Core Viewpoint - The acquisition of Circuit Foil Luxembourg (CFL) by Jiujiang Defu Technology Co., Ltd. marks a significant milestone in the global copper foil industry, enhancing Defu's leadership position in lithium battery copper foil and solidifying its strategic advantage in the electronic circuit copper foil sector, transitioning from a "follower" to a "leader" [1][4]. Group 1: Strategic Acquisition and Market Position - The acquisition of CFL allows Defu Technology to complement its technology and establish a dual-driven strategy in the high-end electronic circuit copper foil market, which has been dominated by Japanese and Taiwanese companies [2][3]. - Defu Technology has a strong presence in the lithium battery copper foil market, with a revenue exceeding 7.8 billion yuan in 2024 and a production capacity of 175,000 tons per year, making it the leading company in China's lithium battery copper foil market [2][5]. Group 2: Capacity Expansion and Global Leadership - Following the acquisition, Defu's total production capacity will increase from 175,000 tons per year to 191,000 tons per year, confirming its position as the world's largest producer of electrolytic copper foil [5]. - Defu operates three production bases in China, with a manufacturing network that supports the domestic new energy and electronic circuit markets [5]. Group 3: Financial Performance and Market Value - The acquisition is expected to significantly enhance Defu's financial performance and market value, leveraging CFL's high processing fee income and Defu's cost optimization capabilities [7]. - CFL's average processing fee income is substantially higher than that of domestic IT copper foil, contributing to Defu's revenue growth and market competitiveness [7]. Group 4: Technological Integration and Innovation - The merger represents a deep integration of technologies, with Defu's advanced lithium battery copper foil technology complementing CFL's high-end products, such as HVLP and DTH copper foils [8][9]. - Both companies are committed to innovation, with Defu increasing its R&D investment by 30.45% in 2024 and CFL receiving significant support for its research projects [9]. Group 5: Future Strategy and Global Expansion - Defu Technology aims to establish a global sales network, using the acquisition as a springboard to penetrate high-end electronic circuit markets worldwide [10]. - The company is focused on domestic high-end electronic circuit copper foil replacement, addressing the current reliance on Japanese and Taiwanese suppliers [11]. Group 6: High-End Product Development and Market Leadership - Defu plans to continue developing high-end products for lithium batteries and electronic circuits, aiming to provide solutions for next-generation technologies [12]. - The company emphasizes a value system based on technological barriers and product differentiation, moving from "manufacturing" to "intelligent manufacturing" [12][13].
德福科技：以海外并购铸就世界铜箔产业之巅 ——收购卢森堡CFL，开启问鼎世界第一新篇章