复合集流体行业深度报告：黎明将至，产业化稳步前行

Investment Rating - The report assigns a "Market Perform" rating to the specialized equipment industry, indicating a neutral outlook for investment opportunities [2]. Core Insights - The composite current collector industry is progressing steadily towards industrialization, with significant potential for growth driven by the demand for lighter and more efficient battery components [6][19]. - The report highlights the advantages of composite copper foil over traditional copper foil, including improved energy density, safety, and cost-effectiveness, which are critical for the lithium battery market [19][26]. Summary by Sections 1. What is a Current Collector? - Current collectors are essential components in lithium batteries, with copper foil typically used for the negative electrode and aluminum foil for the positive electrode [14]. - Copper foil accounts for approximately 8% of the total cost and 13% of the total weight of lithium batteries, making it a significant factor in cost control and energy density improvement [15][18]. 2. Composite Copper Foil: Performance Advantages - Composite copper foil, made by coating plastic films like PET with copper, offers a lighter alternative to traditional copper foil, enhancing battery energy density by 6.5% [27]. - The report notes that the current market for composite copper foil equipment is projected to grow significantly, with a total market size expected to reach 19.9 billion by 2027 [9]. 3. Manufacturing Process of Composite Copper Foil - The two-step method is currently the mainstream manufacturing process for composite copper foil, with various equipment types including magnetron sputtering and electroplating [8][9]. - The report emphasizes the importance of rolling welding equipment in the production process, which is essential for ensuring electrical conductivity [8]. 4. Key Companies Overview - The report identifies key players in the industry, recommending a focus on leading manufacturers of two-step electroplating equipment, such as Dongwei Technology, and physical vapor deposition equipment manufacturers like Hongtian Co., Ltd. [9]. 5. Investment Recommendations - The report suggests that investors should pay close attention to the ongoing industrialization of composite current collectors and the core equipment manufacturers involved in the mainstream manufacturing processes [9].