Core Viewpoint - The PCB industry is experiencing significant growth, driven by advancements in AI and a shift towards high-end product offerings, with companies like 建滔积层板 (Kingboard Laminates) benefiting from this trend [1] Industry Summary - As of October 27, over ten PCB industry companies, including 生益电子 (Shengyi Technology), have reported strong performance in their third-quarter results or forecasts for the first three quarters, indicating a high growth trend across the industry [1] - The expansion wave in the PCB sector is transitioning from manufacturing to upstream equipment and materials, signaling a comprehensive transformation in this traditional industry [1] - 国金证券 (Guojin Securities) suggests that the M9 upgrade may lead to material solution enhancements, such as a shift towards HVLP4 copper foil and the use of Q fabric combined with second-generation fabric for electronic cloth [1] Company Summary - 建滔积层板 is recognized as one of the leading companies in the copper-clad laminate industry, with a differentiated barrier created through upstream material integration [1] - The company is expected to benefit from the simultaneous upgrades in electronic cloth and copper foil, contributing to a positive outlook on the traditional copper-clad laminate supply-demand dynamics and new pricing trends [1] - 开源证券 (Kaiyuan Securities) highlights that 建滔积层板 has successfully developed HVLP3 copper foil and ultra-thin VLP copper foil for IC packaging, with high-end copper foil already certified for use by several top-tier global clients [1] - The first kiln for low dk glass fiber is set to commence production in the first half of 2025, with three additional kilns expected to be operational in the second half of 2025, and another six high-end kilns projected for 2026 to produce low dielectric, low expansion, and quartz glass fiber [1]

国泰海通证券此前指出，公司是覆铜板行业龙头公司之一，上游材料一体化布局构建差异化壁垒，电子 布铜箔覆铜板同步升级，传统覆铜板供需格局和新价格趋势乐观。产品升级与覆铜板涨价有望贡献公司 业绩增长势能。开源证券认为，高端产品方面，建滔积层板已成功研发HVLP3铜箔、IC封装载板用超 薄VLP铜箔，高端铜箔已认证进入多家全球头部tier1、通信终端客户；low dk玻璃纱首个窑炉已于 2025H1投产，2025H2预计新增三个窑炉、具备生产二代玻璃纱的能力；2026年预计另有6个高端窑炉投 产，生产低介电低膨胀及石英玻璃纱。 消息面上，据报道，据不完全统计，截至10月27日，已有生益电子等10多家PCB产业链上市公司披露的 三季报或前三季度业绩预告显示，行业整体呈现业绩高增长态势。与此同时，PCB的扩产潮正从制造环 节向上游设备材料领域传导，一场由AI驱动的高端化变革正在这个传统行业全面展开。此外，国金证 券指出，M9如果确定将带来材料方案升级，例如铜箔是可能倾向于HVLP4，电子布是Q布+二代布。 智通财经APP获悉，建滔积层板(01888)涨超6%，截至发稿，涨6.61%，报14.18港元，成交额4.37亿港 ...