KB LAMINATES (01888) rose more than 6%, reaching HK$14.18 by the time of writing, with a trading volume of HK$437 million. Industry reports indicate that over 10 PCB industry chain-listed companies, including Shengyi Electronics, have disclosed Q3 or Jan-Sept earnings previews, showing strong overall growth. The expansion wave in PCB production is now extending from manufacturing to upstream equipment and materials, driven by AI-led high-end transformation in this traditional sector.

Guojin Securities noted that potential upgrades in material solutions, such as HVLP4 copper foil and Q-cloth + second-generation fabric, could follow if M9 is confirmed. Guotai Haitong Securities previously highlighted KB LAMINATES as a leading player in the copper-clad laminate (CCL) industry, with an integrated upstream material layout creating a competitive edge. The company is simultaneously upgrading electronic fabric, copper foil, and CCL, with optimistic supply-demand dynamics and pricing trends. Product upgrades and CCL price hikes are expected to drive earnings growth.

Kaiyuan Securities pointed out that KB LAMINATES has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging substrates, securing approvals from global tier-1 and communication terminal clients. Its first low-dk glass yarn furnace commenced production in H1 2025, with three additional furnaces expected in H2 2025 to produce second-generation glass yarn. By 2026, six more high-end furnaces are projected to come online, producing low-dielectric, low-expansion, and quartz glass yarn.