全球领先覆铜板厂商，高端产品加速成长

Investment Rating - The report provides an initial rating for the industry as "Buy" [5] Core Insights - The report highlights the robust growth of the electronic circuit substrate industry, driven by advancements in AI and the increasing demand for high-performance materials in various applications [7][39] - The report emphasizes the significant market share held by domestic companies in China, particularly in the rigid copper-clad laminate (CCL) sector, with expectations for breakthroughs in high-end products [44][67] Summary by Sections 1. Global Electronic Circuit Substrate Core Suppliers - The industry is characterized by stable growth, with major players in the market showing resilience and adaptability to changing technological demands [7] 2. AI-Driven Technological Transition in Electronic Circuits - The transition towards high-speed products in copper-clad laminates is being accelerated by AI infrastructure developments [7] - The penetration of electric and intelligent vehicles is expected to drive demand for CCL significantly [40] 3. High Market Share of Domestic Enterprises - Chinese manufacturers lead the market, holding a substantial share in the rigid CCL segment, with a sales volume of 524.9 million square meters in 2023, accounting for 79.9% of global sales [44][45] - The report notes that domestic companies are increasingly focusing on high-end product development through technology introduction and independent research [44] 4. Profit Forecast and Investment Recommendations - The report forecasts revenue growth for the company, projecting total revenue to reach 203.88 billion yuan in 2024, with a year-on-year growth rate of 22.92% [6][71] - The gross margin is expected to improve, reaching 24.93% in 2025 [71]