Multiple CCL Stocks Hit New Highs, Nan Ya PCB Surges Nearly 9%
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Taiwan's copper-clad laminate sector surged on October 5 — TUC and Taiyao hit the daily limit, while Nan Ya Plastics soared nearly 9% to a record NT$285 — as the market reprices CCL's upgrade path from mainboard material to semiconductor packaging substrate.
What was the market worried about?
Co-packaged optics (CPO — mounting optical modules right next to the switch chip) would sharply shorten high-speed signal distances once widely adopted.
This means → shorter signal runs need less large-format high-end mainboard, which caps demand for premium CCL.
That concern drove heavy selling pressure on CCL stocks, pushing prices lower in prior sessions.
Why did sentiment flip today?
Industry sources say CCL's material-upgrade cycle is far from over; the demand centre of gravity is shifting.
In plain terms = CCL used to be mainly about large server and switch mainboards. Now the focus is moving to semiconductor packaging substrates and optical-engine module boards — smaller in area but far more precise, and more expensive per unit.
This reflects a key point: even if CPO shrinks signal distances, CCL makers can sustain — or grow — their value by building higher-precision boards.
Where does each company stand?
TUC (台光電): M7-and-above grades already account for 60%-65% of revenue. The company began shipping M9 products in Q3 and plans to raise prices. Its stock hit the daily limit at NT$5,700, breaking above the 60-day moving average.
Nan Ya Plastics (南亞塑膠): High-end M6-to-M8 CCL orders are expected to ramp noticeably in Q4. Nan Ya is also developing its own hydrocarbon-resin formulations for M9 and M10 materials.
Nan Ya and another Taiwanese supplier have entered the M10 sample-qualification stage, with preliminary validation results expected in Q1 2027.
How real is the CPO threat?
Industry insiders say CPO still faces cost, yield, reliability, and thermal-management bottlenecks in the near term, limiting its impact on high-end CCL demand.
Demand from AI servers and large-format boards for 800G and 1.6T switches remains solid, continuing to underpin the high-performance CCL market.
This means → CPO is a longer-term variable, not a near-term headwind. The current volume-and-price tailwind remains intact.
What to watch next?
The next upgrade phase centres on substrate miniaturisation, customised thermal properties, and tighter control of the coefficient of thermal expansion (CTE — how much a material's dimensions change when heated).
CCL makers that can expand into advanced substrate materials and high-end specialty resin formulations are seen as the primary beneficiaries of the industry's technical evolution.
Key milestone: whether Nan Ya's M10 material qualification completes on schedule in Q1 2027 — this will test the pace at which its high-end materials strategy delivers.
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