Bualuang broker says KCE PCB production for TESLA robots opens new upside

AnalystProduct / TechIndustry
โดย thunhoon.com·THUS·Read original
Summary · why it matters

Bualuang Securities issued an analysis of KCE Electronics Public Company Limited, or KCE, noting reports that KCE is in the process of limited-volume printed circuit board production to test systems and the actual production line before beginning mass production, or pilot production, of PCB Optimus. If confirmed, this would open new upside for KCE. Meanwhile, Tesla is installing the first-generation Optimus production line at Fremont to prepare for production to begin in 2026, with that line designed for a long-term robot capacity of 1 million units per year. The second-generation line at Giga Texas is designed for long-term capacity of up to 10 million units per year. Bualuang research assumes one humanoid has about 40 to 50 PCB boards, with an average area of about 80 square centimeters per board, or 0.09 square feet. Compared with KCE, which currently has an average selling price of about US$14 per square foot and HDI at about US$18 per square foot, the research assumes a humanoid PCB ASP of US$22 per square foot, a premium of about 20% over current Auto HDI, which is still below selected AI and datacom PCB at around US$60 to US$100 or more per square foot. Based on these assumptions, one humanoid would have an addressable PCB value of about US$80 to US$95, or roughly US$90 per robot. Based on the Fremont designed capacity of 1 million robots per year, that equals a PCB opportunity of about US$90 million per year. If KCE can capture 10% of that content, it would generate additional revenue of about US$9 million per year, using only about 1% of KCE's production capacity, or about 2% of current revenue. At a gross margin of 25%, the research house estimates incremental profit of about 5% and sees that the potential of humanoids offers much more room to grow, which would also lead to a re-rating of its PER. Based on a 2027 PER of 40 times, that implies a price of about 70 baht. This afternoon, KCE informed the Stock Exchange of Thailand that, following some social media reports about the possibility of trading goods with a company in the United States, the company wishes to clarify that it is in the process of operations but has not reached any conclusion, and asks the public, investors, and related parties to consider information from the company's official channels and verifiable information. KCE shares in the afternoon were at 66.25 baht, up 7.75 baht, or 13.25%, with heavy trading value of 5.30211 billion baht.

Impact on stocks 2

Semiconductors▲ · 1 stocks
KCE Electronics Public Company Limited
KCE
▲ PositiveDemandrelevance

KCE is reportedly in pilot production of PCB Optimus for Tesla robots, opening a new addressable demand opportunity worth about US$90 million per year.

Robotics & Physical AI▲ · 1 stocks
Tesla Inc
TSLA
± Mixedrelevance

Tesla is installing Optimus production lines at Fremont and Giga Texas, but the article is about KCE's PCB opportunity, not a Tesla-specific development.

Theme Impact 3

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