电子树脂:需求不断发展升级

Core Viewpoint - The rapid development of AI technology has significantly increased the market demand for high-frequency and high-speed PCBs, which in turn drives the upgrade and iteration of electronic resin technology [1][2]. Group 1: Overview of Electronic Resin - Electronic resin is a type of specialty engineering plastic designed for the electronics industry, meeting stringent requirements for material purity, dielectric performance, thermal expansion coefficient, and moisture resistance [3]. - The main applications of electronic resin include the production of copper-clad laminates, semiconductor packaging materials, circuit board inks, and electronic adhesives, primarily serving insulation and adhesion functions [3]. - High-performance electronic resins include types such as bismaleimide resin, polyphenylene ether resin, polytetrafluoroethylene resin, and hydrocarbon resin, with domestic manufacturers actively working on breakthroughs and gradual domestic substitution [3]. Group 2: Industry Chain Analysis - The upstream of the electronic resin industry chain includes key raw materials such as bisphenol A, tetrabromobisphenol A, epoxy chloropropane, and basic liquid epoxy resin, along with functional additives and solvents [5]. - The midstream focuses on the production and manufacturing of electronic resins, while the downstream is centered around the copper-clad laminate industry, which indirectly serves the PCB sector and final applications in computers, consumer electronics, automotive electronics, and communication devices [5]. Group 3: Development Prospects - The demand for electronic-grade epoxy resin is expected to grow rapidly, with the global market size projected to reach approximately $2.4 billion in 2024 and increase to $3.22 billion by 2030, reflecting a CAGR of 4.9% from 2024 to 2030 [8]. Group 4: Listed Companies in Electronic Resin - Shengquan Group (605589) is a leading player in the synthetic resin industry, focusing on high-end copper-clad laminate materials and achieving a revenue of 5.351 billion yuan in the first half of 2025, a year-on-year increase of 15.67% [11]. - Dongcai Technology (601208) has established stable supply relationships with global copper-clad laminate manufacturers, reporting a revenue of 2.431 billion yuan in the first half of 2025, a year-on-year increase of 14.57% [13]. - Tongyu New Materials (301630) is a leading supplier of electronic resins in China, achieving a revenue of 571 million yuan in the first half of 2025, a year-on-year increase of 19.98% [16].