mSAP Exchange Feedback 3 (incl. High-end PCB)—0728

English summary

History: mSAP Exchange 1-2 (XS, HB, refer last week) 1. SH mSAP planning: HDI Plant 2 has 2 mSAP lines, mainly for UBB, cloud servers, 1.6T optical module sampling; New: Plant 10 renovation in progress, mainly producing high-layer boards, expected to start production end of Q3 2026; Plant 11 under construction, renovation to start end of Q3 2026, equipped with mSAP process; Plant 12 under construction, expected official operation 2028, concentrated production of optical module mSAP. Positioning: Current mSAP does not yet contribute mass production output, core goal is to cooperate with Nvidia technology upgrade testing, undertake Rubin OAM PCB production with line width/space <50 microns. 2. mSAP core equipment: drilling/plating/exposure/chemicals suppliers slightly differ from peers. 3. SH other product progress: Rubin series products: started small batch delivery June 2026, Q3 is capacity ramp period, Rubin series overall shipment share about 20% in 2026; ...