证券代码：002080 证券简称：中材科技 中材科技股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他 （电话会议） | | 参与单位名称及 | 长江证券、交银施罗德基金、华夏基金等180余人 | | 人员姓名 | | | 时间 | 2025 年 8 月 22 日上午 10:00-11:30 | | 地点 | 线上会议 | | | 公司董事长黄再满先生，公司财务总监高岭先生，公司董事冯 | | 上市公司接待人 | 俊先生，公司副总裁、董事会秘书何思成女士，中材叶片总经 | | 员姓名 | 理徐俊先生，苏州有限总经理袁卓伟先生，泰山玻纤总经理助 | | | 理陈锐先生，中材锂膜财务总监冯淑文女士 | | | 2025 年上半年，公司实现营业收入 133 亿元，同比增长 | | | 26%；归母净利润 10 亿元，同比增长 115%；扣非归母净利 8 | | | 亿元，同比增长 245%；经营现金流净额 ...

Summary of Conference Call on Zhongcai Technology Industry Overview - The demand for specialty glass fiber materials is surging due to advancements in AI technology, particularly in high-end hardware like NVIDIA's GB200 and M8-grade copper-clad laminates, which are essential for data centers and 800G switch upgrades. The Ethernet switch market is growing faster than computing power, creating strong demand for low dielectric and low expansion materials [2][7]. Company Insights: Zhongcai Technology - Zhongcai Technology is positioned as a leading player in the specialty glass fiber sector, focusing on low dielectric electronic cloth, low expansion fiber cloth, and quartz fiber cloth. These materials are crucial for AI hardware applications, including mobile chips, servers, and switches [4]. - The company is expected to benefit from the unexpected boom in specialty glass fiber cloth, with projections indicating an increase in average prices by 2026 due to a shift towards high-margin products like second-generation electronic cloth and low expansion materials [2][8]. - Zhongcai Technology's production capacity is anticipated to reach 20 million meters by 2026, with a tight market supply expected to persist unless new entrants emerge [5][16]. Competitive Landscape - The global supply of specialty glass fiber materials is limited, with only a few suppliers for low dielectric electronic cloth and low expansion fiber cloth. Key players include Nitto Denko, AGY, and Taishan Glass Fiber [6][18]. - Nitto Denko holds a significant market share of approximately 30%, followed by AGY and Zhongcai Technology, which is the second company to master low expansion coefficient technology [17][18]. Market Demand and Applications - The demand for low expansion fiber cloth is driven by advanced packaging techniques like TSMC's CoWoS, which are increasingly used in AI chips and high-end mobile applications, such as the upcoming iPhone 18 [12][13]. - The automotive sector is also showing rapid growth in demand for low expansion fiber cloth due to advancements in autonomous driving technologies [14]. Future Performance Expectations - Zhongcai Technology's future performance is expected to be robust, with significant contributions from its specialty glass fiber business. The company is projected to achieve high growth rates in 2025, driven by increased demand for AI server applications and IC substrates [20][22]. - The company is also involved in wind power blade and diaphragm businesses, which are performing well, further enhancing its investment appeal [22]. Investment Outlook - The estimated market value of Zhongcai Technology is projected to be around 25 billion, based on a 1.2x price-to-book ratio, with significant contributions from specialty glass cloth. The company is expected to achieve high growth rates in 2025, benefiting from its entry into the semiconductor supply chain [23]. Conclusion - Zhongcai Technology is positioned for significant growth in the specialty glass fiber market, driven by technological advancements in AI and strong demand across various applications. The company's unique position and expected performance make it a valuable investment opportunity in the current market landscape [22][23].