复合铝箔行业报告：产业化加速，复合铝箔市场广阔

Investment Rating - The report indicates a positive investment outlook for the composite aluminum foil industry, highlighting significant growth potential and opportunities for investment in related companies [6][9]. Core Insights - The composite aluminum foil market is expected to exceed 24 billion yuan by 2026, driven by increasing demand for high energy density and safety in battery applications [6][40]. - The transition from traditional foil materials to composite aluminum foil is prompted by safety concerns and the need for lightweight, high-energy solutions [5][12]. - The investment logic prioritizes foil manufacturers over equipment and base film manufacturers, suggesting a strategic focus for investors [6][52]. Summary by Sections 1. Market Potential - The composite aluminum foil market is projected to reach over 24 billion yuan by 2026, with significant growth in both power and energy storage battery sectors [6][41]. - The penetration rates for composite aluminum foil are expected to increase, with estimates of 10% in power and energy storage batteries and 20% in consumer electronics by 2026 [41]. 2. Technological Advancements - The report emphasizes the importance of continuous improvement in manufacturing processes and the development of base film industries to support the growth of composite aluminum foil [6][9]. - The production of composite aluminum foil involves advanced techniques such as vacuum deposition, which is crucial for achieving the desired quality and performance [6][68]. 3. Key Companies - Recommended companies for investment include Kecuan Technology, Yinglian Co., Hongtian Co., and Huicheng Vacuum, which are positioned well within the composite aluminum foil supply chain [6][9][63]. - Yinglian Co. has made significant progress in equipment installation and order acquisition, indicating strong operational capabilities [45][63]. 4. Industry Challenges - The report notes that the composite aluminum foil technology is still maturing, with production costs primarily driven by process costs rather than raw materials [34][35]. - The need for extensive testing and validation before large-scale application of composite aluminum foil is highlighted, indicating a cautious approach to market entry [48][49]. 5. Supply Chain Dynamics - The report outlines the supply chain for composite aluminum foil, emphasizing the roles of foil manufacturers, equipment suppliers, and base film producers [55][56]. - The demand for PET base films is expected to reach approximately 2.7 billion square meters by 2026, corresponding to a market space of 685 million yuan [78].