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]
建滔积层板(01888.HK)：2025H2或受益于提价 2026年AI期权或逐步兑现