投资要点 高性能电子布占比持续提升，核心竞争优势不断强化。公司在极薄布、极细纱领域技术实力全球领先， 目前公司的电子布产品最低厚度可达8 微米，电子纱产品直径最细可达4 微米。依托领先的技术实力， 公司不断自主研发多种高附加值、高功能性产品，实现低介电常数/损耗电子布/纱、低热膨胀系数电子 布/纱等产品的技术突破，成为世界少数具备齐全产品线的企业之一。公司高性能低介电、低热膨胀系 数电子布，是满足AI 服务器、6G 高频通信等领域高性能PCB 要求的理想材料。2024 年公司高性能电 子级低介电常数玻璃纤维布和低热膨胀系数玻璃纤维布已获得下游客户的认证通过，2025 年开始批量 供应给下游客户，并依据市场需求状况扩充产能，满足客户对高端电子布的需求。2022/2023/2024 年， 公司高性能电子布产品的主营收入占比分别为0.6%/2.05%/1.5%。2025H1，随着AI 服务器、高频通信领 域快速发展，公司高性能电子布产品实现营收7,412 万元，主营业务占比13.54%，高性能电子布快速放 量。 推进募投项目落地，高性能电子布纱布一体化生产。公司2025年定增募集资金投资项目主要为高性能玻 纤纱产线 ...

资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.38 | | --- | --- | | 总股本/流通股本（亿股）8.80 | / 8.80 | | 总市值/流通市值（亿元）285 | / 285 | | 52 周内最高/最低价 | 44.89 / 7.25 | | 资产负债率(%) | 42.2% | | 第一大股东 | 远益国际有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 宏和科技(603256) 证券研究报告：建筑材料 | 公司点评报告 股票投资评级 行业需求放缓导致业绩回升不及预期的风险，市场竞争风险，主 要原材料和能源价格波动风险，原材料集中采购风险，产品技术研发 风险，研发人员流失风险，贸易摩擦风险，毛利率波动的风险，存货 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 高性能电子布快速放量 l 投资要点 高性能电子布占比持续提升，核心竞争优势不断强化 ...

Core Viewpoint - The high-performance electronic fabric market is experiencing a supply-demand imbalance due to strong demand from AI servers and high-frequency communication sectors, leading to price increases for related products [1][2]. Supply and Demand - Strong demand for AI is causing a short-term mismatch between the production capacity of high-performance electronic fabrics and market needs [2]. - The core raw material for high-performance electronic fabrics is high-performance glass fiber yarn, which has high technical barriers to production, with only a few manufacturers in Japan, the United States, and Taiwan capable of mass production [2]. Price Increase - The tightening of production capacity is driving expectations for price increases in electronic yarn products. For instance, Nittobo, a global leader in electronic yarn, announced a 20% price increase for its glass fiber products starting August 1 [3]. - According to Honghe Technology, the average selling price of electronic-grade glass fiber fabric is projected to reach 4.81 yuan per square meter in the 2025 mid-year report, reflecting a year-on-year increase of 1.15 yuan per meter, with prices rising for four consecutive quarters [3]. Company Developments - China National Glass Fiber is actively advancing the development of low-dielectric and low-expansion products, with downstream certifications progressing rapidly. The ongoing demand from AI is expected to further expand the high-performance electronic fabric market [4]. Market Outlook - The storage market is showing signs of recovery, with South Korea's storage chip export value increasing by 20.7% year-on-year in Q2 2025, and average prices rising by 0.7% year-on-year. The average price of storage chips has rebounded to 2022 levels, indicating a potential new cycle in the storage market [5]. Investment Recommendations - The electronic industry maintains a "buy" rating, with a focus on upstream materials in the AIPCB sector. Companies to watch include Honghe Technology, Tongguan Copper Foil, Defu Technology, Dongcai Technology, Shengquan Group, Tiancheng Technology, Lianrui New Materials, and Jiangnan New Materials [6].