电子电路铜箔方面，2025年上半年包括RTF、HVLP等在内的高端 IT 铜箔合计出货千吨级以上。公司持 续深化"高频高速、超薄化、功能化"技术战略，其中RTF-3（反转处理铜箔）已通过部分 CCL 厂商认 证，并实现批量供货，RTF-4 进入客户认证阶段；规格 9μm-50μm 软板用挠性电解铜箔实现量产，其中 部分厚度规格已经完全替代进口压延铜箔；自主研发的 3μm 超薄载体铜箔（C-IC1）已通过国内存储芯 片龙头验证。 同时，公司在 HVLP 铜箔领域也取得了显著进展。HVLP1-2 已经小批量供货，主要应用于 AI 服务器项 目及 400G/800G光模块领域；HVLP3 已经通过日系覆铜板认证，主要用于国内算力板项目，预计下半 年放量；HVLP4 已与客户进行试验板测试，HVLP5 已提供给客户进行特性分析测试。 此外，公司应用于军工及航空航天领域的埋阻铜箔在 2024 年已向市场送样测试成功并获得小量订单。 当前，公司已将埋阻铜箔列为核心重点项目，正加速扩产以满足市场日益增长的需求。 收购卢森堡铜箔剑指全球 德福科技自1985年成立以来，始终深耕电解铜箔领域，凭借40年的技术积累与产业链布局，已 ...

Core Viewpoint - The report highlights that Tongguan Copper Foil (301217) has exceeded expectations in its performance for the first half of 2025, marking it as a year of profit release for AI copper foil, and maintains a "buy" rating for the stock [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.997 billion yuan, a year-on-year increase of 45%, and a net profit attributable to shareholders of 35 million yuan, compared to a loss of 59 million yuan in the same period last year [2]. - For Q2 2025, the company reported revenue of 1.602 billion yuan, a year-on-year increase of 36%, and a net profit of 30 million yuan, compared to a loss of 31 million yuan in the same quarter last year [2]. Business Analysis - **PCB Copper Foil**: The company has a significant advantage in HVLP copper foil, with demand driven by the rapid development of AI globally. The production of high-frequency and high-speed substrate copper foil has surpassed 30% of total PCB copper foil production, with HVLP copper foil production in H1 2025 exceeding the total production for 2024 [3]. - **Profitability**: In H1 2025, PCB copper foil revenue reached 1.703 billion yuan, a year-on-year increase of 29%, with a gross margin of 5.56%, an increase of 2.77 percentage points year-on-year [3]. - **Lithium Battery Copper Foil**: The company has also seen positive improvements in its lithium battery copper foil segment, with revenue reaching 1.137 billion yuan in H1 2025, a year-on-year increase of 93%, and a gross margin of 0.24%, an increase of 5.82 percentage points year-on-year [3]. Profit Forecast and Valuation - Following the strong Q2 performance, the company has adjusted its profit forecasts, expecting net profits of 146 million yuan, 474 million yuan, and 626 million yuan for 2025, 2026, and 2027 respectively. The current price corresponds to dynamic P/E ratios of 183x, 56x, and 43x for the respective years [4].

业绩简评 （2）锂电铜箔：经营层面同样实现积极改善，产品逐步转向向4.5um、5 um 等高附加值。25H1 锂电铜 箔营收达11.37 亿元、同比+93%，毛利率为0.24%、同比+5.82pct。 盈利预测、估值与评级 考虑到公司Q2 业绩超预期，我们上调公司盈利预测，预计公司2025-2027 年归母净利润分别为1.46、 4.74 和6.26 亿元，现价对应动态PE 分别为183x、56x、43x，维持"买入"评级。 风险提示 HVLP 铜箔行业扩产节奏偏快的风险;下游AI 需求不及预期;传统PCB 铜箔业务盈利能力继续下滑的风 险;锂电铜箔业务持续拖累的风险；限售股解禁风险。 2025 年8 月15 日，公司发布2025 年半年报公告：25H1 实现营收29.97 亿元、同比+45%，归母净利0.35 亿元、去年同期为-0.59 亿元，扣非归母净利0.24 亿元、去年同期为-0.69 亿元。其中25Q2单季度营收 16.02 亿元、同比+36%，归母净利0.30 亿元、去年同期为-0.31 亿元，扣非归母净利0.29 亿元、去年同 期为-0.36 亿元。Q2 业绩超预期，我们认为2025 年是AI ...

Group 1 - The report indicates that the company, Anhui Tongguan Copper Foil Group Co., Ltd., achieved a net profit attributable to shareholders of 34.95 million yuan, representing a year-on-year increase of 44.80% [1] - The company successfully turned a profit with a net profit of 24.27 million yuan after deducting non-recurring gains and losses, primarily due to the high demand for high-frequency and high-speed copper foil and the rapid growth in the production of high-end HVLP copper foil [1] - The sponsor, Guotai Junan Securities Co., Ltd., will continue to monitor the company's performance and ensure proper information disclosure [1] Group 2 - The company has established and effectively implemented various regulations, including those to prevent related parties from occupying company resources and managing raised funds [1] - There were no instances of late review of company information disclosure documents, and the company has not faced any major issues during the sponsor's oversight [1] - The company plans to conduct on-site inspections and annual training in the second half of the year [1]

Group 1 - The core viewpoint of the article highlights the long-standing history and expertise of Luxembourg Copper Foil, established in 1960, in the high-end IT copper foil sector [2] - The company specializes in the research, production, and sales of high-end IT copper foil used in electronic circuit applications, with key products including HVLP (Ultra-Low Profile Copper Foil) and DTH (Carrier Copper Foil) [2] - The end applications of these products are diverse, including high-performance servers in data centers, 5G base stations, and mobile terminals, indicating significant growth potential in the market [2]

Summary of Conference Call on Defu Technology's Acquisition of Luxembourg Copper Foil Company Industry Overview - The conference call discusses the copper foil industry, particularly focusing on high-frequency and high-speed copper foil technology, which is critical for applications in AI servers and electronic circuits. Key Points and Arguments Acquisition Details - Defu Technology has acquired Luxembourg Copper Foil Company, adding 16,800 tons of production capacity, bringing total capacity to 191,000 tons, making it the largest copper foil manufacturer globally [1][10] - Luxembourg Copper Foil Company has a strong reputation in high-frequency copper foil technology and is the sole supplier for NVIDIA's LHVIP3 products, with plans to mass-produce HVRP45 products [1][2][4] Market Position and Strategy - The acquisition is expected to enhance Defu Technology's market share and production efficiency, focusing on cost reduction and high-value product output [1][11][12] - Defu Technology aims to transition from a follower to a leader in the AI materials sector over the next decade, with a focus on domestic substitution and industry guidance [1][14] Competitive Landscape - The high-speed copper foil market has an annual import value of several billion dollars, with a domestic production rate of less than 10%. The market is expected to grow at a compound annual growth rate (CAGR) of over 10% due to the development of AI servers [2][29] - Domestic manufacturers lag behind international leaders in high-end products, with significant gaps in technology and production capabilities [5][30] Technological Advantages - Luxembourg Copper Foil Company possesses advanced R&D capabilities, including material design and electrochemistry, which are crucial for producing high-performance products [4][5] - The company has a robust production capacity and quality control, making it a leader in the industry [4] Future Development Plans - Defu Technology plans to leverage Luxembourg's R&D and market resources to strengthen its position in electronic circuits, PCB applications, and AI servers [2][11] - The integration of Luxembourg's production capabilities is expected to enhance customer service and meet growing demand in the AI sector [12][13] Financial Implications - The acquisition is anticipated to improve Defu Technology's profitability and market competitiveness by optimizing production costs and enhancing product quality [11][12] - Luxembourg's financial performance is expected to improve significantly in the upcoming quarters, driven by increased demand for high-end products [34][42] Challenges and Considerations - The integration of Luxembourg's operations and the need for technological upgrades pose challenges, particularly in maintaining production quality and meeting high customer standards [5][31] - The company must navigate the competitive landscape and address the technological gaps to achieve its growth objectives [30][32] Customer Feedback and Product Performance - Customer feedback indicates that Defu Technology's products meet or exceed competitive standards in terms of performance and reliability [18] - The company is developing solutions tailored to various applications, including AI servers, to enhance signal transmission and reduce losses [15][17] Additional Important Content - The call highlighted the importance of signal integrity simulation and the future role of AI in enhancing manufacturing processes [26] - The discussion included insights into the evolving requirements for copper foil in high-performance computing and the implications for material development [21][25] This summary encapsulates the key insights from the conference call regarding Defu Technology's strategic acquisition and its implications for the copper foil industry.

Group 1 - The core point of the news is that the company 德福科技 is acquiring 100% equity of Circuit Foil Luxembourg for a purchase price of €1.74 billion, which is part of its strategy to enhance its position in the high-end IT copper foil market [2][3][4] - The acquisition is expected to increase 德福科技's total electrolytic copper foil production capacity from 175,000 tons per year to 191,000 tons per year, making it the world's largest producer in this sector [8] - The target company, Circuit Foil Luxembourg, has a strong R&D capability and is the only non-Japanese leader in high-end IT copper foil technology, with a production capacity of 16,800 tons per year [4][5] Group 2 - Circuit Foil Luxembourg reported a revenue of €13.4 million in 2024, with a net profit of -€370,000, but turned profitable in Q1 2025 with a net profit of €1.67 million [7] - The acquisition will allow 德福科技 to leverage Circuit Foil's brand and product advantages to expand into emerging markets, particularly in the Asia-Pacific region [8] - 德福科技's R&D investment in 2024 was ¥183 million, a year-on-year increase of 30.45%, indicating a strong commitment to innovation in the high-frequency and ultra-thin copper foil technology [9][10]

Group 1: Defu Technology - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil production. Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual capacity of 16,800 tons. The core products include HVLP and DTH [1] - The projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000. In Q1 2025, the expected revenue is €45 million, with a net profit of €1.67 million, indicating a quarterly turnaround [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally. The company plans to enhance its profitability through technology resource integration and has allocated ¥183 million for R&D in 2024, resulting in 17 new invention patents [1] Group 2: JinkoSolar - JinkoSolar aims to address the intense competition in the photovoltaic industry by strictly controlling new capacity and guiding prices back to rational levels while promoting technological innovation [2] - The company has made significant progress in upgrading its high-power products, with 640W and above products partially delivered in Q3 this year, and expects most orders to switch to these products next year. The anticipated TOPCon capacity will reach 670W by next year, with a potential for 680-700W in the next 2-3 years, and battery mass production efficiency is expected to exceed 28% [2] - The global photovoltaic market demand remains robust, with a return to normal demand in China and rapid growth in emerging overseas markets, leading to stable component prices. JinkoSolar's overall production in Q3 is expected to remain stable due to the growth in emerging markets in the Asia-Pacific and Middle East regions [2] Group 3: Yahua Group - Yahua Group is a leading producer of lithium salt products, particularly battery-grade lithium hydroxide, with industry-leading production technology and equipment. The company has established itself as a core supplier for major global automotive and battery manufacturers, with 90% of revenue coming from long-term agreements with top clients like Tesla and CATL [3] - The company has diversified its lithium ore sourcing through self-controlled and external procurement channels, including lithium mines in Zimbabwe and Sichuan [3] - Yahua Group's civil explosives business covers over 20 provinces in China and extends to countries like Australia, New Zealand, and Zimbabwe. In 2024, the company plans to hedge against price fluctuations in lithium salt products through futures contracts [3] Group 4: Medicy - Medicy has launched its Boston laboratory for overseas operations, covering chemical, biological, and animal testing, which enhances revenue and strengthens the business development team in Europe [4] - The company possesses comprehensive preclinical new drug development capabilities, having assisted 520 new drug and generic drug projects in obtaining clinical trial approvals [4] - Medicy emphasizes talent development, with 83.61% of employees holding at least a bachelor's degree and 29.63% holding master's or doctoral degrees. The company is also advancing new technology platforms and has seen a 13.70 percentage point increase in gross margin to 22.03% in Q1 2025, attributed to cost control and efficiency improvements [4]

Core Viewpoint - Defu Technology (301511) is acquiring 100% of Circuit Foil Luxembourg S.a.r.l. (CFL) for a total enterprise value of €215 million, with a net purchase price of €174 million after adjustments, aiming to enhance its position in the high-end electronic circuit copper foil market [1][2] Group 1: Acquisition Details - The acquisition agreement was signed on July 29, 2025, and Defu Technology plans to establish a wholly-owned subsidiary in Luxembourg to manage the acquisition [1] - CFL is recognized as a "hidden champion" in the global copper foil sector, holding advanced technologies in HVLP (Ultra-Low Profile Copper Foil) and DTH (Carrier Copper Foil) [2] - The acquisition will increase Defu Technology's total copper foil production capacity from 175,000 tons per year to 191,000 tons per year, positioning it as the largest producer globally [2] Group 2: Market Position and Strategy - Defu Technology aims to break the long-standing dominance of Japanese and Taiwanese companies in the high-end electronic circuit copper foil market through this acquisition [2] - The acquisition will enable Defu Technology to penetrate international markets and compete with Japanese firms, facilitating domestic substitution in high-end electronic circuit copper foil [2][4] - CFL's production facility in Luxembourg will serve as a strategic base for Defu Technology's global operations, supporting a "Asia-Pacific + Europe and America" sales system [3] Group 3: Financial Implications - CFL's average processing fee income is significantly higher than that of domestic IT copper foil, primarily due to its high-end product offerings [3] - The acquisition is expected to enhance Defu Technology's revenue through higher processing fees and potential improvements in product gross margins via technological innovations [3]

Investment Rating - The report maintains a "Positive" investment rating for the industry [3]. Core Insights - The high-performance copper foil industry is transitioning from quantity to quality, with a clear trend towards high-end products driven by technological advancements and increasing demand from downstream applications [8][30]. - The domestic copper foil market is experiencing a trade deficit, with imports of electronic copper foil expected to decrease slightly in 2024, while import prices are rising [15]. - The demand for AI infrastructure is robust, leading to an increase in both volume and price for PCB and CCL products, with a projected compound annual growth rate of approximately 40.2% for AI server-related PCB products from 2023 to 2028 [16]. Summary by Sections High-Performance Copper Foil - The report highlights the technological upgrade paths for electrolytic copper foil, categorizing them into lithium battery copper foil and electronic circuit foil, with increasing performance requirements due to growing downstream demand [8]. - High-value-added copper foil is expected to enhance profitability by 2025, particularly in applications such as AI servers and IC packaging [8]. Supply and Demand Dynamics - The report notes that the high-end copper foil market is still reliant on imports, with major suppliers from Japan and Taiwan dominating the market [36]. - Domestic manufacturers are focusing on high-end copper foil products, with ongoing developments in new product lines that support profitability [39]. Market Trends - The report indicates that the copper foil industry is undergoing a transformation, with a shift towards high-end products and increasing competition from domestic manufacturers [39]. - The demand for high-frequency and high-speed applications is driving the need for advanced copper foil technologies, which are characterized by lower surface roughness and higher peel strength [30][39]. Future Outlook - The report anticipates that the domestic market will see a gradual increase in the production of high-performance copper foil, with several manufacturers already in the process of product validation and small-scale production [39][40].