产能与供应 - 博通与凸版印刷自2024年3月起成立合资企业AST，在新加坡建厂，一期预计2026年底投产，对欣兴和南亚电路板当前供应地位影响有限[2] 价格因素 - 自2025年下半年起，BT基板价格上涨由原材料成本通胀驱动，预计原材料驱动的价格上涨将趋于平稳，对欣兴和南亚电路板评级影响有限[3] 股价表现 - 南亚电路板股价在过去两个交易日下跌12%，同期台湾加权指数上涨0.8%[6] 估值模型 - 欣兴采用剩余收益（RI）估值模型，股权成本9.2%，中期增长率15%，终期增长率3%[7] - 南亚电路板采用剩余收益（RI）估值模型，股权成本9.3%，中期增长率17%，终期增长率3%[8] 风险因素 - 欣兴和南亚电路板上行风险包括ABF和BT需求超预期、AI和5G需求加速回升、ASP涨幅超预期等[11] - 欣兴和南亚电路板下行风险包括资本支出削减、产能扩张计划暂停、突然的需求不足、技术变革无需ABF基板、竞争加剧等[10]

7 September 2026 | 7:58AM CST Equity Research Taiwan PCB/CCL: Compeq mgmt visit: Optical transceiver to be the key growth driver, with high ASP/volume/GM expansion potential; Buy ZDT, We held a meeting with Compeq's (2313.TW, Not Covered) management. Key takeaways include: (1) The company's current guidance is for revenue to reach NT$110-120bn in 2027 (implying 23% 2025-27 CAGR from the midpoint, tracking faster than previous guidance of reaching NT$100bn+ by 2028). The company believes that optical module ...