国泰海通｜建材：AI转产驱动下的传统布超预期提价

Core Viewpoint - The article maintains a "buy" rating, highlighting accelerated price increases for traditional fiberglass electronic fabrics since February, confirming previous reports that machine capacity shifts to AI electronic fabrics have led to supply shortages in traditional fabrics, thereby enhancing profitability for leading fiberglass companies [1]. Group 1: Price Increases and Supply Shortages - Traditional electronic fabric prices have surged in February, with the first week of February seeing prices for 7628 electronic fabric ranging from 4.9 to 5.45 yuan per meter, an increase of 0.5 to 0.6 yuan per meter compared to the previous month [1]. - The announcement by Taiyao Technology on February 10 indicated a reduction in E-glass supply due to high demand for low-dielectric fabrics, further exacerbating the supply shortage of traditional fabrics [1][2]. Group 2: Inventory Levels and Production Capacity - Current inventory levels for leading traditional electronic fabric companies are only two weeks, significantly lower than the normal inventory level of 1 to 1.5 months, primarily due to the shift in weaving machine production to AI specialty fabrics [2]. - Planned expansions for traditional electronic fabric production include 85,000 tons from International Composite Materials and 100,000 tons from China Jushi in Huai'an, with the latter expected to contribute 1 to 1.5 billion meters of electronic fabric capacity [2]. Group 3: AI Electronic Fabric Demand - The shortage of traditional fabrics and the strong demand for AI electronic fabrics are interconnected, with 2026 expected to be a year of realization for AI electronic fabric demand [3]. - The demand for CTE fabrics has been driven by the packaging board needs of AI chips and consumer electronics, with limited suppliers contributing to a high degree of scarcity [3]. - The overall increase in demand for low-dielectric fabrics is expected to remain strong, with significant growth anticipated in 2026 as AI electronic fabrics enter a phase of realization [3].