Global PCB CCL TAM raised by 38 18 in 2027E

Equity Research 5 August 2026 | 8:44PM HKT

Global PCB / CCL: TAM raised by 38% / 18% in 2027E; triple digit growth through 2028E on strong AI; Backplane scenario analysis introduced

We raise our global AI PCB/ CCL TAM to reflect the ramp-up of AI server racks Allen Chang | (Global Server TAM), and PCB/ CCL specification upgrade with the adoption of Goldman Sachs (Asia) L.L.C. next-generation high-end AI servers. We refresh our forecasts for (1) GPU/ ASIC AI Verena Jeng servers, (2) PCB/ CCL dollar content per system, (3) PCB/ CCL capacity expansion, | Goldman Sachs (Asia) L.L.C. and (4) PCB/ CCL vendor allocation. We raise Global AI PCB TAM by 35%/ 38% in 2026E/ 27E, Global AI CCL TAM by 20%/ 18% in 2026/ 27E, and introduce 2028E Chao Wang | kuan- estimates. Goldman Sachs (Asia) L.L.C., Taipei Branch Overall, we expect the global PCB/ CCL market for AI servers to reach US$38bn/ Atsushi Ikeda | 22bn by 2027E (from US$27bn/ 19bn), then US$84/ 48bn by 2028E, implying a Goldman Sachs Japan Co., Ltd. 148%/161% 2026-28E CAGR for AI PCB/CCL TAM. The significant value growth is driven by both volume and ASP growth: (1) Shipment: PCB shipment will increase by Ryo Harada | 85% CAGR in 2026-28E to 4.5m square meters by 2028E and CCL shipment will grow Goldman Sachs Japan Co., Ltd.

by 77% CAGR in 2026-28E to 131m sheets in 2027E. (2) ASP of PCB/ CCL are Ting Song | growing by 34%/ 48% CAGR, given specification upgrade and more PCB usage per AI Goldman Sachs (Asia) L.L.C.

server rack. With continuous capacity expansion and utilization rate maintaining at Daiki Takayama | high level given AI infrastructure ramp up, we remain constructive on AI PCB/ CCL. Goldman Sachs Japan Co., Ltd.

Buy: Shengyi Technology (600183.SS, on CL), Victory Giant (300476.SZ), WUS James Schneider, Ph.D. | (002463.SZ), Panasonic HD (6752.T), Mitsui Kinzoku (5706.T), Nittobo (3110.T), Goldman Sachs & Co. LLC Shennan (002916.SZ), GCE (2368.TW), EMC (2383.TW), Zhen Ding (4958.TW), and TUC (6274.TWO). Mark Delaney, CFA | Goldman Sachs & Co. LLC

Anmol Makkar | Goldman Sachs & Co. LLC

Yuri Izumikawa | Goldman Sachs Japan Co., Ltd.

Hiroki Muramatsu | Goldman Sachs Japan Co., Ltd.

Yifan Hu | Goldman Sachs (Asia) L.L.C.

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Global PCB / CCL

Exhibit 1: Global PCB TAM revision Exhibit 2: Global CCL TAM revision Total PCB TAM (US$m) 2025 2026E 2027E 2028E Total CCL TAM (US$m) 2025 2026E 2027E 2028E New New Total 4,981 13,560 37,529 83,645 Total 2,477 6,956 22,066 47,546 GPU PCB TAM 2,247 4,728 18,803 42,568 GPU CCL TAM 1,256 2,775 12,005 25,640 ASIC PCB TAM 2,734 8,832 18,726 41,077 ASIC CCL TAM 1,221 4,181 10,061 21,906 Old Old Total 4,706 10,017 27,122 - Total 2,402 5,804 18,701 - GPU PCB TAM 2,242 4,493 15,887 - GPU PCB TAM 1,253 2,728 11,727 - ASIC PCB TAM 2,463 5,524 11,235 - Change ASIC PCB TAM 1,149 3,076 6,974 - Total 6% 35% 38% Change GPU PCB TAM 0% 5% 18% Total 3% 20% 18% ASIC PCB TAM 11% 60% 67% GPU PCB TAM 0% 2% 2% ASIC PCB TAM 6% 36% 44%

Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment Research

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