Two key Apple suppliers, COMPEQ (2313-TW) and Zhen Ding Technology (4958-TW), are ramping up capital expenditures while charting long-term growth in AI server boards. The companies' strategies have drawn attention from investors following the launch of Apple's iPhone 17 series, with foreign funds purchasing more than 102,000 shares of COMPEQ and 32,000 shares of Zhen Ding over the past month.

Zhen Ding recently won upgraded ratings from U.S. brokerages citing robust AI demand. Analysts expect its substrate business to improve profitability by 2026, raising the stock's target price from NT$215 to NT$220 and maintaining a “buy” rating. Profit forecasts for 2026–2027 were also lifted, with EPS estimates revised upward to NT$16.57 and NT$24.78. Zhen Ding plans capital expenditures of NT$30 billion in both 2025 and 2026, funding new capacity in Thailand, Jiangsu Huai'an, and Taiwan.

COMPEQ is also expanding aggressively, with domestic analysts forecasting EPS above NT$5.5 in 2025 and as high as NT$7 in 2026, supported by growing ASIC demand in AI supply chains. Its 2025 capex is projected at NT$7–8 billion, following more than NT$7 billion already spent in the first nine months of 2025—surpassing its 2024 full-year outlay. The company's new Thai plant has begun production of low-orbit satellite boards, while it continues to expand HDI and flexible PCB capacity.

COMPEQ, the world’s largest HDI PCB maker and a leading supplier of satellite application boards, reported first-half 2025 revenue of NT$34.93 billion, gross margin of 17.72%, and net profit of NT$2.145 billion, on par with last year's results. Management highlighted ongoing contributions from consumer electronics and satellite applications, while positioning for growth in AI servers and optical communications. The company is leveraging its global HDI expertise and cross-regional production footprint to support key clients in OAM accelerator cards, AI servers, high-end switches, and optical modules.

With manufacturing bases in Taiwan, mainland China, and Thailand, COMPEQ produces HDI, rigid-flex, rigid, and flexible boards, as well as SMT services, serving communications, computing, consumer, automotive, and aerospace markets. Together, COMPEQ and Zhen Ding are reinforcing their leadership in Apple's supply chain while accelerating expansion into AI-driven opportunities.