电子新材料专家：如何看 SLP-PCB 工艺下 iPhone17 对 Low-cte 的需求？20250824 摘要 iPhone 17 预计采用 INFOP 封装技术，与 LPDDR5 和 DRAM 封装，增 加 Low CTE 布料需求。预计 2026 年 iPhone 出货量 2.23 亿部，Low CTE 布料总需求量约为 5,677 万平方米，考虑良率补偿后，原材料需求 量约为 8,445 万米/年。 Low CTE 布料供应紧张，主要供应商包括阿萨伊和制冻坊，国内宏赫科 技小规模生产。AR 芯片、GPU、ASIC 芯片及英伟达封装技术也需要 Low CTE 布料，未来需求将持续增加。 英伟达 2025 年设计路线图显示，取消传统 APFG 板，采用 HDR 板换算 成 SLP，晶圆直接放置在 PCB 上，预计每年增加约 1,100 万米的 LCP 到 PCB 需求。2026 年 6 月有望应用于英伟达服务器主板。 iPhone 17 引入 LCD 波纺，普通波纺使用量减少，估算每台 iPhone 17 使用 0.24 平方米普通波布，比 iPhone 16 减少约 0.06 平方米，年 总需求量约 ...

Core Viewpoint - The company reported a revenue of 2.711 billion yuan for 2024, marking a year-on-year increase of 9.87%, and a net profit attributable to shareholders of 131 million yuan, up 3.37% year-on-year. However, in Q1 2025, revenue decreased by 0.46% to 639 million yuan, and net profit fell by 18.12% to 45 million yuan [2][3]. Group 1: Business Segments Performance - The electronic new materials segment achieved a revenue of 678 million yuan in 2024, a significant year-on-year growth of 43.38%, with a gross margin of 22.12%, up 2.75 percentage points [3]. - The polymer composite materials segment generated a revenue of 330 million yuan, reflecting a year-on-year increase of 3.94%, with a notable gross margin improvement to 39.89%, up 6.11 percentage points [3]. - The energy-saving and environmental protection products and services segment reported a revenue of 1.702 billion yuan, a year-on-year growth of 1.54%, but with a gross margin of 20.08%, down 3.92 percentage points [3]. Group 2: Technological Advancements and Market Position - The company's target material business has a high technical barrier, with the ITO target material project officially commencing production in 2024. The market share of the optical target material business is gradually expanding, with significant growth in the new silver alloy target material for AMOLED applications [4]. - The company is actively developing multiple tracks in the ITO target material sector, including perovskite and heterojunction stacked batteries, achieving a breakthrough in electronic mobility rates with its self-developed high mobility HITO target material [4]. - The successful production of the 500-ton ITO target material project in July 2024 alleviated capacity bottlenecks [4]. Group 3: Strategic Initiatives in Lithium Battery Recycling - The company has focused its extraction agent business on lithium battery recycling, establishing stable strategic partnerships with leading enterprises across various sectors, including nickel-cobalt separation and rare earths [5]. - In 2024, the company successfully launched a high-performance extraction agent project with an annual production capacity of 60,000 tons, increasing its production capacity from 20,000 tons/year to 80,000 tons/year, with projected annual output value rising from 400 million yuan to 2.7 billion yuan [5]. - The upcoming peak period for retired power batteries presents new opportunities for the application of wet extraction technology and products in the recycling and circular economy sector [5].