MEC (4971)

The pitch in one line: MEC sells a few hundred yen of chemistry per substrate panel, but it is the chemistry that lets PCB fabs hit the adhesion, dielectric-loss and laser-drill specs that AI servers, ABF substrates and 5G AiP modules now demand.

— Full briefing at https://pink.sakdiarpa.com/reports/4971.html (4 sections, ~9233 words).