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COMPANY RESEARCH / 2383.TW

Elite Material

Low-loss copper-clad laminates for servers and switches

Published by FyncaResearch checked How we research

Where it fits in an AI server rack

Largest laminate maker by revenue in 2025 with a 16% share, and first in halogen-free high-speed laminates (38.6%), according to its July 2026 investor presentation; its EM-5 and EM-8 series serve Tier-1 OEMs, ODMs and cloud providers for switches, routers, servers and storage. 2Q26 revenue was NT$47.3B, up 110% year on year, with infrastructure growth credited to share gains in high-end materials; a slide states that AI infrastructures favor HDI technology.

What the evidence establishes

Upstream enabler

Disclosed: EMC’s July 2026 investor presentation gives its laminate share and 2Q26 results, and its applications page names server and switch uses.

Materials, substrates, equipment or foundry capacity behind rack components. This is not a component supplier role or an established AI-rack revenue stream.

Component roleLow-loss copper-clad laminates for servers and switches
EvidenceDisclosed: EMC’s July 2026 investor presentation gives its laminate share and 2Q26 results, and its applications page names server and switch uses.
How we knowDisclosed The company’s own filing, release, annual report, product page or investor record describes the AI-server or AI-rack role. Where customers are unnamed, the listing says so.
Primary sourceElite Material — supporting disclosure
Company or official disclosure; vendor claims are attributed to their source.
Checked. This is the research review date, not the source publication or quote time.

Keep in perspective

EMC sells laminate to PCB fabricators, not boards to rack builders. It names no end customer or AI platform, and the share figures are from its own presentation, by revenue.

Diversified business exposure. This describes the breadth or role of the business; it is not an investment rating. An AI-server product, design-in or partnership does not by itself establish material AI-rack revenue, market share, or future returns.

Connections to the assembly

These links explain the technology relationship. The model is illustrative and does not represent an actual manufacturer’s bill of materials.

Tray motherboard

A high-layer-count printed circuit board built on low-loss laminate. It routes high-speed links and heavy power currents between the chips, connectors and power stages.

Scope of the company links: Board fabricators first, then laminate makers (upstream). Victory Giant, WUS and Shengyi Electronics disclose AI-server board revenue or share; Gold Circuit and TTM disclose AI-server or AI-driven data-center boards without naming customers. Elite Material, Shengyi Technology, Taiwan Union and Panasonic (MEGTRON) make the low-loss copper-clad laminate the boards are built on; they are upstream enablers, not board suppliers. No source names the fabricator or laminate of a specific NVL72 tray, and reports that Victory Giant supplies NVIDIA are press claims. Doosan and Kingboard Laminates were not verified.

Related research

Companies with overlapping sector exposure. Their products and evidence may differ; this is not a list of equivalent investments.

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