【Hot Topic】Major listed PCB manufacturers are shifting their production capacity to high-end ABF substrates.

The leading IC carrier and printed circuit board (PCB) manufacturer, Nanwei, announced its consolidated revenue of NT$3.706 billion in October 2025, representing a month-on-month increase of 4.72% and a year-on-year increase of 41.68%, marking the third-highest figure for the same period. The cumulative consolidated revenue for the first 10 months was NT$32.714 billion, representing a year-on-year growth of 21.04%. It has rebounded from a low in the past five years and the growth rate has continued to increase compared to the 18.82% in the previous nine months. Looking ahead, without including the impact of price hikes, Nanwei expects its revenue in the fourth quarter to decrease by 1 to 3%. However, due to the rising costs, the company is continuing to negotiate with customers. Investment banking professionals believe that due to the shortage of copper foil and T-glass, Nanwei raised the prices of BT carrier boards and low-end ABF carrier boards in August. The subsequent price increase for specific products is highly likely to reach double digits. They expect that the revenue in the fourth quarter will increase by nearly 2%. Investment banking professionals believe that BT carrier boards benefit from strong demand for DDR4 and the shortage of raw materials is expected to continue until the first half of next year, which is beneficial for Nanwei to optimize the毛利率 of BT carrier boards through price hikes， and the high-end ABF carrier boards have a rising production rate and low-end boards also benefit from the opportunity of price hikes due to the shortage. Nanwei’s operations are expected to bottom out and recover. American foreign exchange firms previously issued reports， expecting that the price hikes will boost Nanwei’s revenue， gross profit margin， and profit rate in the fourth quarter， with a significant improvement in profit space. And the demand for high-end ABF carrier boards continues to be strong， which is conducive to continuously shifting production capacity to high-end products and optimizing the product structure. The profit expectations for the next two years have been raised by 7% and 8% respectively.