 Prefer Flexible PCB due to resilient demand from Apple and healthy competitive landscape  CCL under pressure due to price scissors, but long-term pricing power shall stay intact due to limited new supply  Buy ratings on Dongshan, Shengyi, and Hold on Shennan We see positive changes in PCB. PCB makers are having a tough time in 2Q22e, mostly due to the demand slowdown in consumer electronics and sluggish 5G market. However, we are seeing incremental changes in this quarter that could help the sector to bottom out, including: 1) CCL price continues to decline (additional 10% in 2Q22e); 2) depreciation of RMB shall help PCB makers to have some FX gains; and 3) resilient demand from Apple, EV, servers, and 5G should provide support on utilisation rates and thus GPM should rebound.