Zhen Ding Technology Holding: Stronger growth from AI PCB and substrates

研报英文原文证据摘录

Zhen Ding Technology Holding: Stronger growth from AI PCB and substrates

S, Not rated) (see our Mayreport) are

on track. We note that with a tight substrate industry, customers are signing more LTAs with

substrate makers to cover demand beyond 2028F and even up to 2030F, and we believe these

conditions will enable ZDT to strengthen both the visibility and profitability of its IC substrate Source: LSEG, Nomura

business in the long run. AI PCB/HDI: we believe ZDT is working on Google, AWS (AMZN US, Not

rated), and nVidia’s AI server boards, with more contributions coming from 2H26F with new model Research Analysts

launches. We note that ZDT has already started to produce VR200 Bianca HDI boards, and will

Taiwan Technology/Hardwareincreasingly ramp up Google’s switch boards by late 3Q26F. We think the rising adoption of HDI in

Anne Lee, CFA - NITBAI compute boards by 2028F will be a positive trend for ZDT to gain market share. For optical anne.lee@nomura.com

module boards, we believe it is not difficult for ZDT to achieve its earlier target of growing 10x in +886(2) 21769966

2026E and 2x in 2027E. We believe ZDT enjoys good yield rates in mSAP given its long experience

Eric Chen, CFA - NITBin iPhone mSAP production and investments in highly automated manufacturing lines. As such, we

eric.chen@nomura.com

raise our GM assumptions for ZDT’s substrate, mSAP, and HDI businesses. With all AI-related +886(2) 21769965

products having above-corporate average GMs, we forecast ZDT’s GM to expand from 23.3% in

Carol Hu - NITB2026F to 24.5% in 2027F and 26.6% in 2028F.

carol.r.hu@nomura.com

Year-end 31 Dec FY25 FY26F FY27F FY28F +886(2) 21769963

Currency (TWD) Actual Old New Old New Old New

Revenue (mn) 182,522 220,204 224,018 255,610 267,273 286,797 300,409