电子电路铜箔方面，2025年上半年包括RTF、HVLP等在内的高端 IT 铜箔合计出货千吨级以上。公司持 续深化"高频高速、超薄化、功能化"技术战略，其中RTF-3（反转处理铜箔）已通过部分 CCL 厂商认 证，并实现批量供货，RTF-4 进入客户认证阶段；规格 9μm-50μm 软板用挠性电解铜箔实现量产，其中 部分厚度规格已经完全替代进口压延铜箔；自主研发的 3μm 超薄载体铜箔（C-IC1）已通过国内存储芯 片龙头验证。 同时，公司在 HVLP 铜箔领域也取得了显著进展。HVLP1-2 已经小批量供货，主要应用于 AI 服务器项 目及 400G/800G光模块领域；HVLP3 已经通过日系覆铜板认证，主要用于国内算力板项目，预计下半 年放量；HVLP4 已与客户进行试验板测试，HVLP5 已提供给客户进行特性分析测试。 此外，公司应用于军工及航空航天领域的埋阻铜箔在 2024 年已向市场送样测试成功并获得小量订单。 当前，公司已将埋阻铜箔列为核心重点项目，正加速扩产以满足市场日益增长的需求。 收购卢森堡铜箔剑指全球 德福科技自1985年成立以来，始终深耕电解铜箔领域，凭借40年的技术积累与产业链布局，已 ...

PCB 铜箔 CCL 行业专题：周期拐点向上，产业升级焕新机 2025082320250822 摘要 普通 PCB 铜箔加工费因消费电子需求疲软和产能扩张而下降，但高性能 产品盈利能力强劲，HVLP 铜箔放量增厚业绩，具备 HVLP 大批量供货 能力的企业受益。 人工智能浪潮推动 AI 服务器需求快速增长，对 PCB 板及上游覆铜板、 铜箔提出更高要求，国产材料凭借性价比优势迎来放量机遇，高性能产 品需求将显著改善行业盈利。 覆铜板市场中普通 FR4 型占比最高，但高速、高频应用推动特种版、无 卤版占比提升。全球前五大覆铜板厂商市占率已达 50%，国内覆铜板进 口金额高于出口金额，高性能覆铜板存在国产替代空间。 高频高速电路用 HVLP 铜箔制造难度大，成本高昂，但随着 AI/DC 快速 发展，该领域需求旺盛，国内企业如铜冠、德福科技、佳园科技等已实 现扭亏，二季度利润环比大幅增长。 覆铜板价格上涨主要由于铜价上涨，预计今年 9 月起铜价将持续上涨， 推动下游铜箔和覆铜板厂商提高价格，加工费增加，从而提升利润。 Q&A 2024 年 10 月底发布的 PCB 铜箔和 CCL 行业报告中，核心观点有哪些？ 核心 ...

Core Viewpoint - The PCB industry is experiencing significant growth driven by AI demand, with major companies reporting substantial revenue and profit increases in their recent half-year reports [3][4][5]. Group 1: Market Performance - The market capitalization of leading PCB companies has surged, with Shenghong Technology exceeding 200 billion yuan and several others surpassing 100 billion yuan [2][6]. - A total of 18 A-share PCB concept stocks have seen their prices double since the beginning of the year [2][6]. Group 2: Financial Performance - Major PCB companies such as Shengyi Electronics reported a 91% increase in revenue to 3.769 billion yuan and a staggering 452.11% increase in net profit to 531 million yuan [5]. - Other companies like Tongguan Copper Foil and Pengding Holdings also reported significant revenue and profit growth, with Tongguan's revenue increasing by 44.80% and net profit by 159.47% [5]. Group 3: Industry Drivers - AI is identified as the primary driver of growth in the PCB industry, with high demand for AI-related products supporting price increases [3][5][10]. - The supply constraints of raw materials such as glass fiber cloth and copper foil are contributing to price hikes in PCB products [7][9]. Group 4: Future Outlook - The PCB market is expected to continue growing, with projections indicating a 7.6% increase in global market value by 2025, reaching approximately $79.128 billion [10]. - Companies are actively expanding production capacities to meet the rising demand, with Shengyi Electronics planning a 1.9 billion yuan investment in new manufacturing projects [10][11].

Core Viewpoint - The recent surge in prices of various chemical products and industrial materials is driven by strong market demand, particularly from the AI sector, leading to significant growth in the PCB industry and related companies [1][3]. Group 1: Market Dynamics - The PCB industry has seen a remarkable increase in market capitalization, with companies like Shenghong Technology surpassing 200 billion yuan and several others exceeding 100 billion yuan [1][9]. - The surge in stock prices for PCB-related companies has been notable, with 18 A-share PCB concept stocks increasing by over 100% since the beginning of the year [1][9]. Group 2: Company Performance - Major PCB companies reported strong performance in their semi-annual reports, with Shengyi Electronics achieving a revenue increase of 91% and a net profit increase of 452.11% [5][7]. - Other companies in the PCB supply chain, such as Tongguan Copper Foil and Heli Tai, also reported significant revenue and profit growth, with Tongguan Copper Foil's net profit increasing by 159.47% [3][9]. Group 3: Price Trends and Supply Chain Issues - The price of PCB products has been rising due to supply shortages of key materials like glass fiber cloth, which is critical for PCB manufacturing [12][14]. - The demand for AI-related PCBs is particularly strong, with industry experts indicating that this demand will support price increases until at least the end of Q4 [3][11]. Group 4: Future Outlook - The global PCB market is projected to grow, with an expected compound annual growth rate of 5.2% from 2024 to 2029, driven by sectors such as AI servers and data centers [17]. - Companies are actively expanding production capacities to meet the growing demand, with Shengyi Electronics planning to invest approximately 1.9 billion yuan in new production facilities [17][19].

Group 1 - The core viewpoint of the article highlights the rising prices in the copper foil industry, driven by increased demand for high-end HVLP copper foil used in AI servers and data centers [3][4] - Mitsui Mining and Smelting has raised its profit forecast for FY2025 by 30 billion yen to 170 billion yen, with operating profit adjusted to 440 billion yen, primarily due to the strong performance of its VSP series HVLP copper foil [3] - Taiwanese copper foil manufacturer Jincheng has announced a price increase for RTF copper foil products by 3,000 to 4,000 yuan per ton, reflecting a 14% rise, as the supply of mid-range RTF products is squeezed by Mitsui's increased production of HVLP copper foil [3][4] Group 2 - The market for mid-range RTF copper foil is being further compressed, leading to an expanded supply-demand gap, as evidenced by Jincheng's price increase [4] - Domestic manufacturers are accelerating their layout in the HVLP copper foil segment, with Nord Technology announcing that its new generation HVLP copper foil has been certified by several leading PCB companies [4] - Defoe Technology is entering the global high-end market through the acquisition of a Luxembourg copper foil supplier, designated as an HVLP3 supplier by AI chip manufacturers [5] Group 3 - Copper Crown Copper Foil is leveraging its bulk supply capabilities to benefit directly from the anticipated price increase of RTF products in 2025 [6] - Longyang Electronics is developing the fifth generation of HVLP copper foil using vacuum magnetron sputtering technology, with a surface roughness controlled below 0.2 microns, and is currently sending samples to global chip manufacturers [7] Group 4 - The overall demand for electronic circuit copper foil remains weak despite the demand gap in the PCB sector driven by AI, with no signs of recovery in end consumption [8] - The lithium battery copper foil market is experiencing a weak recovery, with processing fees rebounding from 15,000 yuan per ton in September 2024 to 18,000 yuan per ton in Q2 2025, returning to the levels of the same period in 2023 [8] - However, future price increases in the lithium battery copper foil market are limited due to the rapid release of new production capacity outpacing demand growth, and the strong bargaining power of downstream battery manufacturers [8]

Core Viewpoint - The report highlights that Tongguan Copper Foil (301217) has exceeded expectations in its performance for the first half of 2025, marking it as a year of profit release for AI copper foil, and maintains a "buy" rating for the stock [1][4]. Financial Performance - In the first half of 2025, the company achieved revenue of 2.997 billion yuan, a year-on-year increase of 45%, and a net profit attributable to shareholders of 35 million yuan, compared to a loss of 59 million yuan in the same period last year [2]. - For Q2 2025, the company reported revenue of 1.602 billion yuan, a year-on-year increase of 36%, and a net profit of 30 million yuan, compared to a loss of 31 million yuan in the same quarter last year [2]. Business Analysis - **PCB Copper Foil**: The company has a significant advantage in HVLP copper foil, with demand driven by the rapid development of AI globally. The production of high-frequency and high-speed substrate copper foil has surpassed 30% of total PCB copper foil production, with HVLP copper foil production in H1 2025 exceeding the total production for 2024 [3]. - **Profitability**: In H1 2025, PCB copper foil revenue reached 1.703 billion yuan, a year-on-year increase of 29%, with a gross margin of 5.56%, an increase of 2.77 percentage points year-on-year [3]. - **Lithium Battery Copper Foil**: The company has also seen positive improvements in its lithium battery copper foil segment, with revenue reaching 1.137 billion yuan in H1 2025, a year-on-year increase of 93%, and a gross margin of 0.24%, an increase of 5.82 percentage points year-on-year [3]. Profit Forecast and Valuation - Following the strong Q2 performance, the company has adjusted its profit forecasts, expecting net profits of 146 million yuan, 474 million yuan, and 626 million yuan for 2025, 2026, and 2027 respectively. The current price corresponds to dynamic P/E ratios of 183x, 56x, and 43x for the respective years [4].

业绩简评 （2）锂电铜箔：经营层面同样实现积极改善，产品逐步转向向4.5um、5 um 等高附加值。25H1 锂电铜 箔营收达11.37 亿元、同比+93%，毛利率为0.24%、同比+5.82pct。 盈利预测、估值与评级 考虑到公司Q2 业绩超预期，我们上调公司盈利预测，预计公司2025-2027 年归母净利润分别为1.46、 4.74 和6.26 亿元，现价对应动态PE 分别为183x、56x、43x，维持"买入"评级。 风险提示 HVLP 铜箔行业扩产节奏偏快的风险;下游AI 需求不及预期;传统PCB 铜箔业务盈利能力继续下滑的风 险;锂电铜箔业务持续拖累的风险；限售股解禁风险。 2025 年8 月15 日，公司发布2025 年半年报公告：25H1 实现营收29.97 亿元、同比+45%，归母净利0.35 亿元、去年同期为-0.59 亿元，扣非归母净利0.24 亿元、去年同期为-0.69 亿元。其中25Q2单季度营收 16.02 亿元、同比+36%，归母净利0.30 亿元、去年同期为-0.31 亿元，扣非归母净利0.29 亿元、去年同 期为-0.36 亿元。Q2 业绩超预期，我们认为2025 年是AI ...

【交流纪要】 近期，PCB概念反复活跃，消息面上，AI服务器对PCB产品的性能要求日益提高，进一步推动了HDI市场需求的大幅增长。根据Prismark报告，预计在 2024至2029年间，HDI市场的年均复合增长率将达到6.4%，预计到2029年全球市场规模将增至170.37亿美元。同时，人气公司于周五盘后发布了业绩大增 的公告。生益电子(688183.SH)公告称，2025年上半年实现营业收入37.69亿元，同比增长91%；净利润5.31亿元，同比增长452%。公司拟每10股派发3元 现金红利，合计拟派发现金红利2.47亿元。 除此之外，PCB行业催化不断。此前，在近期的谷歌第二财季报告会中，公司披露其2025年Q2资本支出达224.46亿美元，环比增长30.5%，同比激增 70.2%，为历史新高。其中，约三分之二用于AI训练/推理所需的高端服务器（TPU/GPU），其余投向数据中心与全球骨干网络扩建。公司将全年资本开 支指引由此前的750亿美元上调至850亿美元，并预计2026年仍将维持高投入节奏。 国盛证券电子团队认为，随着GB200服务器下半年进入放量期，GB300出货也将接棒启动，谷歌、亚马逊与Me ...

Summary of Conference Call Records Company and Industry Overview - The conference call focuses on the **copper foil industry**, specifically **Tongguan Copper Foil**, a leading supplier in the **HVLP (High Volume Low Profile) copper foil** market in China, particularly in the **PCB (Printed Circuit Board)** sector [1][4]. Key Points and Arguments - **Market Position**: Tongguan Copper Foil is one of the earliest and best-performing suppliers in the HVLP copper foil market, with a strong focus on PCB applications and a deep accumulation of experience and customer resources [1]. - **Technical Innovation**: The performance of HVLP copper foil has significantly improved due to technological innovations and process improvements, with the RD value of the fourth generation reaching **0.5**, indicating a smoother surface that enhances PCB material performance [1][5]. - **Market Demand**: There is a strong demand for copper foil driven by price increases, rising demand, and the expansion into new application areas, leading to optimistic projections for future net profit growth [1][7]. - **Competitive Landscape**: The main competitors in the copper foil market are overseas companies, while domestic firms are still in the expansion and sampling stages, resulting in a relatively relaxed supply situation [1][8]. - **Future Projections**: The fourth generation of copper foil is expected to start mass shipments between **Q4 2025 and H1 2026**, which will lead to significant profit growth, with marginal changes in copper foil expected to occur faster than in electronic cloth [1][9]. Additional Important Insights - **AI Market Potential**: Tongguan Copper Foil has significant market prospects in the AI sector, with increasing demand for copper foil as a key material for AI servers, and a low domestic replacement rate providing a competitive advantage [3]. - **Carrier Synchronization Technology**: This technology has broad development potential, particularly in traditional applications like IC cover plates, with significant domestic replacement opportunities not yet reflected in stock prices [6]. - **Price Trends**: Recent price increases for RTF copper foil and announcements from companies like Mitsui indicate strong demand for high-end products [3][10]. - **Market Space for Zhaibo**: The Zhaibo market has a potential space of **1 billion RMB** with high gross margins, and domestic companies are expected to quickly open up performance and incremental space if market catalysts emerge [2][14]. - **Investor Awareness**: Many investors lack in-depth understanding of the Lotty business related to electronic components due to patent issues and technical challenges, although domestic sales remain stable [13]. - **Profitability Outlook**: The overall outlook for profitability is optimistic due to multiple factors, including price increases and new profit points, indicating a positive signal for future earnings elasticity [7]. Conclusion The copper foil industry, particularly through Tongguan Copper Foil, is positioned for significant growth driven by technological advancements, strong market demand, and favorable competitive dynamics. The upcoming mass production of the fourth generation of copper foil is expected to catalyze substantial profit increases, while the broader market landscape presents various opportunities for domestic players.

（文章来源：每日经济新闻） 国金证券8月10日发布研报称，给予铜冠铜箔（301217.SZ）买入评级。评级理由主要包括：1）AI时 代，低表面粗糙度HVLP铜箔需求；2）国产HVLP领跑者，卡位优势明显、扩产迎需求高增；3）SLP对 应载体铜箔，国产替代空间广阔。风险提示：HVLP铜箔行业扩产节奏偏快的风险；下游AI需求不及预 期；传统PCB 铜箔业务盈利能力继续下滑的风险；锂电铜箔业务持续拖累的风险；限售股解禁风险。 ...