PCB giant Zhen Ding targets 2028 for 50% AI business revenue share

Unimicron's 27.7% gross margin is not a "good quarter" — it is a structural repricing of ABF substrate pricing power. As AI accelerators shift from single-die to multi-die packaging, 20+ layer substrates with sub-10μm line/space transition from optional to mandatory, flipping supply from 2023 oversupply into structural tightness. Technical cascade: Ajinomoto still commands over 70% of global ABF film; HVLP copper foil capacity expansion lags downstream demand. Substrate makers' bargaining power over upstream inputs will strengthen through 2026, but Ajinomoto's 2027 capacity additions will re-slice the profit pool. Competitive dynamics: Ibiden and Shinko retain a one-to-two-quarter lead in 20+ layer yield. The two China Taiwan players build moats through scale plus dual-sourcing lock-in with NVIDIA and AMD. Mainland China's Shennan and Shengyi have substituted at 16 layers and below; their 20+ layer production window opens no earlier than 2027. 12-24 month tail: if CPO scales in 2027, substrate area shrinks roughly 30% but layer count rises four to six more — unit value actually increases. The real risk is demand-side: if AI capex normalizes in 2028, a 50% revenue concentration in AI becomes a structural vulnerability, dragging substrate makers back into cyclical troughs.