中信证券：覆铜板高景气度 国内树脂企业份额有望提升

Core Viewpoint - The report from CITIC Securities indicates a high level of prosperity in the copper-clad laminate market, suggesting that domestic resin companies are likely to increase their market share due to the growing demand for AI servers and related materials [1] Industry Summary - The global capital expenditure (Capex) for AI servers is experiencing rapid growth, leading to a sustained increase in computing power demand, which in turn keeps the server-related materials market expanding at a high rate [1] - High-frequency and high-speed resin materials are identified as core components for servers, and companies with first-mover advantages and technological iteration capabilities are expected to benefit from the growth of high-end AI hardware [1] Company Summary - The current supply chain relationships and capacity matching are crucial factors for the profit growth of resin companies in the next phase [1] - Leading overseas high-frequency and high-speed resin companies are expanding their production capacity slowly, allowing domestic companies to capture incremental market share and achieve profit growth that exceeds the industry average [1] - Recommendations are made for leading high-frequency and high-speed resin enterprises [1]