Group 1 - The core viewpoint of the report is that Jiantao Laminated Board (01888) is rated as "Buy" due to its leading position in the copper-clad laminate industry and optimistic price trends for traditional copper-clad laminates [1] - The company is expected to achieve net profits of HKD 2.349 billion, HKD 3.123 billion, and HKD 3.815 billion for the years 2025-2027, with a target price set at HKD 20 based on PE valuation [1] - The company has made significant progress in high-end material integration, with the first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market [1] Group 2 - The company's core advantage in high-end products lies in the stability of material integration, with the HVLP-3 copper foil entering the verification phase for further upgrades [2] - The demand for traditional copper-clad laminates is expected to improve alongside AI demand, with major companies focusing on high-end board production [2] - The overall supply-demand dynamics in the copper-clad laminate industry are optimistic, with limited expansion in mid-range capacity and a moderate upward trend in global demand [2]