千亿覆铜板龙头，大动作

Core Viewpoint - Company plans to invest approximately 4.5 billion yuan in a high-performance copper-clad laminate project to meet the growing demand in the market [1][4][5] Investment Details - The investment agreement was signed with the Dongguan Songshan Lake High-tech Industrial Development Zone Management Committee, and the project is not classified as a related transaction or a major asset restructuring [1][4] - The project will cover an area of approximately 198,667.66 square meters and will be funded through the company's own or self-raised funds [4] - The land will be publicly auctioned according to relevant policies, and the company will be responsible for engineering design, construction, and facility development [4] Market Performance - In 2025, the company's stock price increased significantly, with a total annual growth of 205.82%, closing at 71.41 yuan per share on December 31, 2025, with a total market capitalization of 173.5 billion yuan [3][6] Product and Industry Position - Copper-clad laminates are critical materials for the new generation of information technology, supporting sectors like AI, cloud computing, 6G communication, and smart automotive electronics [5][10] - The company has maintained its position as the second-largest global seller of rigid copper-clad laminates since 2013, with products certified by major international brands [9] Financial Performance - For the third quarter of 2025, the company reported a revenue of 7.933 billion yuan, a year-on-year increase of 55.10%, and a net profit of 1.017 billion yuan, up 131.18% [9] - The first three quarters of 2025 showed a revenue of 20.614 billion yuan, a 39.80% increase year-on-year, and a net profit of 2.443 billion yuan, up 78.04% [9] Industry Outlook - The demand for AI servers is expected to drive the company's performance, with a projected 40% increase in capital expenditure from major cloud service providers in 2026 [10][11] - The expansion of computing power demand is anticipated to lead to a growth phase for the PCB and server supply chains, including upstream materials [11]