截至2025年12月31日止年度，建滔积层板的纯利大幅上升，主要由于覆铜面板及其上游物料包括玻纤 纱、玻纤布及铜箔的需求畅旺，集团产品的单价普遍明显上升及销量较2024年同期录得上升，目前市场 需求维持畅旺。集团的投资业务分部的利润亦录得增长。建滔积层板董事会相信，纯利增长同时源于集 团强大且完善的垂直整合经营模式。 格隆汇2月23日丨建滔积层板(01888.HK)发布公告，集团预计截至2025年12月31日止年度录得的纯利较 2024年同期增长超过80%，即纯利超过23.9亿港元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 KINGBOARD LAMINATES HOLDINGS LIMITED 建滔積層板控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1888） 盈利預喜 本公告乃建滔積層板控股有限公司（「建滔積層板」，連 同 其 附 屬 公 司 統 稱「本 集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及證券 及期貨條 例（香 港 法 例 第571章）第XIVA部 內 幕 消 息 條 文 而 作 出。 建滔積層板董事會（「建滔積層板董事會」）謹此知會建滔積層板股東及潛在投資 者，按 照 本 集 團 截 至 二 零 二 五 年 十 二 月 三 十 一 日 止 年 度 未 經 審 核 管 理 賬 目 之 初 步 評 估 以 及 建 滔 積 層 板 董 事 會 現 時 可 得 的 資 料，本 集 ...

Core Viewpoint - Evergrande Securities predicts that the net profit attributable to the parent company of Kingboard Laminates (01888) will reach HKD 2.17 billion, HKD 3.95 billion, and HKD 4.84 billion from 2025 to 2027, representing year-on-year growth of 64%, 82%, and 22% respectively. The company's stock price of HKD 18.78 corresponds to a PE ratio of 27x, 15x, and 12x for 2025-2027, which is lower than the average PE valuation of comparable companies. The company is a leading manufacturer of copper-clad laminates with a vertically integrated supply chain, excelling in cost control and supply chain stability. The report highlights the company's potential for valuation improvement and rarity as an investment target, initiating coverage with a "Buy" rating [1]. Group 1: Company Overview - Kingboard Laminates is a global leader in the copper-clad laminate manufacturing industry with a vertically integrated supply chain. The company was established in Shenzhen in 1988 and began producing paper-based copper-clad laminates in 1989. After its independent listing on the Hong Kong Stock Exchange in 2006, it has maintained a market share of over 20 years, ranking first in the global copper-clad laminate industry [1]. - The company has over 60 factories globally, primarily located in South China and East China, and is expanding into Southeast Asia. It focuses on producing various types of copper-clad laminates, copper foil, resin, and fiberglass yarn [1]. Group 2: Market Demand and Growth - The demand for copper-clad laminates is driven by the robust growth of the PCB industry, which is expected to reach a total value of USD 94.66 billion by 2029, with a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029. The rapid development of AI servers is anticipated to significantly increase the demand for high-end PCB products, thereby boosting the need for high-frequency and high-speed copper-clad laminates [2]. - In 2024, Kingboard Laminates is projected to hold a 14.4% market share in the global copper-clad laminate market, ranking first among competitors. The company offers economical products like paper-based copper-clad laminates to meet the low-cost demands of consumer electronics, while its FR-4 series epoxy glass fiber laminates serve as the core revenue and profit source in mainstream markets [3]. Group 3: Pricing Power and Cost Management - The company possesses strong bargaining power and cost transmission capabilities, with less than 30% of sales coming from its top five customers. Approximately 78% of its revenue is derived from non-related third-party markets, enhancing its pricing power. The current tight supply in the copper-clad laminate industry, combined with rising copper prices, is expected to drive both prices and profitability upward [4]. Group 4: Strategic Expansion - Kingboard Laminates is strategically expanding its upstream raw material production, including a new factory in Guangdong for low-dielectric fiberglass yarn, which is expected to alleviate capacity bottlenecks. The company has also fully launched a new copper foil production capacity of 1,500 tons per month in Guangdong, responding to the increasing demand from data centers and cloud computing. This vertical integration helps mitigate risks associated with raw material price fluctuations and opens up growth opportunities in high-value low-dielectric fiberglass yarn [5].

Core Viewpoint - The report from Guotai Junan indicates that the price increase of traditional fiberglass electronic cloth has accelerated since February, confirming the view that the shift of weaving machine capacity to AI electronic cloth has led to a supply shortage of traditional cloth [1][2]. Group 1: Price Increase and Supply Shortage - The price of traditional electronic cloth has risen significantly in February, with the first week of February seeing prices for 7628 electronic cloth ranging from 4.9 to 5.45 yuan per meter, an increase of 0.5 to 0.6 yuan per meter compared to the previous month [2]. - The announcement from Taiyao Technology on February 10 regarding reduced supply of E-glass products due to strong demand for low-dielectric materials has further fueled expectations of a shortage in traditional cloth [2]. Group 2: Inventory Levels and Profitability - Current inventory levels for leading traditional electronic cloth manufacturers are only two weeks, compared to a normal level of 1 to 1.5 months, primarily due to the impact of weaving machines shifting to produce AI specialty cloth [3]. - The expected increase in prices is likely to boost profitability for leading companies, with China Jushi's traditional electronic cloth capacity at 1 billion meters and Jiantao's at 800 million meters [3]. Group 3: AI Electronic Cloth Demand - The shortage of traditional cloth and the strong demand for AI electronic cloth are interconnected, with 2026 expected to be a year of realization for AI specialty cloth demand [4]. - The demand for CTE cloth has been driven by the packaging board needs of AI chips and consumer electronics, while low-dielectric cloth is expected to see stable demand from specific applications [4]. Group 4: Recommended Stocks - The report recommends investment in China Jushi (600176.SH), Jiantao Laminated Board (01888), and China National Materials (002080.SZ), along with related companies such as International Composites (301526.SZ) and Honghe Technology (603256.SH) [5].

Core Viewpoint - The stock price of Jiantao Laminated Board (01888) has shown a positive trend, with a current increase of 2.82% to HKD 19.31, driven by strong demand and favorable market conditions in the copper-clad laminate industry [1] Group 1: Company Performance - Jiantao Laminated Board's copper-clad laminates possess strong pricing power and cost pass-through ability, benefiting from a tight supply and rising copper prices, which are expected to drive both prices and profitability [1] - The company has a diversified customer base, with the top five customers accounting for less than 30% of total sales, and approximately 78% of revenue coming from non-related third-party markets, enhancing its bargaining power [1] Group 2: Industry Outlook - The current tight supply in the copper-clad laminate industry, combined with the upward trend in copper prices, is anticipated to positively impact both pricing and profitability [1] - The company is strategically expanding its production capacity for low-dielectric fiberglass yarn in Guangdong by 2025 to alleviate capacity bottlenecks, catering to high-end communication fields such as 5G, 6G, and AI servers [1] - The new copper foil production capacity of 1,500 tons per month in Lianzhou, Guangdong, is now fully operational, addressing the surge in demand for thick copper foil driven by data centers and cloud computing [1] - The vertical integration of the supply chain is expected to mitigate risks associated with fluctuations in upstream raw material prices, while high-value low-dielectric fiberglass yarn is likely to open new growth opportunities for the company [1]

每经AI快讯，2月12日，建滔积层板(01888.HK)再涨超4%，截至发稿涨4.53%，报19.66港元，成交额 2.17亿港元。 （文章来源：每日经济新闻） ...

建滔积层板(01888)再涨超4%，截至发稿，涨4.53%，报19.66港元，成交额2.17亿港元。 该行续指，公司深度布局覆铜板上游原材料，2025年于广东持续扩产低介电玻纤纱(5G、6G通信和AI服 务器等高端通信领域需求)工厂以缓解产能瓶颈；于广东连州月产1,500吨的最新铜箔产能全面投产使 用，直接响应数据中心及云计算带来的厚铜箔激增的需求。产业链垂直布局有助于降低上游原材料价格 波动风险，高附加值低介电玻纤纱有望打开公司成长空间。 光大证券发布研报称，建滔积层板覆铜板具备较强议价能力与成本传导能力，供给偏紧+铜价上行周期 利好价格和盈利。公司下游客户分散，2024年前五大客户销售额合计占比低于30%，约78%的收入来源 于非关联交易的第三方市场，具备较强的议价能力与成本传导力。该行认为，当前覆铜板行业供给偏 紧、叠加铜价处于上行周期，有望驱动覆铜板价格和盈利双升。 ...

Core Viewpoint - The stock of Jiantao Laminated Board (01888) has increased by over 4%, currently trading at HKD 19.66, with a transaction volume of HKD 217 million, driven by strong pricing power and cost transmission capabilities in the copper-clad laminate market [1] Group 1: Company Analysis - Jiantao Laminated Board has strong pricing power and cost transmission ability due to a tight supply and rising copper prices, which are expected to drive both prices and profitability in the copper-clad laminate industry [1] - The company has a diversified customer base, with the top five customers accounting for less than 30% of total sales, and approximately 78% of revenue coming from non-related third-party markets [1] - The company is expanding its production capacity for low-dielectric fiberglass yarn in Guangdong by 2025 to alleviate capacity bottlenecks, responding to high-end communication demands in 5G, 6G, and AI server markets [1] Group 2: Industry Outlook - The copper-clad laminate industry is experiencing a tight supply situation, combined with an upward trend in copper prices, which is likely to enhance both pricing and profitability [1] - The company has fully launched a new copper foil production capacity of 1,500 tons per month in Lianzhou, Guangdong, to meet the increasing demand for thick copper foil driven by data centers and cloud computing [1] - The vertical integration of the supply chain is expected to mitigate risks associated with fluctuations in upstream raw material prices, while high-value low-dielectric fiberglass yarn is anticipated to open new growth opportunities for the company [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3][6]. Core Insights - The company, Kingboard Laminates (1888.HK), is a leading manufacturer of copper-clad laminates with a vertically integrated supply chain, maintaining a global market share of 14.4% in 2024, the highest in the industry [2][3]. - The demand for copper-clad laminates is expected to grow due to the robust expansion of the PCB industry, driven by applications in AI servers, consumer electronics, automotive electronics, and communication devices [1][41]. - The company is well-positioned to benefit from rising copper prices and a tight supply environment, which are expected to enhance both pricing and profitability [2][3]. Company Overview - Kingboard Laminates was established in 1988 and has evolved into a major player in the copper-clad laminate market, with over 60 factories globally and a strong presence in South China and East China [1][16]. - The company specializes in various types of copper-clad laminates, including FR-4 epoxy glass fiber laminates, which are crucial for mainstream markets such as computers and communications [2][25]. Market Position - The copper-clad laminate market is characterized by high concentration, with the top four manufacturers holding approximately 50% of the market share, indicating significant barriers to entry and strong pricing power for established players [2][70]. - The report highlights that the company has a strong bargaining power due to its diversified customer base, with the top five customers accounting for less than 30% of total sales [2][3]. Financial Projections - The company is projected to achieve net profits of HKD 2.17 billion, HKD 3.95 billion, and HKD 4.84 billion for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 64%, 82%, and 22% [3][5]. - The report indicates that the company's stock is currently undervalued compared to its peers, with projected P/E ratios of 27x, 15x, and 12x for the years 2025 to 2027 [3][5]. Industry Analysis - The PCB industry is expected to see a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with the total market value projected to reach USD 94.66 billion by 2029 [1][44]. - The demand for high-frequency and high-speed copper-clad laminates is increasing, particularly in the AI server sector, which requires advanced materials to support higher data transmission rates [2][67].

Group 1 - The Hang Seng Index rose by 0.43%, gaining 116 points to close at 27,299 points, while the Hang Seng Tech Index increased by 1.10% [1] - Xiaomi Group-W (01810) saw a rise of over 4%, with the new generation SU7 expected to launch in April [1] - The first-day listing of Xian Dao Intelligent (00470) increased by 0.44%, while fishing company Lexin Outdoor (02720) surged by 33% on its second day of trading [1] - The Kintor Group (00148) and Kintor Laminates (01888) experienced gains of 5% and 14% respectively, driven by expected high growth in copper-clad laminate performance by 2025 [1] - The precious metals sector saw gains, with Wan Guo Gold Group (03939) rising over 9% to reach a new high, benefiting from increased gold prices [1] - Tungsten prices continued to rise, with tungsten oxide increasing by 20,000 yuan per ton and ammonium paratungstate rising by 10,000 yuan per ton, leading to a surge of over 12% for Jiaxin International Resources (03858) [1] - China Duty Free Group (01880) rose over 5% following a strong start to the Spring Festival travel season for duty-free shopping in Hainan [1] Group 2 - Gilead Sciences-B (01672) increased by over 6%, with plans to submit an IND for ASC36 oral tablets for obesity treatment to the FDA in the second quarter [2] - Jinli Permanent Magnet (06680) rose over 7% as rare earth prices continue to climb, with institutions predicting a dual increase in valuation and performance for the sector [3] - Mongol Mining (00975) surged over 11% as its BKH gold mine ramped up production and dividend restrictions were gradually lifted [4] - Semiconductor Manufacturing International Corporation (00981) fell by 3.63% post-earnings, with Goldman Sachs indicating that its first-quarter gross margin guidance was below expectations [5] - Health 160 (02656) plummeted by 33%, retracting most of its gains for the year, with its total market value briefly falling below 20 billion HKD [6]