TGCF(SZ:301217) Xin Lang Cai Jing·2025-08-10 10:37Group 1: Core Insights - The demand for HVLP copper foil is driven by the increasing requirements for PCB transmission rates and signal integrity in AI servers and ASIC applications [1] - The company expects PCB copper foil business revenue to reach 2.769 billion yuan in 2024, representing a year-on-year increase of 24%, primarily due to the expansion of high-end business [1] - The company has a full order book for HVLP copper foil, with production capabilities across four generations of products, focusing on the second generation for shipments [1] Group 2: Market Dynamics - The pricing model for PCB copper foil is based on "copper price + processing fee," with minimal profit in the raw copper segment and profits primarily in the processing fee segment [2] - The global market for ultra-thin copper foil with a carrier layer is approximately 5 billion yuan, historically dominated by Japanese companies, indicating significant potential for domestic alternatives [3] Group 3: Financial Projections and Valuation - The company is projected to achieve net profits of 104 million yuan, 425 million yuan, and 565 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 194x, 47x, and 36x [4] - A target price of 30.78 yuan is set for the company, with a "buy" rating based on its leading position in the HVLP market and potential demand for SLP-related copper foil [4]