HK Stock Market Move | Jiantao's morning trading trended higher, as demand for AI-PCBs remained strong. KB LAMINATES is a leading company in the copper clad laminate industry.

In early trading, KB LAMINATES (01888) rose by 5.82% to HK$8.18, while KINGBOARD HLDG (00148) rose by 4.63% to HK$20.8 as of press time. Sinolink released a research report stating that based on the performance of TSMC in Q4 2024 and its guidance for 2025, the demand for AI computing hardware remains strong. The industry chain has indicated that the demand for AI-PCB remains high, driven by strong demand for Nvidia AI servers, the outbreak of CSP manufacturers' self-developed ASIC chip servers, as well as a significant increase in demand for 800G switches. PCB prices have risen in tandem, and core companies are expected to continue to see high growth in Q4 2024 and Q1 2025. The report remains optimistic about companies benefiting from AI-PCB core technologies. It is reported that copper foil accounts for a large proportion of the total cost of PCB, and its price directly affects the manufacturing cost of PCB. Open Source Securities previously pointed out that KB LAMINATES is a leader in the copper foil industry, and with the rise in copper prices in 2024 and the gradual recovery of downstream demand, copper foil boards have price adjustment flexibility. Coupled with cost advantages from vertical integration of the supply chain and economies of scale, the company is expected to drive revenue and profit growth back on track in 2024.