Core Viewpoint - The company is maintaining an "overweight" rating due to significant price increases in copper and fiberglass cloth, which are expected to drive profitability in the copper-clad laminate and electronic cloth industries, supported by AI demand [1][2]. Group 1: Price Increases and Market Dynamics - The company has issued a price increase notice for copper-clad laminates, raising prices by 10% due to soaring copper prices and a shortage of fiberglass cloth [1]. - Historical trends indicate that during periods of rising copper and fiberglass prices, traditional copper-clad laminate prices also tend to rise, suggesting a favorable pricing cycle [1]. - The company has raised prices three times since August 2025, with two increases in December alone, indicating a robust pricing environment driven by AI demand across the entire supply chain [1]. Group 2: Strategic Positioning and Product Development - The company is positioned as an integrated leader in the industry, benefiting from price increases across all segments, including copper foil, electronic cloth, and copper-clad laminates [2]. - The strategic focus on high-end product development is expected to align with the price increase cycle, with new products like low-dielectric electronic yarn and quartz cloth set to launch between late 2025 and 2026 [2]. - The introduction of HVLP-3 copper foil is in the verification phase, further enhancing the company's product offerings and market position [2].
建滔积层板(1888.HK)公司更新：旺季提价频率超预期 验证产业链景气