【建滔积层板（1888.HK）】全球覆铜板王者归来，铜价上行赋能盈利+AI 高端材料开启成长新周期——首次覆盖报告（付天姿/王贇）

Core Viewpoint - The article highlights the strong market position and growth potential of Jiantao Laminates, a leading manufacturer of copper-clad laminates, driven by robust demand in the PCB industry and advancements in high-end applications like AI servers [4][5]. Group 1: Company Overview - Jiantao Laminates, established in 1988, is a global leader in the copper-clad laminate manufacturing industry with a vertically integrated supply chain [4]. - The company has maintained the largest market share in the copper-clad laminate sector for 20 consecutive years, with over 60 factories worldwide [4]. Group 2: Market Demand - The PCB industry is experiencing steady growth, with a projected global market value of $94.661 billion by 2029, reflecting a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029 [5]. - The rapid development of AI servers is expected to significantly increase the demand for high-end PCB products, particularly high-frequency and high-speed copper-clad laminates [5]. Group 3: Market Share and Product Range - In 2024, Jiantao Laminates is projected to hold a 14.4% share of the global copper-clad laminate market, ranking first among competitors [6]. - The company offers a range of products, including economical paper-based laminates and high-performance FR-4 epoxy glass fiber laminates, catering to various sectors such as consumer electronics, computing, and automotive electronics [6]. Group 4: Pricing Power and Cost Management - Jiantao Laminates has strong pricing power and cost pass-through capabilities, with less than 30% of sales coming from its top five customers, indicating a diversified customer base [7]. - The current tight supply in the copper-clad laminate industry, combined with rising copper prices, is expected to drive both prices and profitability upward [7]. Group 5: Strategic Expansion - The company is strategically expanding its upstream raw material production, including low-dielectric glass fiber, to meet the growing demand in high-end communication fields such as 5G and AI servers [8]. - A new copper foil production facility in Guangdong is set to enhance capacity and respond to the increasing demand for thick copper foils driven by data centers and cloud computing [8].