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Co-Tech

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Co-Tech

Current Thesis

Co-Tech looks like one of the cleaner upstream ways to express the AI PCB/CCL buildout because the evidence ties it directly to major CCL players, shows a deliberate mix shift into specialty foil, and points to capacity expansion in high-end HVLP products where demand is being driven by AI servers, next-gen networking, and server-platform upgrades. The bull case is really a mix-and-scarcity story, not just a volume story. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech] [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech] [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech]

Key Evidence

  • Co-Tech supplies copper foil to major global CCL players. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech]
  • The company has been reducing exposure to low-margin standard copper foil and shifting toward servers, AI servers, and LEO applications. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech]
  • HVLP3/4 revenue is already meaningful and the company is expanding high-end capacity through line conversion, equipment upgrades in 2026, and a third-plant ramp from 1Q27. [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech]
  • Co-Tech’s RG products are used in general servers, where the note estimates the company holds over 60% share in that segment and expects RG capacity growth in 2026. [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech]
  • The note also points to structural margin expansion from mix improvement and price hikes. [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech]

Structured Facts

  • Standard copper foil was about 40% of revenue in 2023 and has now fallen below 10%. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech]
  • Standard-foil capacity is expected to be fully converted to specialty copper foil by 3Q26. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech]
  • HVLP3/4 accounts for about 15-20% of revenue. [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech]
  • High-end HVLP capacity expansion is aimed at demand from ASICs, AI GPUs, 800G/1.6T switches, and PCIe 7 transitions. [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech]
  • 2025 revenue was TWD 7,880m versus TWD 6,822m in 2024, based on the P&L table in the source note. [MM document:159 chunk:6333 title:8358_26401_daiwa_cotech]
  • 1M26 pre-tax profit was TWD 209m, up 115.5% YoY, and implied gross margin was about 27-28% versus 2025 full-year gross margin of 21.8%. [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech]

Why It Matters in the Chain

  • PCB CCL Copper Foil Chain frames the broader chain.
  • Co-Tech sits upstream of CCL producers rather than directly in PCB fabrication. [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech]
  • If the real bottleneck lands in high-end copper foil rather than downstream PCB capacity, Co-Tech should have stronger pricing power than more commoditized parts of the chain. This is inference, but it is consistent with the evidence on mix shift, high-end scarcity, and price hikes. [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech] [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech]

Contradictions or Bear Evidence

  • This page currently leans heavily on a single Daiwa evidence pack, so cross-source confirmation is still thin.
  • The broader chain may still be constrained at CCL or other upstream materials first, which could cap how much value accrues specifically to copper foil suppliers. [MM document:32 chunk:1304 title:260422_citi_PCB-CCL]
  • A tight high-end copper-foil market is good for scarcity, but it can also create execution risk if yields or plant ramps disappoint. The source is optimistic on the ramp, so that risk is currently more inference than explicit evidence. [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech]

Watch Items

  • HVLP4 yield improvement and actual third-plant ramp progress in 1Q27+
  • Whether standard-to-specialty conversion really finishes by 3Q26
  • Evidence that pricing gains outpace copper and electricity cost inflation
  • Cross-checks from other brokers or company disclosures on Co-Tech’s role with major CCL customers

Open Questions

  • Which listed CCL names are most dependent on Co-Tech or similar specialty-foil supply?
  • How much of Co-Tech’s economics comes from true scarcity versus ordinary cycle uplift?
  • Is the cleaner expression here Co-Tech itself or the high-end CCL names downstream from it?

Source Map

  • [MM document:159 chunk:6329 title:8358_26401_daiwa_cotech] — business mix, CCL-customer positioning, standard-to-specialty shift
  • [MM document:159 chunk:6330 title:8358_26401_daiwa_cotech] — HVLP4 demand drivers and capacity expansion
  • [MM document:159 chunk:6331 title:8358_26401_daiwa_cotech] — server exposure, margin expansion, tight supply through 2028
  • [MM document:159 chunk:6333 title:8358_26401_daiwa_cotech] — annual P&L table through 2025

Last Updated

2026-04-29

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