国泰海通证券指出，传统覆铜板价格上行期，传统供给扩张有限利于格局。历史上铜价和玻璃纤维布向 上的周期中，传统覆铜板的价格周期也较为乐观。25H2行业进行新一轮提价尝试。从供需格局来看， 覆铜板行业整体需求伴随AI需求改善有较好的增长预期，主要企业的扩产计划也主要聚焦在高端板 中，甚至行业部分中端产能将进行高端化的转产。因此传统中端覆铜板的供需格局也较良好。行业从 2023年盈利底部以来，中端产能扩产相对有限，而全球需求端则可以做温和上行的假设，因此传统覆铜 板的景气和价格趋势或较为乐观。 建滔积层板(01888)涨超6%，截至发稿，涨6.41%，报12.79港元，成交额2.37亿港元。 消息面上，受宏观与矿扰共振，近期铜价高位震荡。今年8月，建滔积层板发布涨价函：宣布由于铜、 玻璃布以及化工原材料等价格均大幅上涨，考虑成本压力，从即日起，对 CEM-1/22F/V0/HB价格+10 元/张，FR-4价格+10元/张，大约对应约8%左右涨幅。中信证券指出，原材料价格、稼动率水平保持高 位，覆铜板厂商加强推动涨价。随着25Q2头部覆铜板厂商净利率水平提升至约10%，该行认为行业的 提价底层逻辑正逐步转为行业景气上 ...

2025 年 09 月 29 日 前瞻布局高端 CCL 领域，逐步起量未来可期 买入(维持) 事件 | 分析师：何鹏程 | S1050525070002 | | --- | --- | | hepc@cfsc.com.cn | | | 联系人：石俊烨 | S1050125060011 | | shijy@cfsc.com.cn | | 市场表现 -100 0 100 200 300 400 (%) 南亚新材 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《南亚新材（688519）：国产 AI 算力东风已至，高端覆铜板迈入高 景气度通道》2025-04-29 —南亚新材（688519.SH）公司事件点评报告 • 南亚新材发布 2025 年半年度报告： 2025 年上半年实现营业收 入 23.05 亿元，同比增长 43.06%；归属于上市公司股东的净 利润为 0.87 亿元，同比增长 57.69%。 投资要点 ▌国内覆铜板业领先地位，高频高速产品逐步起量 | 基本数据 | 2025-09-29 | | --- | --- | | 当前股价（元） | 72.2 | | 总市值（亿元） | 170 | ...

消息面上，国泰海通证券指出，建滔积层板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。该行认为，历史上铜价和玻璃纤维布向上的周期中，传统覆铜板的价格周 期也较为乐观。25H2行业进行新一轮提价尝试。从供需格局来看，覆铜板行业整体需求伴随AI需求改 善有较好的增长预期，主要企业的扩产计划也主要聚焦在高端板中，甚至行业部分中端产能将进行高端 化的转产。因此传统中端覆铜板的供需格局也较良好。 今年8月15日，建滔积层板发布涨价函：宣布由于铜、玻璃布以及化工原材料等价格均大幅上涨，考虑 成本压力，从即日起，对CEM-1/22F/V0/HB价格+10元/张，FR-4价格+10元/张，大约对应约8%左右涨 幅。中信证券此前指，前期涨价的底层逻辑更多为覆铜板厂商长期价格/盈利承压下的修复性涨价，随 着25Q2头部覆铜板厂商净利率水平提升至约10%，该行认为行业的提价底层逻辑正逐步转为行业景气 上行带来的盈利潜力释放。 建滔积层板(01888)涨超7%，截至发稿，涨7.52%，报12.44港元，成交额3 ...

今年8月15日，建滔积层板发布涨价函：宣布由于铜、玻璃布以及化工原材料等价格均大幅上涨，考虑 成本压力，从即日起，对 CEM-1/22F/V0/HB价格+10元/张，FR-4价格+10元/张，大约对应约8%左右涨 幅。中信证券此前指，前期涨价的底层逻辑更多为覆铜板厂商长期价格/盈利承压下的修复性涨价，随 着25Q2头部覆铜板厂商净利率水平提升至约10%，该行认为行业的提价底层逻辑正逐步转为行业景气 上行带来的盈利潜力释放。 消息面上，国泰海通证券指出，建滔积层板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。该行认为，历史上铜价和玻璃纤维布向上的周期中，传统覆铜板的价格周 期也较为乐观。25H2行业进行新一轮提价尝试。从供需格局来看，覆铜板行业整体需求伴随AI需求改 善有较好的增长预期，主要企业的扩产计划也主要聚焦在高端板中，甚至行业部分中端产能将进行高端 化的转产。因此传统中端覆铜板的供需格局也较良好。 智通财经APP获悉，建滔积层板(01888)涨超7%，截至发稿，涨7.52%，报1 ...

建滔积层板 20250928 摘要 建涛积极布局产业升级，虽高端产品仅达马六级别，但自供铜箔、玻纤 布和树脂的一体化优势增强竞争力。 AI 需求拉动及转产调整供需结构，覆铜板市场景气度提升，整体供需格 局良好，电子关税扰动影响有限。 建涛是国内特种电子布行业重要参与者，产能仅次于中国巨石，并计划 扩产 7 万吨细沙，成本控制能力强。 建涛自 2019 年布局特种电子布，新型玻纤丝正进行客户认证，有望覆 盖日韩台等 CCL 厂家，预计 2025 年 10 月取得进展。 建涛高端化思路清晰，从上游原材料入手，逐步追赶马七马八马九系列， 整体进程相对较慢，但策略稳健。 特种电子部行业供需紧张，二代布和低膨胀布以上产品紧缺率高，行业 有望进入供需两旺状态。 8 月 15 日 CCL 市场大幅涨价，为今年首次有效提价，四季度中低端 CCL 价格或进一步上涨，市场状态依然紧俏。 Q&A 建涛基层板在电子布和覆铜板领域的现状及未来发展预期如何？ 建涛基层板公司长期以来被视为中低端覆铜板的生产商，但在近年来，特别是 在电子布和上游材料领域取得了显著进展。首先，在成长性方面，建涛基层板 在 AI 发展的背景下，通过对高频高速性 ...

Core Viewpoint - Cathay Pacific Haitong has initiated coverage on Jiantao Laminated Board (01888) with a "Buy" rating, highlighting its position as a leading company in the copper-clad laminate industry and optimistic about the price trends and performance growth from product upgrades [1] Group 1: Company Overview - Jiantao Laminated Board is recognized as a leader in the copper-clad laminate industry, with an integrated layout of upstream materials creating a differentiated barrier [1] - The company is expected to achieve net profits of HKD 23.49 billion, 31.23 billion, and 38.15 billion for the years 2025, 2026, and 2027 respectively, with a target price set at HKD 20 based on PE valuation [1] Group 2: Product Development and Market Position - The company is advancing in high-end product development, with its first low-dielectric electronic yarn furnace announced to be in production, leading the domestic market in technical progress [1] - The company has a production capacity of 200,000 tons for traditional electronic yarn, corresponding to an estimated 7-8 million meters per year, with current price trends for traditional electronic cloth on an upward cycle [1][2] Group 3: Industry Trends and Demand - The copper-clad laminate industry is expected to see a new round of price increases in the second half of 2025, driven by improved demand from AI and limited expansion of mid-range production capacity [2] - The overall demand for copper-clad laminates is anticipated to grow positively, with major companies focusing on high-end products, indicating a favorable supply-demand balance for traditional mid-range copper-clad laminates [2]

Core Viewpoint - The investor relations event held on September 19, 2025, focused on the core businesses of Xianfeng Holdings, particularly in the fields of copper-clad laminates and animal health vaccines, attracting significant market attention [1][2]. Group 1: Copper-Clad Laminate Business - Investors showed particular interest in the performance of the copper-clad laminate business since July, focusing on aspects such as product gross margin, customer resources, cost control, and product qualification rates [3]. - The company reported a gross margin improvement in the first half of the year through customer structure optimization and product structure upgrades, achieving a production value of approximately 350 million [3]. - There was no clear indication from the company regarding the mass production of the high-speed M8 copper-clad laminate or the status of mid-to-high-end customers [3]. - The company has established a joint venture with Jiangxi Hangyu to integrate their copper-clad laminate businesses, leveraging complementary strengths for high-performance production [3]. Group 2: Animal Health Vaccine and Other Business Situations - The animal health vaccine business is currently operating normally, and the company is actively working on market expansion, internal cost control, and quality improvement to enhance operational performance [4]. - The company is monitoring the potential auction of 114.15 million shares held by the controlling shareholder and will fulfill its information disclosure obligations regarding any changes [4]. - Despite reporting a loss in the net profit excluding non-recurring items, the company aims to improve its operational situation by expanding market reach and enhancing cost efficiency across all business areas [4]. - The main business focus remains on copper-clad laminates, which are part of the new productivity electronic information industry [4].

Group 1 - The copper-clad laminate sector is experiencing strong performance, with notable gains in stocks such as Honghe Technology, Huazheng New Materials, and Ultrasonic Electronics [1]

Core Viewpoint - The ceramic copper clad laminate (CCL) industry is experiencing significant growth driven by advancements in technology and strong government support, particularly in the context of electric vehicles, 5G communication, and aerospace applications [1][12]. Industry Overview - Ceramic copper clad laminates are composite materials that combine the high thermal conductivity and insulation properties of ceramics with the electrical conductivity of copper foil, making them essential components in high-power electronic circuits [2][4]. - The market for ceramic copper clad laminates in China is projected to reach approximately 2.285 billion yuan in 2024 and is expected to exceed 3 billion yuan by 2025 [1][12]. Market Segmentation - The ceramic copper clad laminate market can be categorized based on substrate type (alumina, aluminum nitride, silicon nitride), bonding technology (DBC, AMB, DPC), and application fields (consumer electronics, automotive electronics, industrial control, aerospace) [3][4]. Material Performance Comparison - Among the main types of ceramic substrates, alumina is the most cost-effective but has lower thermal conductivity (20-30 W/mK), while aluminum nitride offers superior thermal performance (170-200 W/mK) and silicon nitride provides the best overall performance, making it suitable for extreme environments [4][6]. Policy Support - The ceramic copper clad laminate industry has received robust policy backing from the Chinese government, with multiple initiatives aimed at promoting technological innovation, standardization, and application demonstration [8][9]. Industry Chain Analysis - The industry chain includes upstream materials (ceramic substrates and copper foil), midstream manufacturing processes (DBC, AMB, DPC), and downstream applications in sectors such as electric vehicles and 5G communication [9][10]. Current Industry Status - The Chinese ceramic copper clad laminate market is witnessing rapid growth, driven by advancements in new materials and strong government support, with domestic companies enhancing their capabilities through R&D [12][18]. Competitive Landscape - The industry is characterized by a competitive landscape where international leaders dominate high-end markets, while domestic companies like Fulehua Semiconductor and BYD Electronics are rapidly gaining market share through technological advancements and full industry chain integration [14][16]. Future Trends - The ceramic copper clad laminate industry is expected to evolve towards higher technology levels, diversified applications, and global expansion, with a focus on optimizing material properties and increasing domestic production capabilities [17][19].

Investment Rating - The report assigns a "Buy" rating for the company, predicting that the stock price will outperform the Shanghai Composite Index by 15% or more within the next six months [37]. Core Insights - The company, Tongyu New Materials, is recognized as a national-level specialized and innovative "little giant" with leading core technology in the industry. Its main business revenue primarily comes from MDI modified epoxy resin, with projected revenues of 1.193 billion CNY, 886 million CNY, and 952 million CNY for 2022, 2023, and 2024 respectively, reflecting growth rates of 25.95%, -25.70%, and 7.47% [1][26]. - The global PCB market is expected to reach nearly 100 billion USD by 2026, with China's rigid copper-clad laminate output increasing from 6.1 billion USD in 2014 to 13.9 billion USD in 2021, capturing 73.9% of the global market share [2][11]. - The company has achieved breakthroughs in multiple core technologies, holding 19 authorized invention patents, and has successfully broken foreign monopolies in key technologies such as DOPO modified epoxy resin [2][29]. Summary by Sections Industry Overview - The electronic resin industry is crucial for producing copper-clad laminates, semiconductors, and printed circuit board inks, with the global rigid copper-clad laminate market experiencing fluctuations due to macroeconomic conditions [10][11]. - China's electronic resin production has significant room for growth, particularly in high-performance specialty resins that meet environmental standards [14][19]. Company Profile - Tongyu New Materials focuses on the R&D, production, and sales of electronic resins, positioning itself as a leading supplier in the domestic high-end copper-clad laminate market. The company has developed a mature product system suitable for lead-free and halogen-free applications [20][25]. - The company’s revenue sources are diversified across five major product categories, with MDI modified epoxy resin consistently being the core revenue driver, accounting for over 30% of total revenue [26][29]. Financial Performance - The company reported revenues of 1.193 billion CNY in 2022, with a net profit of 188 million CNY, and forecasts a decline in net profit to 144 million CNY in 2024 [26][30]. - In the first half of 2025, the company achieved a revenue of 517 million CNY, a year-on-year increase of 19.98%, while net profit decreased by 11.81% [26][30]. Competitive Advantages - The company has established a strong market presence and technical capabilities, being recognized as a major supplier in the domestic high-end electronic resin market, with products integrated into the supply chains of leading companies like Kingboard Group and Unimicron Technology [3][29]. - The company operates automated production lines, ensuring stable production quality and rapid delivery, while also focusing on environmental compliance and sustainable development [30].