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 - 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].

Core Viewpoint - Jiantao Laminated Board (01888) has seen a significant price increase, rising over 7% to reach a new high of HKD 16.99, indicating strong market performance driven by favorable industry conditions [1] Price Increase and Market Dynamics - Since the second half of last year, Jiantao Laminated Board has raised prices multiple times, specifically in August, October, and twice in December, suggesting a positive pricing cycle across the entire industry chain driven by AI demand [1] - Citic Securities indicates that the company is well-positioned to benefit from this price increase cycle due to its integrated operations in copper foil, electronic cloth, and copper-clad laminates [1] Profit Growth Projections - The company is expected to see a significant uplift in its profit margins driven by product structure upgrades and industry-wide price increases, with projections indicating a potential rise in profitability by 2026 [1] - Citigroup forecasts that the core profit growth rate for Jiantao Laminated Board will accelerate significantly during the copper price upcycle, with growth expected to jump from 10% year-on-year in the first half of 2025 to approximately 58% in the second half, and further achieving 57% growth in 2026 [1] - This forecast does not yet account for potential contributions from the company's AI glass fiber business, indicating further upside potential [1] Industry Positioning - The report highlights that the copper-clad laminate industry has a high concentration, allowing leading companies to leverage their technological and cost advantages to pass on raw material price increases to downstream printed circuit board customers [1]

消息面上，去年下半年以来，建滔积层板在8月、10月、12月月初提价，其中12月提涨两次。国泰海通 证券指，这意味着AI景气驱动下全产业链进入良性提价周期。公司同时布局铜箔、电子布和覆铜板， 作为行业一体化龙头有望能全环节受益于涨价周期。展望2026年，公司产品结构高端化和产业链涨价有 望共同推动公司盈利中枢抬升。 智通财经APP获悉，建滔积层板(01888)再涨超7%，盘中高见16.99港元创新高。截至发稿，涨7.35%， 报16.8港元，成交额5.71亿港元。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半年的同 比10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻璃纤维 业务可能的贡献。报告认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能力将原 材料涨价压力传导至下游印刷电路板客户。 ...

Group 1 - The core viewpoint of the article highlights the impact of rising copper prices on corporate profitability, leading to a divergence in earnings outlooks for two industry leaders: Kingboard Laminates and Delta Electronics [2][4] - Citigroup has initiated a "Buy" rating for Kingboard Laminates, citing its ability to pass on rising costs to downstream customers, which is expected to accelerate profit growth [4] - In contrast, Delta Electronics has been given a "Neutral" rating due to its weaker bargaining power, which may pressure its profitability despite being the largest manufacturer of automotive micro motors with over 20% market share [4] Group 2 - Kingboard Laminates is identified as the world's largest manufacturer of copper-clad laminates, holding approximately 16% market share [4] - The report notes that copper prices are projected to surge by 22% year-on-year and approximately 14% quarter-on-quarter by Q4 2025 [4] - The earnings outlook for Kingboard Laminates is expected to improve significantly due to its market position and ability to manage cost increases effectively [4]

Core Viewpoint - The report from Citigroup indicates that commodity prices have significantly increased and appear to be stabilizing at higher levels, positively impacting the basic materials sector, particularly aluminum, copper, and lithium suppliers [1] Company Summary - Jiantao Laminated Board (01888) saw its stock price rise by over 8%, reaching HKD 15.9 with a trading volume of HKD 311 million [1] - Citigroup forecasts that Jiantao Laminated Board's core profit growth will accelerate significantly during the copper price upcycle, with growth rates expected to jump from 10% year-on-year in the first half of 2025 to approximately 58% in the second half, and further achieve 57% growth in 2026 [1] - The forecast does not account for potential contributions from the company's AI glass fiber business [1] Industry Summary - The basic materials industry is identified as a major beneficiary of rising commodity prices, particularly for copper, which is expected to enhance the profit margins of copper-clad laminate (CCL) manufacturers like Jiantao Laminated Board [1] - Citigroup notes that due to the high concentration in the copper-clad panel industry, leading companies can leverage their technological and cost advantages to pass on raw material price increases to downstream printed circuit board customers [1]