PCB铜箔/CCL行业专题研究：周期拐点向上，产业升级焕新机

Investment Rating - The report maintains an "Overweight" rating for the PCB copper foil and CCL industry, consistent with the previous rating [2]. Core Viewpoints - The demand for PCB copper foil and CCL is expected to experience a turning point due to the recovery of the consumer electronics industry and rapid development in AI, automotive electronics, and communication sectors [3][2]. - Leading companies that focus on improving product structure and actively engage in high-performance product segments are likely to benefit significantly, with expected high growth in performance [3]. - The copper foil industry is stabilizing at the bottom, with room for domestic substitution in high-performance PCB copper foil [3]. Summary by Sections 1. Key Industry Insights - The PCB copper foil and CCL are critical components in the PCB supply chain, primarily used in consumer electronics and computers [6]. - The global electronic circuit copper foil capacity is approximately 830,500 tons in 2023, with China accounting for about 61% of this capacity [3][13]. 2. PCB Copper Foil Stabilization and High-End Product Development - The PCB copper foil market is stabilizing, with high-performance products like RTF and HVLP having high technical barriers [8][13]. - China's PCB copper foil production capacity ranks first globally, with a utilization rate above 68% despite a decline in shipment volumes in recent years [13][14]. 3. Demand Surge in CCL Industry - The CCL market is projected to grow significantly, driven by the recovery in consumer electronics and advancements in AI and automotive electronics [3][25]. - The global CCL market size is expected to increase from $21.014 billion in 2023 to $28.145 billion by 2030, with a CAGR of 4.26% [3]. 4. Long-Term Copper Price Trends - The long-term trend for copper prices is upward, providing support for CCL prices [3]. - The cost structure of CCL indicates that copper foil constitutes about 42% of the total cost, with resin and fiberglass accounting for 26% and 19%, respectively [3]. 5. Domestic Substitution Opportunities - China is currently a net importer of copper foil, with a net import volume of approximately 45,000 tons in 2023 [19]. - The domestic market for high-end PCB copper foil is expected to grow as local manufacturers enhance their production capabilities [20][19]. 6. Major Companies and Market Position - Key players in the domestic copper foil market include Tongguan Copper Foil, Longdian Huaxin, and Jiang Copper Foil, with significant production capacities [15][16]. - Companies like Tongguan Copper Foil are actively developing high-end products to maintain their market position and meet the growing demand from leading clients [15][22].