长期积累构筑领先优势，专注型龙头发展加速

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned to benefit from the high-end demand and recovery in the electronic-grade filler market, particularly in the fields of EMC and CCL applications [3][9][18] - The demand for packaging fillers is expected to reach 370,000 tons by 2025, driven by advanced packaging technologies [9][18] - The company focuses on electronic-grade fillers, aiming for high-quality growth through stable supply and long-term accumulation of competitive advantages [56] Summary by Sections Electronic-grade Fillers - Electronic-grade silicon micro-powder exhibits excellent performance, with EMC and CCL as the main downstream application areas [3] - The report highlights the importance of silicon micro-powder in epoxy molding compounds, where it can account for 60%-90% of the filler content, addressing critical issues like thermal expansion [9][10] Market Demand Projections - By 2025, the global demand for packaging fillers is projected to reach 370,000 tons, with advanced packaging driving the growth of mid-to-high-end fillers [9][18] - The demand for CCL fillers is expected to reach 270,000 tons by 2025, benefiting from the recovery in consumer electronics and downstream high-end applications [18][39] Product Performance and Cost Structure - The report discusses the cost structure of angular and spherical powders, noting that angular powders account for over 60% of raw material costs, while spherical powders are significantly influenced by natural gas prices [6][7] - Spherical silicon micro-powder is preferred for high-performance applications due to its superior properties, despite a higher price point compared to angular powders [7][14] Advanced Packaging Trends - The advanced packaging market is expected to account for 50% of the total packaging market by 2025, contributing significantly to market growth [17] - The report indicates that the demand for high-end packaging fillers, particularly for HBM applications, is projected to reach 980 tons by 2030 [24][29] Competitive Landscape - The high-end electronic filler market is characterized by high concentration, with leading Japanese companies dominating the global market share [46] - The company aims to enhance its overseas customer supply share, leveraging the rapid development of the domestic electronic industry and the growing demand for high-quality materials [52]