Stocks of the Kingboard Group have continued their recent upward trend. At the time of writing, KB LAMINATES (01888) rose 8.23% to HK$41.3, while KINGBOARD HLDG (00148) increased 6.81% to HK$49.22. The rally is driven by recent market developments where the delivery cycle for copper-clad laminate (CCL) has extended from the usual two weeks to as long as six weeks, reflecting a significant surge in PCB market demand. These products primarily utilize low thermal expansion T-glass fiber, which effectively suppresses substrate deformation during high-temperature processes, thereby enhancing manufacturing precision for microcircuits and improving yields for large-area substrates. Substrate manufacturers are rushing to place additional orders with CCL suppliers, and the tight supply-demand situation is expected to be difficult to alleviate in the short term. According to a research report from Shanxi Securities, many leading CCL companies have issued a series of price increase notices. Given that the current AI-driven super cycle demonstrates strong sustainability, the sector is projected to remain in a high-growth phase for the next three to five years, providing sustained and robust demand for high-end CCL. It is anticipated that the tight CCL supply-demand balance will persist until 2027 or even longer.
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