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On the 28th, Meritz Securities stated in an analysis of Doosan that while new materials are gaining attention in the artificial intelligence (AI) printed circuit board (PCB) market, Doosan's competitiveness is expected to be highlighted. Analyst Yang Seung-soo evaluated that the emergence of the new material polytetrafluoroethylene (PTFE) does not mean a complete replacement of existing high-spec copper-clad laminates (CCL), and that Doosan will maintain its monopoly supply position in the computer boards, which are core to AI accelerators.
Recently, concerns in the market have increased as the possibility of applying PTFE to NVIDIA's next-generation chip 'Rubin' has been raised, leading to a decline in stock prices of existing high-spec CCL companies such as Taiwan's EMC. PTFE is expected to be applied in areas requiring high-speed signal transmission, such as switch trays, due to its excellent signal transmission characteristics. However, Analyst Yang emphasized that the rise of PTFE is a process of segmentation by application rather than the end of existing materials, and that Doosan's existing high-end CCL will still be primarily used in computer boards.
Computer boards require not only signal characteristics but also mechanical strength, control of the coefficient of thermal expansion (CTE), and suppression of bending phenomena, which are very important factors. Pure PTFE has excellent electrical properties but has low rigidity and a high coefficient of thermal expansion, which limits its application in computer boards. Analyst Yang added that Doosan has maintained its position as the sole supplier of CCL for computer boards for both NVIDIA's Blackwell and Rubin, further proving its technological advantage. Therefore, it is expected that the impact of valuation decline for Doosan due to concerns over the spread of new materials will be limited.