超低损耗低介电布

Search documents
中材科技(002080):公司点评:特种玻纤加速扩产,传统玻纤底部明确
SINOLINK SECURITIES· 2025-10-22 01:11
盈利预测、估值与评级 业绩简评 2025 年 10 月 21 日,公司发布 2025 年三季度公告:25Q1-Q3 公司 收入 217 亿元,同比+29%,归母净利润 14.8 亿元,同比+143%,扣 非归母净利润 11.97 亿元,同比+270%。其中 25Q3 收入 83.69 亿 元,同比+33%,归母净利润 4.81 亿元,同比+235%,扣非归母净利 润 3.89 亿元,同比+334%。 经营分析 (1)传统玻纤:淡季不淡,行业重回去库趋势。①单价方面,25Q3 全国缠绕直接纱 2400tex 均价为 3568 元/吨,同比-3%、环比-5%。 二三线企业持续垒库、因此价格有所松动。②销量方面,根据卓创 资讯数据,25Q3 期末行业库存为 86.5 万吨,环比 25Q2 末减少 2.3 万吨,其中 9 月单月去库 4.7 万吨、去库降幅达 5.1%,行业重回 降库趋势。9 月 5 日,山东玻纤/金牛/三磊等企业发布玻纤复价 函,对直接纱等相关产品每吨上浮 5-10%不等,本次复价背景为行 业自发性反内卷,二三线厂家复价、修复其与一线厂家的价差,复 价代表行业价格底部明确。 (2)定增保障特种玻纤项 ...
中邮证券:电子布AI产业趋势加速 关注中国巨石(600176.SH)后续切入产业链机遇
智通财经网· 2025-09-02 02:26
Group 1 - The core players in the fiberglass electronic cloth industry are accelerating their capacity expansion, with China National Materials announcing an addition of 35 million square meters of low dielectric cloth capacity and 24 million meters of ultra-low loss low dielectric cloth capacity [1] - China Jushi's mid-year report indicates that the development of special electronic cloth series products is progressing actively, with downstream certifications also accelerating [1] - Given China Jushi's cost control capabilities and good cooperation with downstream CCL manufacturers, it is expected that the company will penetrate the supply chain and capture a certain market share in the future [1] Group 2 - The cement industry is expected to see a continuous decline in capacity under the implementation of anti-overproduction policies, leading to a significant increase in capacity utilization rates [2] - The glass industry is facing a downward trend in demand due to real estate impacts, but the supply side is not expected to see a drastic capacity reduction despite increased environmental requirements [2] - The fiberglass industry is experiencing a surge in demand driven by the AI industry, with low dielectric products seeing both volume and price increases, indicating a trend of continuous growth in demand [2]