Core Viewpoint - 建滔积层板's stock has dropped over 7%, currently trading at 11.85 HKD, with a trading volume of 320 million HKD. The company reported a revenue of 9.588 billion HKD for the first half of the year, a year-on-year increase of 11%, and a net profit of 933 million HKD, up 28% year-on-year [1] Group 1 - 建滔积层板's copper-clad laminate prices have already increased in the second half of 2025, supported by strong PCB demand, which may benefit the company's performance in the latter half of the year [1] - The company is expected to accelerate its capacity layout for high-end CCL and materials in 2026, with AI options likely entering a realization phase, potentially driving up the valuation center [1] - Actual contributions to the financial statements may be concentrated in 2027 [1] Group 2 - 大华继显 reported a 1.3 percentage point decline in gross margin for 建滔积层板 in the first half of the year, as the increase in average selling price of laminates did not fully cover the rising copper costs [1] - The firm maintains a positive outlook on the company's business and new material development but has downgraded the stock rating to "hold," indicating that the current stock price reflects short-term growth potential [1] - Revenue forecasts for 2025 to 2027 remain largely unchanged, but earnings estimates have been reduced by 16%, 14%, and 9% respectively, reflecting weaker average selling price increases for laminates [1]
建滔积层板现跌超7% 公司覆铜板价格率先调涨 大行称股价已反映短期增长潜力