浙江洁美电子科技股份有限公司投资者关系活动记录表 编号：20260116 | | | ☑特定对象调研 □媒体采访 | | | | | | □分析师会议 □业绩说明会 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 投资者关系 | | | | | | | | | | | | | □新闻发布会 | | | | | | □路演活动 | | | 活动类别 | | □现场参观 | | | | | | | | | | | ☑其他（电话会议） | | | | | | | | | 参与单位名称 | | 山西证券 | | | | | | | | | 时 | 间 | 2026 年 至 17:20 | 1 | 月 | 16 | 日下午 | 16:20 | | | | 地 | 点 | 浙江省杭州市拱墅区大关路 100 | | | | | | 号绿地中央广场 | 10 幢 24 层会议室 | | 上市公司接待 | | 董事、副总经理、董事会秘书：张君刚 | | | | | | | | | 人员姓名 | | 投资者关系助理：李彦霖 | | | | | ...

算力专题：技术升级叠加需求放量，PCB 上游高速铜箔缺 口有望扩大 20251225 摘要 高速铜箔通过降低表面粗糙度来减少信号损耗，提高信号传输速度。 HVLP 铜箔因其光滑表面，在高频高速应用中优于传统 IFT 铜箔。 AI 服务器和交换机的发展对 PCB 及其上游材料提出更高要求，推动了 HVLP 铜箔等高性能材料的迭代。主流覆铜板材料正从马 7、马 8 向马 8、马 9 升级。 高速铜箔市场未来几年供需紧张，HVLP 4 需求将在 2026 年爆发，但 主要由日系厂商主导的供给端扩产速度较慢，预计到 2028 年扩产幅度 仅为 25%，供需缺口明显。 目前 HVLP 3 和 4 月均需求约 1,200 吨，供应端难以满足快速增长的需 求，可能导致价格上涨。 国内具备竞争优势的高速铜箔厂商包括德福、同冠同博、龙阳电子和捷 美科技，它们都在进行 HVLP 3 至 5 代产品验证。生益科技也在积极寻 求高速铜箔产能保障。 Q&A 高速铜箔在电子电路中的作用是什么？其性能如何影响信号传输效率？ 在高速铜箔领域，国内具备竞争优势的厂商相对有限，包括德福、同冠同博、 龙阳电子以及捷美科技。这些公司目前都在进行 H ...

方案升级趋势明确，看好 PCB 产业链高弹性 20151223 摘要 议主要集中在电信号传输效率处于及格线，但差损指标不满意。虽然考虑过用 DF 值更低的 PDFE 覆铜板，但由于制造难度大、良率和稳定性低，最终决定继 续使用马九材料制作正胶背板。 正胶背板未来出货节奏如何？ 预计 2025 年第一季度会有少量样品用于 GTC 会议展示。到 2026 年下半年开 始小批量出货，到 2027 年将实现大批量出货。目前预期整个行业供需到 2027 年会处于紧平衡状态，高端激光钻孔设备拉货时间延长至一年半以上， 这使得产能爬坡相对较慢。因此，PCB 行业价格和利润率有望维持高水平直到 2027 年。 AI 服务器背板方案预计 2025 年 2 月定案，2026 年 3 月 GTC 会议展示， 2026 下半年小批量出货，2027 年大批量出货。技术难点在于层数多、 对齐钻孔难度大及高温铜浆烧结技术，当前争议点为电信号传输效率的 差损指标不理想。 菲利华石英电子布已从测试转向小批量生产，价格提升至 250-280 元/ 米，预计 2026 年出货 1,000 万米，贡献约 10 亿人民币业绩增量。公 司是全球唯一全产 ...

Investment Rating - The report rates the industry as "Outperform" [1] Core Insights - The AI infrastructure upgrade wave is driving a revolution in materials, with electronic cloth, copper foil, and resin forming the core dielectric performance barriers for AI PCBs [1][3] - The demand for low dielectric materials is critical for AI PCB design, as GPU and ASIC manufacturers are actively enhancing chip efficiency and interconnect bandwidth [3][13] - The market for AI-related materials is expected to experience rapid growth, with projected global market sizes for HDI boards and high-layer boards reaching approximately $3.098 billion in 2025 and $3.891 billion in 2029 [1][3] Summary by Sections Investment Recommendations - Quartz fiber cloth and low-dielectric electronic cloth are recommended for investment in companies such as Feilihua, Zhongcai Technology, and Honghe Technology. HVLP copper foil investments should focus on Defu Technology, Longyang Electronics, and Tongguan Copper Foil. High-frequency and high-speed resin investments are recommended for Dongcai Technology and Shengquan Group [3] Industry Trends - The AI industry is shifting focus from training to inference, leading to increased demand for AI infrastructure. Major cloud vendors are ramping up capital expenditures to meet this demand, with Alibaba and Tencent expected to spend a total of approximately 380 billion RMB over the next three years [13][14] - The performance requirements for PCBs are evolving, with AI servers requiring more layers and tighter line widths compared to traditional servers. The layer count for AI servers typically ranges from 20 to 30 layers, while traditional servers range from 8 to 22 layers [42][44] Material Innovations - The core materials for M8.5 and M9 PCBs/CCLs are expected to reach a critical point of development, with Nvidia's Rubin server anticipated to adopt advanced materials combinations for its PCB solutions [1][3] - Low dielectric constant (Low-Dk) and low dielectric loss (Low-Df) materials are essential for reducing signal loss and maintaining signal integrity in AI PCBs [1][3]

Investment Rating - The report maintains a rating of "B" for the new materials PCB materials industry, indicating a positive outlook for the sector [1]. Core Insights - The demand for PCBs is expected to grow significantly due to the rapid development of AI servers, with the domestic PCB market projected to increase from $41.213 billion in 2024 to $49.704 billion by 2029, reflecting a CAGR of 3.8% [2][18]. - The fastest-growing downstream sector for PCBs is the server and data storage market, with a projected CAGR of 11.6% from 2024 to 2029 [23]. - The transition to PCIe 5.0 standards is driving the need for high-frequency and high-speed PCBs, necessitating improvements in dielectric properties of core materials [27][34]. Summary by Sections PCB Market Overview - The global PCB market is expected to reach $94.7 billion by 2029, with a CAGR of 5.2% from 2024 to 2029, driven by AI, data centers, and smart automotive applications [18]. - In 2024, the domestic PCB market is anticipated to grow by 9.0%, reaching $41.213 billion, while the global market is projected to grow by 5.8% [18][23]. Material Demand and Supply - The demand for electronic-grade PPO and hydrocarbon resins is expected to reach 4,558 tons and 1,216 tons respectively by 2025, with growth rates of 41.89% and 41.62% [3][50]. - The global HVLP copper foil market is projected to grow from $2 billion to $5.95 billion between 2024 and 2032, with a CAGR of 14.6% [5][6]. Key Companies - Shengquan Group is expanding its PPO resin production capacity to over 2,000 tons and is involved in multiple expansion projects [7]. - Dongcai Technology is investing 700 million yuan to build a project with an annual capacity of 20,000 tons of electronic materials for high-speed communication [7]. - Zhongcai Technology is the first domestic supplier to achieve mass production of second-generation low-dielectric products [7]. - Honghe Technology has reached international leading quality levels for some high-end electronic fabrics and will begin mass supply in the first half of 2025 [7]. Material Innovations - Low-DK electronic fabrics are essential for M7 and above CCLs, with a projected global market size of $2.3 billion by 2033, growing at a CAGR of 7.5% [4]. - The transition to low Dk/Df materials is critical for PCB performance, with core materials like PPO, hydrocarbon resins, and HVLP copper foils expected to see significant demand growth [37][40].

Investment Rating - The report rates the industry as "Outperforming the Market" [3] Core Insights - The U.S. Department of Commerce has revised export control regulations, adding 32 entities to the restricted list, including 23 from China, indicating a trend towards self-sufficiency in the domestic supply chain [2] - Oracle's first-quarter revenue reached $14.9 billion, a 12% year-over-year increase, with cloud revenue growing 28% to $7.2 billion, driven by strong demand for high-performance cloud infrastructure [1][2] - The demand for HVLP copper foil is expected to increase significantly, with a projected monthly demand of 600-700 tons, highlighting a growing supply-demand gap in the industry [1][2] Summary by Sections Section 1: Industry Dynamics - The report emphasizes a global resonance in computing power, with Oracle's strong performance and significant growth in its remaining performance obligations (RPO) reaching $455 billion, a 359% year-over-year increase [1] - The revision of export control regulations by the U.S. is seen as a catalyst for the rise of domestic capabilities in various sectors, particularly in semiconductors and integrated circuits [2] Section 2: Market Trends - AI storage prices are set to rise, with Micron announcing a price increase of 20%-30% for its storage products, indicating a new growth phase in the industry [2] - The report identifies key players in the upstream and domestic computing chain, including companies like 德福科技 (Defu Technology) and 寒武纪 (Cambricon) [3]

Investment Rating - The report indicates a positive investment outlook for the PCB industry, driven by the rapid growth in AI demand and technological advancements [5][20]. Core Insights - The PCB industry is undergoing a structural upgrade, with AI computing power demand being a core variable reshaping the market landscape. The global PCB market is expected to exceed $78.6 billion by 2025, with AI servers, smart electric vehicles, and high-speed communication devices as the main growth pillars [5][20]. - The report highlights that the compound annual growth rate (CAGR) for AI server PCBs is projected to reach 32.5%, significantly higher than the industry average, driven by advancements in GPU architectures [5][6]. - The introduction of advanced packaging technologies like CoWoP is expected to enhance PCB value and performance, indicating a shift towards more complex and high-density designs [16][17]. Summary by Sections Industry Overview - PCB is a fundamental component in electronic devices, categorized by layers, structure, and technical characteristics. The industry is seeing a shift towards high-density interconnect (HDI) boards and multi-layer boards due to the increasing complexity of electronic systems [4][5]. Market Dynamics - The global PCB market is projected to grow from approximately $73.6 billion in 2024 to $78.6 billion in 2025, with a CAGR of 5.2%. High-end PCBs are expected to be the main growth drivers, with AI-related PCBs currently valued at $5.6 billion [8][19]. - The report notes that the value of AI server PCBs has increased from $500 to over $2,500 due to the rising demand for high-end applications [8]. Technological Advancements - The report discusses the increasing requirements for PCBs in AI applications, including the need for higher layer counts and advanced materials to ensure signal integrity and performance [6][10]. - The introduction of glass substrates as a potential alternative to traditional organic substrates is highlighted, with advantages in surface flatness and thermal stability [18]. Competitive Landscape - The report identifies a concentrated market for high-end PCBs, with leading companies benefiting from technological barriers and scale advantages. In contrast, the mid-to-low-end PCB market remains highly competitive [19]. - Domestic companies are positioned favorably in the AI PCB sector, with ongoing capacity shortages and opportunities to penetrate overseas supply chains [19]. Investment Trends - The report notes that the PCB industry is experiencing a shift towards high-end development driven by technological innovations in electronics and communication sectors, with significant investment activities noted in upstream materials and equipment [20][21].

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - Mitsui Metal plans to expand its high-end HVLP copper foil production capacity from 580 tons to 840 tons per month, reflecting a 45% increase due to unexpected demand from AI servers [2][4] - The expansion includes an increase in monthly production capacity at the Taiwan plant from 420 tons to 520 tons, with further increases planned to reach 720 tons by March and September 2026 [4] - The HVLP-5 copper foil is expected to transition from the development stage to mass production, indicating potential widespread adoption in next-generation CCL and AI servers [5] Summary by Sections Industry Demand - The demand for the sector is expected to grow significantly, with potential catalysts such as price increases and high-end product sample validations [6] Company Performance - Companies to watch include Tongguan Copper Foil, Defu Technology, Longyang Electronics, Jiayuan Technology, Zhongyi Technology, and Nord Shares [6]

Investment Rating - The report maintains a "Buy" rating for the company, consistent with the previous rating [3]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 5.299 billion yuan, a year-on-year increase of 66.82%, and a net profit attributable to shareholders of 39 million yuan, up 136.71% year-on-year [1]. - The lithium battery copper foil business has shown rapid growth, achieving revenue of 4.109 billion yuan in the first half of 2025, a 99.11% increase year-on-year, with a gross margin of 7.63%, up 4.27% year-on-year [8]. - The company is accelerating its high-end product matrix layout, particularly in HVLP copper foil, which is expected to see increased demand due to AI applications [8]. - The company is expanding its production capacity and pursuing acquisitions, including a planned acquisition of a Luxembourg copper foil giant, which will enhance its market position in high-end copper foil products [8]. - A strategic investment of 500 million yuan from a local industrial fund is expected to accelerate the expansion of high-end production capacity [8]. Financial Summary - The company forecasts revenues of 6.531 billion yuan for 2023, 7.805 billion yuan for 2024, and 10.746 billion yuan for 2025, reflecting growth rates of 2.36%, 19.51%, and 37.67% respectively [2]. - The projected net profit for 2025 is 106 million yuan, with a significant recovery expected in subsequent years, reaching 370 million yuan in 2026 and 578 million yuan in 2027 [2]. - The earnings per share (EPS) is expected to be -0.39 yuan in 2024, recovering to 0.17 yuan in 2025, and further increasing to 0.59 yuan in 2026 and 0.92 yuan in 2027 [2]. - The company’s price-to-earnings (P/E) ratio is projected to be 216.62 for 2025, decreasing to 62.29 in 2026 and 39.88 in 2027, indicating improving valuation as earnings recover [2]. Market Data - As of August 29, 2025, the company's stock closed at 36.59 yuan, with a 12-month price range of 10.67 to 42.04 yuan [3]. - The total market capitalization is approximately 23.06 billion yuan, with an average daily trading volume of 38 million shares [3].

Summary of Conference Call Notes Company and Industry Overview - The company operates in the Low DK glass fiber sector and has achieved breakthroughs in production and certification, with mass production expected by the end of September 2025, starting with an initial capacity of 500 tons per year at a price of 200,000 RMB per ton, significantly higher than ordinary glass fiber yarn [2][3][4]. Key Points and Arguments - **Production Capacity Expansion**: The company plans to add three oil furnaces by 2026, totaling 1,500 tons of capacity, including both first and second-generation Low DK glass fiber, with the second-generation product expected to reach 600,000 RMB per ton [2][3][5]. - **High Demand for HDI PCB**: Orders for high-end HDI PCBs are booked until June 2026, with automotive orders accounting for 58% and home appliances for 15-16% of total orders in the first half of 2025, indicating strong market demand [2][5][9]. - **Global PCB Market Growth**: The global PCB market value reached over 70 billion USD in 2025, growing by over 10% year-on-year, and is projected to exceed 90 billion USD by 2029, driven by advancements in 5G/5.5G/6G technologies and AI-related demand [2][5][9]. - **Monthly Shipment Goals**: The company aims to maintain monthly shipments of 9.5 to 10 million copper-clad laminates in the second half of the year, despite a total capacity of 11 million, due to an increase in the proportion of high-end special products [2][6][9]. - **Price Adjustments**: The company has implemented two price adjustments in March and August, approximately 10% and 10 USD per unit respectively, which are expected to improve gross margins in the second half of the year, targeting a gross margin exceeding 20% [4][7][8]. Additional Important Information - **Production Bottlenecks**: The current global production capacity for Low DK glass fiber is only 8,800 tons, primarily concentrated among a few companies in Japan and China, which limits the production of high-end products like HDI PCBs [3][5]. - **Future Product Development**: The company is developing M6 and M7 panels, with plans to launch M8 and M9 in 2026, but significant profits from these products are not expected until 2027 or 2028 due to the need for extensive testing and customer certification [6][9]. - **Customer Feedback**: Positive feedback has been received from customers regarding the Low DK glass fiber, with some key clients insisting on its use for their products [10][11]. - **CPE Fabric Production**: The company plans to produce 2.5 million meters of CPE fabric monthly, with an annual capacity of 30 million meters based on current production capabilities [12]. - **Resin Business Development**: The company is focusing on high-end markets for resin products, particularly in bulletproof glass applications, and is developing hybrid display technology with promising prospects [21][22]. This summary encapsulates the key insights from the conference call, highlighting the company's strategic initiatives, market dynamics, and future growth potential in the Low DK glass fiber and PCB sectors.