinthisreport,weexpectthisstockwillperforminlinewiththeaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearchAnalyst’steam’s,coverageuniverse);andUnderweight(overthe

durationofthepricetargetindicatedinthisreport,weexpectthisstockwillunderperformtheaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearch

Analyst’steam’s,coverageuniverse.NRisNotRated.Inthiscase,J.P.Morganhasremovedtheratingand,ifapplicable,thepricetarget,forthisstockbecauseofeitheralackofasufficientfundamentalbasisorforlegal,regulatoryorpolicyreasons.Thepreviousratingand,ifapplicable,thepricetarget,nolongershouldbereliedupon.AnNRdesignationisnotarecommendationorarating.Somestocksundercoveragehavearatingbutnopricetarget;inthesecases,weexpectthestockwilloutperform/performin

line/underperformtheaveragetotalreturnofthestocksintheResearchAnalyst’s,ortheResearchAnalyst’steam’s,coverageuniverseoftherelevantdurationoftheregion.InourAsia(ex-Australiaandex-India)andU.K.small-andmid-capEquityResearch,eachstock’sexpectedtotalreturniscomparedtotheexpectedtotalreturnofabenchmarkcountrymarketindex,nottothoseResearchAnalysts’coverageuniverse.IfitdoesnotappearintheImportantDisclosuressectionofthisreport,thecertifyingResearchAnalyst’s

coverageuniversecanbefoundonJ.P.Morgan’sResearchwebsite,

.

CoverageUniverse:Tsai,Jerry:ChiconyPowerTechnology(6412.TW),ChromaATE(2360.TW),ChunghwaPrecisionTestTech(6510.TWO),EInk(8069.TWO),EliteMaterialCo(2383.TW),FlexiumInterconnectInc(6269.TW),RadiantOpto-ElectronicsCorp.(6176.TW),Sunonwealth(2421.TW),TaiwanSurfaceMountTech(6278.TW),TripodTechnologyCorp(3044.TW),Unimicron(3037.TW),WINSemiconductorsCorp(3105.TWO),YAGEO(2327.TW)

J.P.MorganEquityResearchRatingsDistribution,asofApril04,2026

*Pleasenotethatthepercentagesmaynotaddto100%becauseofrounding.

**Percentageofsubjectcompanieswithineachofthe"buy,""hold"and"sell"categoriesforwhichJ.P.Morganhasprovidedinvestmentbankingserviceswithintheprevious12months.

ForpurposesofFINRAratingsdistributionrulesonly,ourOverweightratingfallsintoabuyratingcategory;ourNeutralratingfallsintoaholdratingcategory;andourUnderweightratingfallsintoasellratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Thisinformationiscurrentasoftheendofthemostrecentcalendarquarter.

EquityValuationandRisks:Forvaluationmethodologyandrisksassociatedwithcoveredcompaniesorpricetargetsforcoveredcompanies,pleaseseethemostrecent

company-specificresearchreportat

,contacttheprimaryanalystoryourJ.P.Morganrepresentative,oremail

research.disclosure.inquiries@.Formaterial

informationabouttheproprietarymodelsused,pleaseseetheSummaryofFinancialsincompany-specificresearchreportsandtheCompanyTearsheets,whichareavailabletodownloadonthecompanypagesofourclientwebsite,

.This

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