方邦股份（688020）：业绩承压结构改善，AI开启铜箔全新空间

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 172 million yuan in the first half of 2025, representing a year-on-year increase of 16.06%, but the net profit attributable to shareholders was a loss of 24 million yuan, widening the loss by 8.67% year-on-year [7] - The company is facing short-term performance pressure due to overall cost reduction in the industry and intensified competition, with a significant increase in losses in the second quarter of 2025 [7] - The company is actively improving its product structure and has opportunities for growth in the copper foil business driven by AI [7] - The forecast for net profit attributable to shareholders for 2025-2027 is 22 million, 79 million, and 169 million yuan respectively, with corresponding EPS of 0.27, 0.98, and 2.09 yuan [7] Financial Performance Summary - Revenue for 2023 is projected at 345 million yuan, with a growth rate of 10.4%, and is expected to reach 1,017 million yuan by 2027, with a growth rate of 24.7% [6][8] - The net profit is expected to turn positive in 2025 with a forecast of 22 million yuan, and is projected to grow significantly to 169 million yuan by 2027 [6][8] - The company's gross margin is expected to improve from 28.2% in 2023 to 46.0% in 2027 [8] Business Segment Analysis - The shielding film business saw a 6.65% increase in sales volume, but revenue slightly declined due to intensified competition [7] - The copper foil business reported a revenue of 38.32 million yuan, with a year-on-year increase of 6%, and a significant growth in RTF copper foil shipments, which increased by 21 times [7] - The FCCL segment experienced a substantial increase of 372% in self-made copper foil FCCL, although it has not yet achieved scale effects [7]