Core Viewpoint - Jiantao Laminated Board (01888) has seen a significant price increase, rising over 7% to reach a new high of HKD 16.99, indicating strong market performance driven by favorable industry conditions [1] Price Increase and Market Dynamics - Since the second half of last year, Jiantao Laminated Board has raised prices multiple times, specifically in August, October, and twice in December, suggesting a positive pricing cycle across the entire industry chain driven by AI demand [1] - Citic Securities indicates that the company is well-positioned to benefit from this price increase cycle due to its integrated operations in copper foil, electronic cloth, and copper-clad laminates [1] Profit Growth Projections - The company is expected to see a significant uplift in its profit margins driven by product structure upgrades and industry-wide price increases, with projections indicating a potential rise in profitability by 2026 [1] - Citigroup forecasts that the core profit growth rate for Jiantao Laminated Board will accelerate significantly during the copper price upcycle, with growth expected to jump from 10% year-on-year in the first half of 2025 to approximately 58% in the second half, and further achieving 57% growth in 2026 [1] - This forecast does not yet account for potential contributions from the company's AI glass fiber business, indicating further upside potential [1] Industry Positioning - The report highlights that the copper-clad laminate industry has a high concentration, allowing leading companies to leverage their technological and cost advantages to pass on raw material price increases to downstream printed circuit board customers [1]

消息面上，去年下半年以来，建滔积层板在8月、10月、12月月初提价，其中12月提涨两次。国泰海通 证券指，这意味着AI景气驱动下全产业链进入良性提价周期。公司同时布局铜箔、电子布和覆铜板， 作为行业一体化龙头有望能全环节受益于涨价周期。展望2026年，公司产品结构高端化和产业链涨价有 望共同推动公司盈利中枢抬升。 智通财经APP获悉，建滔积层板(01888)再涨超7%，盘中高见16.99港元创新高。截至发稿，涨7.35%， 报16.8港元，成交额5.71亿港元。 花旗预期，建滔积层板的核心盈利增长将在铜价上行周期中显著提速。其增长率将从2025年上半年的同 比10%，跃升至下半年的约58%，并在2026年进一步实现57%的增长。此预测尚未计入公司AI玻璃纤维 业务可能的贡献。报告认为，由于覆铜面板行业集中度高，龙头企业凭借技术及成本优势，有能力将原 材料涨价压力传导至下游印刷电路板客户。 ...