Investment Rating - The investment rating for Kingboard Laminates Holdings is "Buy" with a target price of HK$20.50, representing an expected share price return of 72.3% and a total return of 75.6% [6]. Core Insights - The company is expected to achieve a gross margin (GM) of over 20% in the second half of 2025, up from a forecast of 19.7%, due to a recent price hike and tight supply of fiberglass fabric [1][3]. - Kingboard Laminates has successfully obtained EMC certification for low Dk generation 1 fabric, which is part of the NVDA supply chain for AI servers, with further certifications expected by the end of Q1 2026 [1][8]. - The average selling price (ASP) of fiberglass fabric for conventional FR4 laminates has increased from Rmb3 per meter in the first half of 2025 to Rmb4.5 per meter, driven by reduced industry inventory [2]. Summary by Sections Price and Market Dynamics - The ASP inflation of 3-5% in October is modest compared to the previous hike of 7-8% in mid-August, indicating softer end-demand in non-AI sectors [3]. - Monthly shipments for Q4 2025 are expected to remain flat year-over-year due to a high base from the previous year, with an average monthly shipment of 9.9 million sheets anticipated [4]. Supply Chain and Production Capacity - Management noted that major suppliers have not added new capacity yet, but new capacity may come online by Q2 2026, which could further increase ASP and boost GM [2]. - Kingboard Laminates plans to expand its production capacity for low Dk fabrics significantly by the end of 2026, contingent on customer qualifications [8].
建滔积层板_花旗 2025 中国会议新动态_2025 年下半年毛利率或超预期