中信证券：首次覆盖PCB功能性湿电子化学品行业并给予“强于大市”评级

Core Viewpoint - The PCB functional wet electronic chemicals industry is entering a phase of "structural upturn driven by AI" and "acceleration of domestic substitution" during 2025-2026, marking a significant improvement in both quantity and quality [1] Group 1: Industry Outlook - The industry is expected to experience a "dual drive" from AI advancements and high-end PCB process upgrades, leading to an increase in value density [1] - Breakthroughs in high-barrier segments such as horizontal copper plating, electroplating, and substrate chemicals will provide domestic manufacturers with both volume and valuation elasticity [1] Group 2: Investment Recommendations - The company initiates coverage of the PCB functional wet electronic chemicals industry with a "stronger than market" rating [1] - It is recommended to prioritize investments in leading enterprises that have already achieved significant growth in high-end customer volumes and performance [1]