Core Viewpoint - 建滔积层板's stock has dropped over 7%, currently trading at 11.85 HKD, with a trading volume of 320 million HKD. The company reported a revenue of 9.588 billion HKD for the first half of the year, a year-on-year increase of 11%, and a net profit of 933 million HKD, up 28% year-on-year [1]. Financial Performance - The company achieved a revenue of 9.588 billion HKD in the first half of the year, reflecting an 11% increase compared to the previous year [1]. - The net profit for the same period was 933 million HKD, which represents a 28% year-on-year growth [1]. - The gross profit margin decreased by 1.3 percentage points due to the average selling price of laminates not fully covering the rising copper costs [1]. Market Outlook - 开源证券 indicates that the price of copper-clad laminates (CCL) has already begun to rise in the second half of 2025, supported by strong PCB demand, which may benefit the company's performance in the latter half of the year [1]. - The company is expected to accelerate its capacity layout for high-end CCL and materials in 2026, with AI options potentially entering a realization phase, driving an upward shift in valuation [1]. - 大华继显 has downgraded the stock rating to "Hold," suggesting that the current stock price reflects short-term growth potential, while maintaining revenue forecasts for 2025 to 2027 but reducing earnings estimates by 16%, 14%, and 9% respectively due to weaker average selling price increases [1].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： HKD 2,000,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 建滔積層板控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01888 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | ...

Summary of Conference Call Notes Company and Industry Overview - The company operates in the Low DK glass fiber sector and has achieved breakthroughs in production and certification, with mass production expected by the end of September 2025, starting with an initial capacity of 500 tons per year at a price of 200,000 RMB per ton, significantly higher than ordinary glass fiber yarn [2][3][4]. Key Points and Arguments - **Production Capacity Expansion**: The company plans to add three oil furnaces by 2026, totaling 1,500 tons of capacity, including both first and second-generation Low DK glass fiber, with the second-generation product expected to reach 600,000 RMB per ton [2][3][5]. - **High Demand for HDI PCB**: Orders for high-end HDI PCBs are booked until June 2026, with automotive orders accounting for 58% and home appliances for 15-16% of total orders in the first half of 2025, indicating strong market demand [2][5][9]. - **Global PCB Market Growth**: The global PCB market value reached over 70 billion USD in 2025, growing by over 10% year-on-year, and is projected to exceed 90 billion USD by 2029, driven by advancements in 5G/5.5G/6G technologies and AI-related demand [2][5][9]. - **Monthly Shipment Goals**: The company aims to maintain monthly shipments of 9.5 to 10 million copper-clad laminates in the second half of the year, despite a total capacity of 11 million, due to an increase in the proportion of high-end special products [2][6][9]. - **Price Adjustments**: The company has implemented two price adjustments in March and August, approximately 10% and 10 USD per unit respectively, which are expected to improve gross margins in the second half of the year, targeting a gross margin exceeding 20% [4][7][8]. Additional Important Information - **Production Bottlenecks**: The current global production capacity for Low DK glass fiber is only 8,800 tons, primarily concentrated among a few companies in Japan and China, which limits the production of high-end products like HDI PCBs [3][5]. - **Future Product Development**: The company is developing M6 and M7 panels, with plans to launch M8 and M9 in 2026, but significant profits from these products are not expected until 2027 or 2028 due to the need for extensive testing and customer certification [6][9]. - **Customer Feedback**: Positive feedback has been received from customers regarding the Low DK glass fiber, with some key clients insisting on its use for their products [10][11]. - **CPE Fabric Production**: The company plans to produce 2.5 million meters of CPE fabric monthly, with an annual capacity of 30 million meters based on current production capabilities [12]. - **Resin Business Development**: The company is focusing on high-end markets for resin products, particularly in bulletproof glass applications, and is developing hybrid display technology with promising prospects [21][22]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic initiatives, market dynamics, and future growth potential in the Low DK glass fiber and PCB sectors.

Core Viewpoint - 建滔积层板's stock price increased by over 5%, reaching HKD 13.37, with a trading volume of HKD 351 million [1] Financial Performance - In the first half of the year, 建滔积层板 achieved a revenue of HKD 9.588 billion, representing an 11% year-on-year increase [1] - The net profit for the same period was HKD 933 million, reflecting a 28% year-on-year increase [1] Market Trends - A recent price surge in copper-clad laminates has been observed, with 建滔积层板, 威利邦, and 宏瑞兴 increasing prices by HKD 5-10 per sheet on August 15 [1] - 开源证券 noted that 建滔积层板 has already raised prices for copper-clad laminates in the second half of 2025, driven by strong PCB demand, which may support price rigidity [1] Future Outlook - The company is expected to benefit from its accelerated capacity layout for high-end CCL and materials in 2026, with AI options likely entering a realization phase [1] - The actual contribution to financial statements is anticipated to be concentrated in 2027, leading to an upward shift in valuation [1] - 开源证券 maintains a "buy" rating for the company [1]

Core Viewpoint - Jiantao Laminates (01888) has shown a strong performance in the first half of the year, with significant increases in revenue and profit, driven by rising prices in the copper-clad laminate market and robust PCB demand [1] Financial Performance - Jiantao Laminates achieved a revenue of HKD 9.588 billion in the first half of the year, representing an 11% year-on-year increase [1] - The company reported a net profit of HKD 933 million, which is a 28% increase compared to the previous year [1] Market Trends - There has been a recent price surge in copper-clad laminates, with Jiantao, Wellybond, and Hongruixing all increasing prices by HKD 5-10 per sheet as of August 15 [1] - According to Kaiyuan Securities, Jiantao has already raised prices for copper-clad laminates in the second half of 2025, indicating strong PCB demand that may support price rigidity [1] Future Outlook - The company is expected to benefit from its accelerated capacity layout for high-end CCL and materials in 2026, with AI options likely entering a realization phase [1] - The actual contribution to financial statements is anticipated to be concentrated in 2027, leading to an upward shift in valuation [1] - Kaiyuan Securities maintains a "buy" rating on the stock [1]

Core Viewpoint - The company is expected to benefit from price increases in H2 2025, with accelerated high-end capacity and AI options likely to gradually materialize in 2026, leading to significant profit growth [1] Group 1: Financial Performance - In H1 2025, the company's revenue reached HKD 9.59 billion, a year-on-year increase of 11%, with the copper-clad laminate (CCL) and upstream material business contributing HKD 8.72 billion, reflecting a 5% increase in average monthly shipment volume to 9 million sheets [2] - The net profit attributable to shareholders for H1 2025 was HKD 930 million, up 28% year-on-year, primarily driven by a HKD 130 million increase in investment income and a HKD 70 million reduction in financing costs, which offset a 0.8 percentage point decline in CCL's operating profit margin to 12.3% [2] Group 2: Pricing and Market Dynamics - The company initiated a price increase of HKD 10 per sheet for CEM-1/22F/V0/HB/FR4 on August 15, 2025, due to cost considerations, with PCB demand and high raw material prices expected to support smooth price transmission in H2 2025, thereby improving CCL profit margins [3] - The company anticipates that traditional market conditions in 2026 will need to be monitored, while high-end capacity is expected to gradually come online, including 800,000 sheets of CCL capacity in Thailand [3] Group 3: Product Development and Capacity Expansion - The company has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several leading tier 1 global clients [3] - The first kiln for low dielectric glass fiber has been put into production in H1 2025, with three additional kilns expected to be operational in H2 2025, and another six high-end kilns planned for 2026 to produce low dielectric, low expansion, and quartz glass fiber [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in H2 2025 is expected to benefit from price increases, with a strong demand for PCBs supporting price rigidity. The net profit forecasts for 2025-2027 have been raised to HKD 24.5 billion, HKD 27.2 billion, and HKD 35.6 billion, representing year-on-year growth of 81.7%, 12.2%, and 30.8% respectively. The current market capitalization corresponds to a PE ratio of 15.6, 14.1, and 10.8 for 2025-2027 [4][5][6] Financial Summary and Valuation Indicators - Revenue for 2025 is projected at HKD 21.17 billion, with a year-on-year growth of 14.2%. The net profit for 2025 is expected to be HKD 2.45 billion, reflecting a significant year-on-year increase of 81.7%. The gross margin is anticipated to improve to 20.5% in 2025, with a net margin of 11.6% [7]

Core Viewpoint - Dahua Jixiang has raised the target price for Kingboard Laminates (01888) from HKD 9.58 to HKD 12.43, reflecting a positive outlook on its business and new material development, but has downgraded the rating to "Hold" as the current stock price already reflects short-term growth potential [1] Group 1: Financial Performance - Kingboard Laminates reported a net profit of CNY 933 million for the first half of the year, representing a year-on-year increase of 28%, which meets 33% of the company's full-year forecast [1] - The gross margin decreased by 1.3 percentage points due to the average selling price of laminates not fully covering the rising copper costs [1] Group 2: Revenue and Earnings Forecast - The revenue forecasts for 2025 to 2027 remain largely unchanged, but earnings estimates have been reduced by 16%, 14%, and 9% respectively, indicating weak growth in average selling prices for laminates [1] Group 3: Industry Trends and Developments - The management is optimistic about the development prospects of low-Dk fiberglass yarn and is accelerating capacity expansion in the second half of the year [1] - The company maintains a positive attitude towards the trends in the printed circuit board (PCB) industry and has incorporated product price increase factors into its forecasts [1]

Core Viewpoint - Daxin Jicheng (01888) target price raised from HKD 9.58 to HKD 12.43, reflecting positive business outlook and new material development, but rating downgraded to "Hold" as current stock price reflects short-term growth potential [1] Company Summary - Daxin Jicheng's net profit for the first half increased by 28% year-on-year to CNY 933 million, achieving 33% of the annual forecast [1] - Gross margin decreased by 1.3 percentage points due to the average selling price of laminates not fully covering the rise in copper costs [1] - Management is optimistic about the development prospects of low-Dk fiberglass yarn and is accelerating capacity expansion in the second half of the year [1] Industry Summary - The firm maintains a positive outlook on the printed circuit board (PCB) industry trends and has incorporated product price increase factors into its forecasts [1] - Revenue forecasts for 2025 to 2027 remain largely unchanged, but earnings estimates are reduced by 16%, 14%, and 9% respectively, indicating weaker average selling price growth for laminates [1]

Core Viewpoint - The company, Kwan Tong Laminates (1888.HK), experienced a significant drop in stock price, with a decline of nearly 10% to HKD 11.78, despite reporting positive financial results for the mid-year period [1] Financial Performance - For the six months ending June, the company reported a revenue of HKD 9.588 billion, representing an 11% year-on-year increase [1] - The profit attributable to shareholders was HKD 933 million, showing a year-on-year growth of 28.24% [1] - Basic earnings per share were HKD 0.299, and an interim dividend of HKD 0.15 was declared, which is a 25% increase compared to the previous period [1]