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DEEP RESEARCH · DOOSAN ELECTRONICS BG

Doosan’s Shift to High-End CCL

How a general electronics-materials business moved toward high-value CCL for AI accelerators

Published: 2025-10-05 · CCL materials business analysis · Naver Blog

Investment decisions are your own responsibility. This material is research and is not a recommendation to buy or sell.

0. Bottom line first

My conclusion is that Doosan Electronics BG is using its 50-year manufacturing base to shift from commodity CCL to high-end CCL for AI accelerators. The source highlights sole supply for Nvidia Blackwell CCL, operating margin above 45% on high-end products, and possible expansion to Rubin and new big-tech customers.

Official fact: The source says the author researched Doosan because a teacher emphasized it, and includes the YouTube channel link Victory Flow investment channel.

Preview image for the Victory Flow YouTube channel link
Doosan Electronics BG transition pathFrom 1974 materials base to AI CCL
1974-2010sCCL localization, Jeungpyeong, Iksan, Changshu
2017-2020FR-4, FCCL, telecom and non-memory CCL
2023-nowGenerative AI and Blackwell demand
Next stageRubin, Amazon, Google potential
The core is resin formulation, customer-specific design, and supply-chain preemption.

1. Why CCL matters in the AI era

AI accelerators need multilayer PCBs that process massive data at high speed with low signal loss and strong thermal stability. High-end copper clad laminate (CCL) becomes a critical material.

Market/demandSource figureMeaning
Global CCL marketUSD 21.6bn by 2027, 5.7% CAGRThe overall market keeps growing
Other CCL outlooksUSD 22.65bn or USD 26.34bn by 2030Forecasts vary, direction is expansion
AI semiconductor CCLExpected to reach USD 10bn by 2025The premium segment drives growth
AI server marketUSD 38.3bn in 2023 to USD 177.4bn in 2032, 18% CAGRDirect demand driver for high-end CCL
5G infrastructureUSD 540.34bn by 2032, 41.6% CAGRMore demand for high-frequency materials

2. Products and technology moat

Rigid CCL

AI, server, network

The core product group for AI accelerators, servers, and network equipment.

FCCL

Foldables and wearables

The source mentions durability proven through more than 200,000 folding tests.

Specialty

5G and EV PFC

Growth products such as 5G antenna modules and EV battery PFC.

Official fact: The source identifies Doosan’s key technologies as finely tuned resin formulation, customer-optimized design, and thermal reliability through low CTE. Low loss factor (Df) is cited at around 0.003.

3. Supply chain and financial inflection

The key inputs for high-end CCL are copper foil, glass fiber, and epoxy resin. The source maps copper foil to suppliers such as Lotte Energy Materials and high-end specialty glass fiber to Japan’s Nittobo. Raw-material price volatility affects about 30-35% of production cost.

ItemSource detailInterpretation
High-end mix66% in 2023 to 81% in 2024Product mix is improving quickly
RevenueAbout KRW 950.4bn in 2022, KRW 1.0072tn in 2023Revenue base existed before AI acceleration
Q2 2024Record quarterly revenue of KRW 476.2bnAI demand started appearing in results
H1 2025Expected KRW 810bn, up 92% YoYGrowth acceleration phase
Operating profitKRW 34.6bn in 2023 to KRW 122.6bn in 2024Profit leverage is visible
High-end marginOperating margin above 45%Different economics from commodity materials

4. Risks

  • Nittobo specialty-glass-fiber bottleneck and single-input dependence
  • High customer concentration around Nvidia
  • AI capex-cycle volatility and macro sensitivity
  • Whether Rubin, Amazon, Google, and other follow-on customers become real orders

Sources

Naver original