TGCF(SZ:301217) Xin Lang Cai Jing·2025-08-17 00:33Performance Summary - In H1 2025, the company achieved revenue of 2.997 billion yuan, a year-on-year increase of 45%, and a net profit attributable to shareholders of 35 million yuan, compared to a loss of 59 million yuan in the same period last year [1] - In Q2 2025, the company reported revenue of 1.602 billion yuan, a year-on-year increase of 36%, and a net profit attributable to shareholders of 30 million yuan, compared to a loss of 31 million yuan in the same period last year [1] - The company anticipates that 2025 will be the year of profit release for AI copper foil, with expectations for quarterly validation [1] Operational Analysis - PCB Copper Foil: The company has a significant advantage in HVLP positioning, with financial reports gradually validating a high prosperity trend - The demand for HVLP copper foil, as a substrate for AI servers, is robust and continues to grow, with the production of high-frequency and high-speed substrate copper foil (HVLP + RTF) accounting for over 30% of total PCB copper foil production [2] - In H1 2025, PCB copper foil revenue reached 1.703 billion yuan, a year-on-year increase of 29%, with a gross margin of 5.56%, an increase of 2.77 percentage points year-on-year [2] - The company holds a clear advantage in the high-end copper foil sector for PCBs, ranking first among domestic companies in RTF copper foil production and sales capabilities [2] - Lithium Battery Copper Foil: The operational aspects have also shown positive improvement, with products gradually shifting towards higher value-added options such as 4.5um and 5um - In H1 2025, lithium battery copper foil revenue reached 1.137 billion yuan, a year-on-year increase of 93%, with a gross margin of 0.24%, an increase of 5.82 percentage points year-on-year [2] Profit Forecast, Valuation, and Rating - Given the company's Q2 performance exceeding expectations, profit forecasts have been revised upward, with projected net profits attributable to shareholders for 2025-2027 expected to be 146 million, 474 million, and 626 million yuan respectively [3] - The current price corresponds to dynamic PE ratios of 183x, 56x, and 43x for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]