Core Viewpoint - Citi has issued a report indicating a significant divergence in the earnings outlook for two leading companies in response to the recent surge in copper prices, with a recommendation to "buy" for Kingboard Laminates and a "neutral" rating for Delta Electronics [1] Group 1: Copper Price Impact - Copper prices surged by 22% year-on-year and approximately 14% quarter-on-quarter in Q4 2025 [1] - The increase in copper prices has led to differentiated impacts on corporate earnings within the industry [1] Group 2: Company Analysis - Kingboard Laminates, the world's largest manufacturer of copper-clad laminates with a market share of about 16%, is expected to pass on rising costs to downstream customers, resulting in accelerated profit growth [1] - Delta Electronics, the largest manufacturer of automotive micro motors globally with a market share exceeding 20%, has weaker bargaining power, leading to pressure on its profitability [1]
大行评级｜花旗：首予建滔积层板“增持”评级，有望将成本上涨转嫁予下游