建滔积层板：港股公司首次覆盖报告：覆铜板行业龙头，铜周期驱动业绩反弹

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][4]. Core Insights - The company, a leader in the copper-clad laminate industry, is expected to see a rebound in performance driven by rising copper prices and recovering downstream demand, with projected revenues of HKD 20.94 billion, HKD 23.38 billion, and HKD 24.02 billion for 2024-2026, representing year-on-year growth of 25.0%, 11.6%, and 2.7% respectively [4][8]. - The company has a strong vertical integration capability, maintaining a leading market share of over 15% in the copper-clad laminate industry, which allows it to benefit from cost advantages and pricing power [5][12]. - The cost structure of copper-clad laminates shows that copper foil constitutes 42.1% of the total cost, with the company able to pass on copper price increases to customers, thus enhancing revenue and profit margins [6][29]. Company Overview - The company has established a comprehensive supply chain, producing key raw materials such as glass fiber cloth and epoxy resin, which supports its leading position in the market [5][24]. - The company has a high degree of shareholding concentration, with the parent company holding over 73% of the shares, and a board of directors with extensive industry experience [14][15]. Revenue Structure - The primary revenue source for the company is copper-clad laminates, which accounted for over 70% of total revenue from 2019 to 2023, with epoxy glass fiber laminates making up 61% of this segment in 2023 [17][18]. Market Dynamics - The automotive and home appliance sectors are experiencing strong demand, while the consumer electronics market is showing signs of recovery, positioning the company to benefit from these trends [7][32]. - The company has a diversified customer base, with no single customer contributing more than 3% to total revenue, allowing it to maintain strong pricing power in a high-demand environment [7][11]. Financial Projections - The company is projected to achieve net profits of HKD 1.80 billion, HKD 2.70 billion, and HKD 2.90 billion for 2024-2026, with corresponding P/E ratios of 13.7, 9.1, and 8.5 [4][8].