中材科技 20250827 摘要 中材科技特种电子布业务预计 2026 年业绩显著增长，一代 DJD 电子布 需求预计达 1.5 亿米，二代达 2,600 万米，三代需求亦保持增长，尽管 成本较高，但性价比优势明显。 一代电子布市场竞争激烈，中材科技和林州光远积极扩产，预计 2025 年供需偏紧，2026 年可能宽松；二代布因生产难度大、良率低，供应 偏紧，价格或上涨；三代布市场竞争格局优越，新进入者壁垒高。 三代特种电子布生产面临石英纤维均匀性和毛羽控制两大技术壁垒，对 设备效率和工艺水平要求极高，目前仅少数厂商能生产高质量产品。 中材科技在特种电子布领域前景乐观，产品布局全面且品质领先，TDN 电子布产能投放迅速，有望带来显著业绩增长，公司具备灵活调配能力 应对市场变化。 中材科技一代电子布 2026 年销量预计达 3,600 万米，二代 700 万米， 三代 1,000 万米，LCT 利润预计 3 亿元，若满产满销及价格稳定，特种 电子布总利润可达 18 亿元。 Q&A 中材科技在特种电子布领域的竞争力如何？ 中材科技在特种电子布领域具有全面布局，尤其在一代、二代和三代机电电子 布以及 low CTE ...

丨证券研究报告丨 行业研究丨行业周报丨建材 [Table_Title] 特种电子布龙头中报优异，Low CTE 继续扩容 ——建材周专题 2025W33 报告要点 [Table_Summary] 特种电子布龙头中报优异 Low CTE 电子布继续扩容 基本面：水泥价格环比提涨，玻璃库存升幅放缓 推荐特种玻纤和非洲链，存量龙头为全年主线 分析师及联系人 [Table_Author] 范超 张佩 李金宝 李浩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490516040002 SAC：S0490520080026 SAC：S0490523030002 SFC：BQK473 SFC：BVZ972 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 特种电子布龙头中报优异， 2] Low CTE 继续扩容 ——建材周专题 2025W33 [Table_Summary2] 特种电子布龙头中报优异 中材科技中报业绩高增，特种电子布销量爆发。公司 2025H 实现营业收入 133 亿元，同比增 长 26 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a revenue of 13.3 billion yuan in the first half of 2025, representing a year-on-year growth of 26%. The net profit attributable to shareholders was 1 billion yuan, up 115%, while the net profit excluding non-recurring items was approximately 810 million yuan, reflecting a growth of 245% [2][4]. - In Q2, the company reported a revenue of 7.8 billion yuan, a 28% increase year-on-year, with a net profit of 640 million yuan, up 155%, and a net profit excluding non-recurring items of about 560 million yuan, marking a 342% increase [2][4]. - The company's revenue structure for the first half of the year was as follows: fiberglass accounted for 30%, blades 35%, separators 6%, and high-pressure cylinders 4%. The growth rates for these segments were 13%, 84%, 22%, and 18% respectively, with blade revenue showing the most significant increase [9]. Summary by Sections Financial Performance - The company reported a gross margin of approximately 20.1% in the first half of 2025, an increase of 1.6 percentage points year-on-year. The operating expense ratio was about 11.5%, down 2.8 percentage points, leading to a net profit margin of approximately 7.5%, up 3.1 percentage points [9]. - The special electronic fabric segment saw significant profit improvements, with sales reaching 8.95 million meters, covering a full range of products that have been certified by major domestic and international clients [9]. Market Outlook - The fiberglass industry is currently at a relative bottom in profitability, with the company’s fiberglass segment achieving a net profit margin of approximately 13% [9]. - The wind power sector is experiencing high growth, with the company’s wind blade installation sales reaching approximately 15.3 GW, a 103% increase year-on-year, and an estimated market share of about 30% in the domestic market [9]. Future Projections - The company is expected to achieve revenues of approximately 2.1 billion yuan, 3.3 billion yuan, and 5 billion yuan in 2025, 2026, and 2027 respectively, with corresponding valuations of 28, 18, and 12 times [9].

风电行业整体景气度高，高强高模量玻璃纱将成为重要发展方向。汽车 轻量化和无人物流飞行器是支撑玻璃线行业增量需求的重要领域。市场 对电子、风电、新能源汽车等新兴领域兴趣浓厚。 特种电子布跟踪系列：一线新反馈 20250824 摘要 中材科技 2025 年上半年业绩超预期，收入 133 亿元，同比增长 26.5%，归母净利润 10 亿元，同比增长 115%，主要得益于玻纤和叶 片业务的良好表现，以及特种电子布和电子纱业务的快速发展。 玻纤分会论坛聚焦玻纤行业出海及产业升级，特别关注风电纱和电子纱 领域。PCB 协会秘书长董总分享的信息显示电子纱领域有显著增量。 CTE 产品市场需求自二季度以来显著增加，但受供应链限制，供不应求。 预计四季度需求将翻倍，明年可能继续翻倍。中材科技已完成 2.8 毫米 规格 CTE 产品小样测试，有望实现国产替代。 中材科技在 CTE 领域是国内唯一一家能够批量交付的企业，QBU 已通 过头部客户认证并开始批量交货。公司积极进行产能扩张，预计年底织 布机数量将增至 400-500 台，明年上半年增至 800 台。 低介电电子纱（DJ）市场需求旺盛，价格持续上涨，尤其是一代布产品。 低 ...

证券研究报告 工业/基础材料 本周观点：旺季基建或启动，特种电子布延续高景气 上周国务院全体会议强调努力完成全年经济社会发展目标任务，要求"加力 扩大有效投资，发挥重大工程引领带动作用"，叠加上周 PPP 存量项目规 范意见落地，新型政策性金融工具有望出台等，我们认为基建端有望旺季发 力。中材科技公布中报，特种电子布量价两旺，叠加上周玻纤产业论坛召开， 我们预计低膨胀布和石英纤维布有望延续高景气。上周工信部再次召开光伏 产业会议，我们认为光伏产业反内卷政策框架或初步建立，近期光伏玻璃已 开始大幅去库，2.0mm 光伏玻璃价格环比继续小幅提升，但盈利能力仍然 承压。短期继续重点推荐中报同比大幅增长的水泥玻纤板块，以及估值仍处 于低位的大建筑板块，重点推荐亚翔集成、中国中冶、中材国际、鸿路钢构、 三联虹普、三棵树、中材科技、华新水泥、上峰水泥、海螺创业。 上周细分行业回顾 截至 8.22，上周全国水泥价格周环比+0.7%；水泥出货率 45.7%，周环比/ 同比-0.1pct/-2.7pct。上周国内浮法玻璃均价 64 元/重量箱，周环比/同比 -0.6%/-14.6%，样本企业库存 5636 万重箱，周环比+0. ...

证券研究报告 中材科技 (002080 CH) 业绩显著改善，特种电子布加速放量 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 22 日│中国内地 | 专用材料 | 目标价(人民币): | 36.24 | 公司公布上半年业绩：25H1 收入/归母净利 133.3/10.0 亿元，同比 +26.5%/+114.9% ， 其 中 Q2 收 入 / 归母净利 78.3/6.4 亿元，同比 +28.1%/+155.1%，公司上半年业绩接近业绩预告上限（10.4 亿元），主要 系玻纤及叶片业务同比均明显增长，且特种电子布逐步供需业绩增量，看好 公司主业基本面改善及高端电子纱优势地位，维持"买入"。 风电叶片销量及收入大幅增长，玻纤价格提升带动毛利率同比改善 25H1 公司玻纤/风电叶片/锂膜分别实现销量 67 万吨/15GW/13 亿平米，同 比-1%/+103%/+60%；收入 43.5/52.0/9.3 亿元，同比+13%/+84%/+22%； 毛利率 26.0%/16.4%/1 ...

再 Call 特种电子布：近期增量总结 20250817 摘要 国产算力需求增长推动特种电子布需求，头部企业月出货量达 5-10 万 米，国内需求占比过半，高端手机、服务器等领域对国产芯片和算力需 求增加，带来新的增量市场。 Low CTE 第一热膨胀产品价格上涨 10%-15%，由红河及部分头部企业 引领。市场共识认为二代低阶电是过渡性产品，一代 d 接电产品出货稳 定，未来国产算力需求将持续增长。 CCL 行业提价，铜箔、玻璃纤维布和树脂等核心原料价格持续高位，梅 州威力邦提价 5 元，建涛提价 10 元，预计三季度玻纤布等相关产品价 格将进一步提升。 电子布和玻纤行业库存较低，供应商结构调整导致部分产能紧缺，普通 电子布价格下降，但对特种电子布影响不大，二代布没有大幅扩产能， 更多关注后续 CTE 及 q 布的发展趋势。 三季度市场预期集中在量与价格上，国产算力提升了对 q 布、CTE 等产 品的需求预期，CCL 涨价可能会反馈到上游原材料，并形成循环效应， 新产能放量可能会晚一些，但国产算力加快节奏，与上游厂商合作也有 望推动放量。 Q&A 今年（2025 年）特种电子布产业趋势有哪些变化？ 今年（2 ...

Investment Rating - The industry investment rating is "Positive" and maintained [12] Core Insights - The political bureau meeting emphasized the need to combat "involution" and promote continuous policy advancement, focusing on optimizing market competition and regulating chaotic enterprise competition [5][21] - North American cloud service capital expenditure is accelerating, leading to sustained high demand for specialty electronic fabrics [6] - Cement prices are experiencing a narrowing decline, while glass inventory continues to decrease [7] - Recommendations include focusing on specialty fiberglass and the African supply chain, with leading companies being the main investment theme for the year [9] Summary by Sections Political and Economic Context - The political bureau meeting on July 30 highlighted the importance of advancing the construction of a unified national market and optimizing market competition [5] - The report analyzes the profitability of various industries, indicating that photovoltaic glass and carbon fiber are at the bottom, while cement and fiberglass are slightly profitable [5] North American Cloud Services - Recent quarterly reports from Microsoft and Meta show that AI is driving revenue and performance growth, with capital expenditures continuing to accelerate [6] - The electronic fabric industry is on a clear upward trend, with domestic leaders rapidly achieving domestic substitution [6] Cement and Glass Market - The domestic cement market is affected by adverse weather conditions, with an average shipment rate of 44.5%, down 2.2 percentage points year-on-year [7] - The average national cement price is 344.84 yuan/ton, a decrease of 0.97 yuan/ton month-on-month and 42.74 yuan/ton year-on-year [26] - The glass market is beginning to digest social inventory, with production and sales rates indicating a need for policy changes to influence market dynamics [8][38] Recommendations - Specialty fabrics: Core leader Zhongcai Technology is recommended due to high demand from AI and significant supply barriers [9] - African supply chain: Keda Manufacturing is recommended as a local leader with advantages in production, channels, and brand [9] - The report suggests that the 2025 consumption of building materials is expected to see upward demand and structural optimization [9]

Group 1 - The rapid development of AI computing power is driving the upgrade of PCBs towards high-frequency and high-speed applications, leading to an explosion in demand for specialty electronic fabrics [3][5] - Specialty electronic fabrics are high-performance woven materials that optimize chemical composition and manufacturing processes to achieve specific electrical, thermal, or mechanical properties, supporting high-frequency signal transmission and reducing energy loss [3][10] - The market for AI/HPC server PCBs (excluding packaging substrates) is expected to grow at a CAGR of 32.5% from 2023 to 2028, significantly higher than other sectors [3][10] Group 2 - Low-DK electronic fabrics, characterized by low dielectric constant (DK) and low dielectric loss (DF), are crucial for AI servers and data center switches, enhancing signal efficiency in high-frequency environments [10][11] - The demand for Low-DK fabrics is projected to grow rapidly in 2024, driven by the transition to low-dielectric PCBs in AI server architectures and the global data center upgrade [10][11] - The global Low-DK electronic fabric market is expected to exceed $200 million by 2025 and reach $530 million by 2031, with a CAGR of 18.7% [11][16] Group 3 - Quartz fiber fabric (Q fabric), a high-performance material, is expected to see strong demand growth due to its application in advanced packaging technologies for AI hardware and data center switches [12][19] - The third-generation low-dielectric electronic fabric, Q fabric, utilizes high-purity silica to achieve ultra-low dielectric constant and loss, presenting significant technical barriers to mass production [12][19] - The core mission of Low-CTE electronic fabrics is to address thermal management issues in advanced chip packaging, with demand surging due to the explosive growth of AI computing power [19][20] Group 4 - Domestic manufacturers are accelerating capacity expansion in the specialty electronic fabric sector, responding to the growing demand from AI computing power upgrades [22][24] - Key suppliers of specialty electronic fabrics include Japanese, Taiwanese, and mainland Chinese companies, with domestic firms rapidly increasing production capabilities to meet market needs [22][24] - The competitive advantage of specialty electronic fabric suppliers lies in their ability to quickly innovate product performance and scale up production [22][24]

Group 1 - The glass fiber market is expected to face supply-demand pressure in 2025, but price fluctuations will be limited due to enhanced consensus on price stability among companies [1] - From 2026 onwards, supply-demand relationships are expected to marginally improve as new supply is gradually digested and competition shifts towards high-value areas [1] - Investment strategies in the glass fiber industry will focus on two main lines: stable pricing for mid-to-low-end products and structural opportunities in high-end products like specialty electronic fabrics [1] Group 2 - The demand for glass fiber is projected to grow by 6.4% in 2025, driven by wind power installations and lightweight materials for new energy vehicles, despite a supply growth of 9.3% [2] - The ordinary electronic yarn market is expected to see steady growth, with demand projected at 151,000 tons in 2025 and 159,000 tons in 2026, reflecting a growth rate of 5.4% [3] - The competition in the glass fiber industry is shifting from low-end to high-end, with leading companies like China Jushi focusing on high-value segments and stabilizing cash flow through collaborative pricing strategies [4]