$KINGBOARD HLDG(00148.HK) rose slightly, with the stock price barely moving. However, its copper-clad laminate (CCL) business is actually positioned on the main trend of price increases for AI server PCBs—another price hike letter has been issued for CCL, indicating genuine demand. For such an upstream material leader, the stock price is lagging behind downstream PCB companies. Is it because the market hasn't factored in the price transmission yet, or is the upstream's ability to raise prices inherently doubted? I lean towards a transmission lag; the profit elasticity on the material side usually takes one or two quarters of financial reports to be repriced. The current level seems more like it hasn't caught up yet.
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