BT and FC-BGA package substrates
Nan Ya PCB
A Taiwanese maker of BT and FC-BGA package substrates for 5G/AI/HPC, a materials company sitting at the supply bottleneck of AI-chip packaging (the same orbit as Ibiden, Shinko and Toppan). Strong in build-up BT substrates, it is expanding into high-end FC-BGA for AI/HPC — as chips grow more advanced and multilayered, substrate supply governs yield and lead times. FY2025 revenue was NT$40.17B (+24.4%) with net income of NT$1.95B (EPS NT$3.01), an operating turnaround (gross margin 1.1%→9.1%) driven by AI-substrate demand. As an affiliate of Taiwan's Formosa Plastics Group, it leans on a materials and capital base.
8046.TW Updated Jul 12, 2026 3 AI consumers· 2 recurring
Per the valuechain.wiki graph, Nan Ya PCB is directly linked to 3 companies (1 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue NT$40.17B (+24.4%), operating income NT$1.98B (turned to profit from an NT$1.27B loss), net income NT$1.95B (EPS NT$3.01 vs NT$0.32), gross margin 9.1% (vs 1.1%). AI/HPC substrate demand drove the recovery.
- Segments · BT package substrates · FC-BGA (ABF) substrates
Revenue from
- MediaTek Medium confidence
Supplies BT and package substrates to MediaTek — a large fabless customer linking mobile/AI-SoC packaging demand. - NVIDIA Medium confidence
Supplies BT and FC-BGA package substrates to NVIDIA — an upstream material for AI-accelerator packaging, where substrate availability becomes the bottleneck on AI-chip shipments.Confirms EN Nan Ya PCB IR / TWSE Published Mar 15, 2026: Nan Ya PCB FY2025 Annual Financial Statements (TWSE 8046)Confirms EN DIGITIMES Published Jan 21, 2026: AI demand boosts Unimicron and Nan Ya PCB profits in December 2025
Pays to
- Resonac Medium confidence
Buys build-up and substrate materials from Resonac — an upstream materials dependence for FC-BGA shrink and multilayering, where material quality constrains high-end yield. - copper foil & build-up materials (undisclosed) Low confidence
Materials and R&D (undisclosed).
Investors
- Formosa Plastics Group High confidence
An affiliate of Taiwan’s Formosa Plastics Group.Confirms EN Formosa Plastics Group Published Jul 10, 2026: Formosa Plastics Group — Other Group Companies (Nan Ya Printed Circuit Board Corporation)Confirms ZH MoneyDJ (Taiwan financial portal) Published Jul 10, 2026: Nan Ya Printed Circuit Board Corporation — company profile
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Samsung Electronics | lead2 | -9 | -14.2 | +20.9 | -26.4 | +212.9 | +77.9 |
| NVIDIA | lead2 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +13.3 |
| MediaTek | lead1 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Nan Ya PCB | node | +110.6 | -46.7 | -0.5 | -38.3 | +188.2 | +213.4 |
| Resonac | benef1 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +80.4 |
YTD as of 2026-07-09 · source: Yahoo Finance
Nan Ya PCB's thesis is 'a beneficiary of the substrate bottleneck in AI-chip packaging.' For BT and FC-BGA substrates, the more advanced and multilayered the chip, the more supply governs yield and lead times — a bottleneck, so AI/HPC demand flows into substrate expansion, the same seat as Ibiden, Shinko and Toppan. FY2025 confirmed the thesis: gross margin jumped from 1.1% to 9.1% and operating income turned from loss to profit (net income NT$1.95B, EPS NT$3.01), as AI-substrate demand flowed into actual earnings. In the graph it supplies substrates downstream to MediaTek and NVIDIA and depends upstream on copper foil and build-up materials (Resonac, etc.), backed by the Formosa Plastics Group's materials and capital. The keys are the pace of high-end FC-BGA expansion and qualification, and whether the margin recovery is a cyclical rebound or a structural improvement.
Analysis generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target NT$1,163 · Price NT$1,215 (07-09) · Upside -4%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Morgan Stanley | 加碼 (Overweight) | NT$1,275 | Jun 30, 2026 | Report ↗ |
| Citigroup | 買進 (Buy) | NT$1,100 | Jun 30, 2026 | Report ↗ |
| Goldman Sachs | 買進 (Buy) | NT$1,115 | May 8, 2026 | Report ↗ |
ABF substrate maker Nan Ya PCB enjoys wall-to-wall Buys, with Morgan Stanley, Citi and Daiwa lifting targets to TWD 1,100-1,444 on an AI-driven substrate shortage.