First Read: Tiangong International "Venturing into PCB drilling tool materials"

研报英文原文证据摘录

First Read: Tiangong International "Venturing into PCB drilling tool materials"

Global Research

7 July 2026ab

First Read

EquitiesTiangong International

Venturing into PCB drilling tool materials China

Industrial, Diversified

12-month rating Buy

Event: venturing into carbides materials for PCB cutting tools

In July 7, Tiangong announced that its indirect subsidiary, Jiangsu Tiangong Carbide 12m price target HK$5.60

Tech, has kick-started construction for production line with 300 tons p.a. capacity of

ultrafine-grain carbide rods, potentially dedicated for PCB drilling/milling tools. This is to

Price (07 Jul 2026) HK$3.63

fulfil the surging precision manufacturing demands for high-end, multilayer AI PCBs.

RIC: 0826.HK BBG: 826 HK

Our read: solidifying its leading position as metal tech platform; reiterate Buy Trading data and key metrics

PCB drilling tools as a new growth driver. While Tiangong only outlined its plan for 52-wk range HK$4.30-1.97

upstream materials for tools, we don’t rule out the chance of it penetrating into finished Market cap. HK$9.90b/US$1.26b

cutting/drilling tools, in the near term, which are now in tighter supply. For reference, a

Shares o/s 2,727m (ORD)

micro drill is used to drill microscopic holes, often in fractions of a millimeter in diameter,

Free float 40%

through the PCB. These holes are then plated with copper to establish electrical

Avg. daily volume ('000) 26,064

connections between different layers. The drill bit must possess strong structural rigidity

and wear resistance, in order to penetrate layers of copper foil and fiberglass without Avg. daily value (m) HK$97.3

snapping. On this, ultrafine grain carbide provide superior performance when drilling. Common s/h equity (12/26E) Rmb7.82b