Company profile: Avary (002938.SZ, Not Covered) is a subsidiary of ZDT, which holds a controlling majority stake at 70-80%. Avary operates various production sites under ZDT's platform, including mainland China, Taiwan, Thailand, and India. ZDT is the global leading PCB supplier (top 1 in market share in sales); it started its ABF substrate business from 2023 in Shenzhen, China, and has the highest ABF revenue exposure to the China market compared to all other ABF substrate suppliers. Key takeaways 13 Octob ...