隆扬电子分析师会议-20250704

Group 1: Research Basic Information - The research object is Longyang Electronics, belonging to the electronic components industry, and the reception time is July 4, 2025. The listed company's reception personnel include Chairman Fu Qingxuan, Board Secretary Jin Weiqin, and Securities Affairs Representative Shi Yi [16] Group 2: Detailed Research Institutions - The research institutions include securities companies such as CICC Securities, and fund management companies such as Harvest Fund, Hua'an Fund, Great Wall Fund, and Noah Fund. There are also insurance asset management companies, investment companies, and other institutions [17][18] Group 3: Main Content - HVLP5 grade copper foil is in the product verification and testing stage with customers, and other participants are mainly Japanese companies [24] - The company's process route is mainly vacuum magnetron sputtering + fine electroplating + chemical and physical back - end processing [24] - Theoretically, based on the skin effect, the lower the surface roughness of copper foil, the less the current loss. However, the copper foil substrate needs to be combined with other materials for comprehensive performance testing [24] - The company does not participate in the competition of copper foil below HVLP3 grade because its process route has no cost - advantage in making such copper foil. But it has an advantage in making ultra - thin and ultra - flat copper foil, so it starts from HVLP5 grade copper foil [25] - The company acquires 51% equity of Weisi Shuanglian. The two companies are in the same industry with significant synergy. It can optimize supply chain management, reduce production costs, achieve complementary technology, and share customer resources [25] - The company plans to acquire 70% equity of Deyou New Materials for future business development. It can increase the company's performance, integrate technical advantages, enrich product categories, and expand development layout [25]