中材科技（002080）：全产品布局卡位，高端电子纱加速放量

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 24.30 [7][9]. Core Views - The company is positioned as one of the top three global suppliers of high-end electronic fabrics, benefiting from the increasing demand for advanced CCL and PCB driven by rapid updates in AI and robotics technology [1][2]. - The company has successfully expanded its production capacity and is expected to see significant growth in its high-end electronic fabric segment, particularly in low dielectric and low expansion products [2][3]. - The ongoing demand for high-end electronic fabrics is expected to enhance the company's profitability as it continues to upgrade its product offerings [3][4]. - The report highlights the strong barriers to entry in the high-end electronic fabric market, driven by increased complexity in production processes and the rising demand for high-frequency and high-speed PCB applications [4]. Summary by Sections Company Overview - The company has established a stable supply of first-generation low dielectric electronic fabrics and is accelerating the production of second and third-generation products, with plans for mass production in 2024 [2]. - The company has increased its production target for special glass fiber fabrics from 26 million meters to 35 million meters, indicating a growing market share in high-end electronic fabrics [2]. Market Dynamics - The report notes that the price of domestic electronic fabrics has increased, reflecting a tight supply situation, with significant price hikes observed in high-end products [3]. - The demand for high-end electronic fabrics is being driven by the booming AI server and switch market, leading to a supply-demand imbalance [2][3]. Financial Projections - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 have been revised upward to RMB 1.15, RMB 1.38, and RMB 1.62 respectively, reflecting a growth of 17.4%, 13.1%, and 16.6% compared to previous estimates [5]. - The report projects that the company's net profit from special glass fiber fabrics could reach RMB 310 million in 2025, with a reasonable market capitalization estimated at RMB 40.7 billion [5]. Valuation - The report assigns a price-to-earnings (P/E) ratio of 19x for traditional glass fiber and wind power blade segments, and 32x for electronic fabrics, leading to a target market value of RMB 40.7 billion [5].