Guojin Securities says the mSAP process suits applications requiring tight line width/spacing (down to <15um); primary technical bottlenecks are base copper, plating and flash‑etch. mSAP was initially used in consumer electronics, but AI optical modules and NV‑CoWoP are expected to spur rapid mSAP‑PCB capacity expansion. The report flags upstream material demand to watch: direct‑write photolithography, plating lines, carrier copper foil, chemical solutions, low‑CTE electronic cloth, second‑generation low‑DK cloth and HVLP4 copper foil.(金十数据)