人民财讯8月6日电，德福科技（301511）在互动平台表示，公司自主研发生产的极薄高抗拉强度铜箔、 雾化铜箔等产品，可作为半/全固态电池和超级电容器应用的解决方案，终端可应用于对能量密度要求 高的无人机领域，目前公司无人机领域用铜箔已实现批量供应出货。 ...

Group 1 - Core viewpoint: Defu Technology is a leader in the copper foil industry, with new opportunities arising from high-end electronic circuits and solid-state battery products. The company has been deeply involved in the copper foil sector for 40 years, starting with electronic circuit copper foil and gradually expanding into lithium battery copper foil. In Q1 2025, the company achieved revenue of 2.501 billion yuan, a year-on-year increase of 110%, and a net profit attributable to shareholders of 18 million yuan, marking a turnaround in profitability with a continuous upward trend in operations [1][2]. Group 2 - Electronic circuit copper foil: The domestic substitution of RTF (Reverse Copper Foil) and HVLP (High Voltage Low Profile Copper Foil) is expected, with carrier copper foil also likely to achieve breakthroughs. The cost of copper foil accounts for 42.10% of the cost of copper-clad laminates, which constitute 27.30% of the PCB cost. RTF and HVLP are mainstream products for high-frequency and high-speed copper-clad laminates, currently dominated by suppliers from Japan and Taiwan. The company has potential for domestic substitution, with HVLP1-2 already in small-scale supply for projects like Nvidia and 400G/800G optical modules. HVLP3 has passed certification for Japanese copper-clad laminates and is expected to be released in 2025 for domestic computing board projects. Additionally, the company plans to acquire Luxembourg Copper Foil, a global leader in high-end IT copper foil, which has long-term collaborations with top global copper-clad laminate and PCB companies, potentially accelerating breakthroughs in high-end electronic circuit copper foil [1]. Group 3 - Lithium battery copper foil: The supply-demand situation is improving from 2023 to 2025, with effective industry capacity projected at 1.18 million tons in 2023, 1.45 million tons in 2024, and 1.52 million tons in 2025, while global demand is expected to be 610,000 tons, 830,000 tons, and 1.1 million tons respectively. The supply-demand gap is narrowing from 93% in 2023 to 38% in 2025, with limited new capacity expected in 2025. The company is actively developing new solid-state battery products such as atomized copper foil, microporous copper foil, and nickel-plated copper foil, all of which have achieved mass supply [2]. Group 4 - Profit forecast and investment suggestion: The company is expected to achieve net profits attributable to shareholders of 112 million yuan, 312 million yuan, and 452 million yuan from 2025 to 2027, with year-on-year growth rates of 145.8%, 177.9%, and 44.8% respectively. Considering comparable companies and a valuation premium, a price-to-earnings ratio of 50x for the 2026 net profit is suggested, corresponding to a reasonable value of 24.77 yuan per share. The company is covered for the first time with a "buy" rating [2].

Industry Overview - The solid-state battery index (886032.TI) has shown strong performance, rising by 1.32% on June 25, and has accumulated a total increase of 15.56% since June [1] - The solid-state battery industry is expected to benefit from supportive policies and improved standards starting from 2025, with a key national standard for electric vehicle batteries set to be implemented in July 2026 [4] - The commercialization of semi-solid-state batteries is anticipated by 2027, with full solid-state batteries expected to reach a critical industrialization point by 2030 [4] Company Developments - Dongfang Electric Heating (300217.SZ) is the only supplier in China capable of mass-producing pre-plated nickel materials for power applications, and it plans to adapt its equipment for solid-state battery current collector materials [4] - Defu Technology (301511.SZ) provides solutions for semi/full solid-state battery anode current collectors, including atomized copper foil and nickel-plated copper foil, with products already in mass supply [4] - Hailiang Co., Ltd. (002203.SZ) has initiated joint R&D and trial production of new copper foil products for solid-state batteries, with mass production expected by 2025 [4] - Nord Co., Ltd. (600110.SH) reported that its copper foil business for solid-state batteries contributes less than 1% to total revenue, indicating limited economic scale and high market competition [4] - Xiangtan Electrochemical (002125.SZ) is collaborating with solid-state battery companies on manganese oxide lithium applications, currently in small batch testing with no revenue impact [4] - Longpan Technology (603906.SH) is developing solid-state battery ternary precursors, with some materials undergoing customer testing but not yet generating sales revenue [4]

Core Viewpoint - The article discusses the current state and future directions of the solid-state battery industry, particularly focusing on the innovations in current collectors and the challenges faced in achieving commercial viability. It highlights the complexity of transitioning from traditional materials to advanced solutions that meet the demands of next-generation battery technologies [1][18][20]. Group 1: Current Trends in Solid-State Battery Technology - The enthusiasm for sulfide solid-state batteries is high, with the industry claiming it has entered the "last mile" of commercialization [1]. - The innovation in current collectors has shifted from traditional attributes to more complex requirements such as 3D structures, high-temperature resistance, and corrosion resistance [1][5]. Group 2: Challenges in Material Performance - The chemical corrosion of copper by sulfide electrolytes and the volume expansion of silicon-based and lithium metal anodes are significant bottlenecks for solid-state battery technology [2]. - The introduction of nickel-plated copper foil by Nord Co. aims to address these challenges, providing a solution that balances performance and cost [3][5]. Group 3: Innovations in Current Collector Design - The development of 3D metal mesh current collectors using materials like foam copper and foam nickel is a promising direction, providing buffer space for high-expansion anodes and reducing local current density [9][10]. - The exploration of porous carbon-based current collectors represents a cutting-edge approach, aiming to eliminate metal while achieving high corrosion resistance and low mass density [11][12]. Group 4: Manufacturing Process Challenges - The introduction of dry electrode processes presents challenges for traditional current collectors, necessitating innovations that ensure strong adhesion between the dry film and the current collector [14][17]. - Equipment companies are leading the way in proposing solutions, such as the "dry powder direct coating technology," which alters the traditional manufacturing process [15][19]. Group 5: Industry Dynamics and Future Outlook - The article emphasizes the multi-dimensional challenges faced by the industry, including material performance competition and manufacturing process compatibility [17][20]. - The ongoing innovation race in current collectors reflects the industry's need for solutions that balance performance, cost, and reliability, with no clear leader emerging yet [18][20].

Group 1: Company Overview and Competitive Advantage - The company has nearly 40 years of experience in the copper foil industry, with a strong R&D team and advanced equipment, enabling it to conduct research and development based on electrochemistry and materials science [1] - The company has developed a comprehensive R&D system that integrates basic research, simulation analysis, modular development, and product testing [1] - The company possesses strong capabilities in autonomous production line design and optimization, supported by experienced management and technical personnel [1] Group 2: Product Development and Market Position - The company is currently advancing its high-end RTF and HVLP products in line with expectations, with specific updates available in company announcements [2] - As of May 20, 2025, the number of shareholders is 26,136 [3] - The company has implemented futures hedging strategies to mitigate raw material price fluctuations, ensuring the safety of hedging funds [4] Group 3: Product Applications and Collaborations - The company has developed various new copper foil solutions for semi/fully solid-state batteries, with some products already achieving mass shipments within the year [5][7] - The company has established deep strategic partnerships with leading lithium battery clients, focusing on providing advanced copper foil solutions [7] - The company's products are widely used in lithium batteries and electronic circuits, impacting industries such as robotics, new energy vehicles, consumer electronics, and AI servers [8] Group 4: Future Projections - The company expects to ship thousands of tons of HVLP1-4 and RTF1-3 products in the high-frequency, high-speed PCB and AI application sectors by 2025 [6]

Core Viewpoint - The 17th Shenzhen International Battery Technology Exchange Conference/Exhibition (CIBF2025) showcased significant advancements in lithium battery copper foil technology, particularly by Jiujiang Defu Technology Co., Ltd. (Defu Technology), highlighting its innovative products and applications in solid-state/half-solid-state batteries, lithium metal batteries, and specialized lithium-ion batteries for low-altitude aircraft [1][2]. Group 1: Event Overview - CIBF2025 took place from May 15 to 17, 2025, at the Shenzhen International Convention and Exhibition Center, serving as a global platform for the battery industry to promote innovation and showcase cutting-edge technological achievements [1]. - The event attracted industry associations and enterprises from the upstream and downstream supply chain, focusing on the forefront of battery technology and providing opportunities for participants to explore industry trends and development opportunities [1]. Group 2: Company Highlights - Defu Technology presented a diverse range of high-performance copper foil products, particularly innovative solutions for applications in robotics, drones, and new energy vehicles [2]. - The company showcased newly developed products such as PCF porous lithium battery copper foil and atomized copper foil, which are designed for solid-state/half-solid-state batteries, lithium metal batteries, and specialized lithium-ion batteries for low-altitude aircraft [2]. - Defu Technology has established a robust research and development system, with over 500 patents filed and a team of PhD researchers from prestigious universities, enabling comprehensive R&D capabilities across core additives, specialized consumables, and production equipment [2]. Group 3: Industry Trends - The shift towards solid-state and half-solid-state batteries has gained momentum due to the limitations of liquid electrolyte lithium-ion batteries, which have reached theoretical energy density limits [3]. - The use of multi-structured copper foil collectors, which feature a porous three-dimensional structure, enhances adhesion, reduces electrode peeling, and improves electrolyte wettability, thereby increasing battery consistency and safety [3]. - Defu Technology aims to continue its focus on the copper foil sector, providing advanced collector solutions while ensuring stable and efficient production quality, and seizing opportunities for domestic production [3].