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Analysts Bullish on EMC and TUC Amid High-End CCL Supply Shortage
Electronic Technology · Electronic Components · economic_daily · 2026-09-21
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Analysts remain optimistic about EMC and TUC as strong demand for high-end copper clad laminates persists, driven by ongoing supply constraints in the sector.
What Happened
Industry Demand Dynamics: Recent expansion announcements by South Korean manufacturer Doosan have further validated the robust demand for high-end copper clad laminates (CCL). Analysts reiterate that the persistent supply shortage in this segment continues to provide a positive outlook for Taiwanese manufacturers specializing in high-end materials.
EMC Strategic Progress: EMC is actively transitioning its product value, with M9 materials scheduled for mass production in Q3 2026 and M10 materials currently in the sampling phase. The company is also leveraging its high-end resin formulation expertise for substrate materials, with ABF substrate CCL certification expected as early as Q4 this year.
TUC Market Positioning: TUC is focusing its operations on materials for 800G and 1.6T switches, maintaining a strong position despite market discussions regarding CPO technology. With thick copper CCL accounting for approximately 14% of its revenue, the company continues to demonstrate solid profitability and clear technological advancement.
Financial Performance: EMC reported Q2 revenue of NT$47.276 billion with a gross margin of 33.8%, reflecting strong operational efficiency. Meanwhile, TUC recorded Q2 revenue of NT$14.299 billion with a gross margin of 29.7%, underscoring the competitive strength of both firms in the high-end electronics supply chain.