Guohai Securities: mSAP industry chain has development opportunities, maintains "recommended" rating.

Guo Hai Securities released a research report stating that in the current stage, high-end materials such as ultra-thin and peelable copper foils for the upstream of mSAP are mainly dominated by overseas enterprises, with a highly concentrated supply and high technical barriers and supply constraints. Domestic manufacturers are actively advancing technological breakthroughs and domestic replacements to meet the demand for mass production of high-end mSAP processes. Based on the current development of the industry, the bank maintains a "recommended" rating for the mSAP industry chain. It is recommended to pay attention to PCB manufacturers with mass production capabilities for mSAP; targets in the upstream core equipment and materials segment are expected to be the first to achieve domestic substitution.