德福科技通过材料改性工艺与电沉积技术优化，成功开发RTF、HVLP两大系列产品。其中，HVLP铜箔 粗糙度低至1.0μm以下，信号损耗较传统产品降低30%，已批量应用于 英伟达 AI加速卡及华为数据中心 服务器；RTF铜箔通过松下电子认证，粗糙度控制在1.5μm，满足 汽车电子 ADAS系统高频高速信号传 输需求。 据了解，2024年国内电解铜箔销量达109万吨，其中高端电子电路铜箔市场长期由日本企业主导。德福 科技通过技术突破实现高端产品量产，2024年高端电子电路铜箔出货占比提升至10.86%，与 生益科技 、台 光电子 等全球头部厂商建立稳定合作，产品覆盖AI服务器、5G基站、 消费电子 等多领域。 受益于AI算力基础设施加速建设，高端电子电路铜箔需求持续增长。德福科技凭借RTF/HVLP铜箔的技 术优势，有望在国产替代浪潮中占据先机。面对市场机遇，德福科技持续优化产品结构。在锂电铜箔领 域，企业的超薄化产品已稳定供货 宁德时代 、 比亚迪 等头部企业，2024年市占率达8.7%。在电子电 路铜箔领域，公司开发的埋阻铜箔完成客户端测试，该产品将电阻元件集成于铜箔层，可简化PCB制造 流程并提升信号完整性 ...

锂电铜箔：25 年供需改善，固态电池新需求涌现。我们测算23-25 年行业有效产能分别为118、145、 152 万吨，对应全球需求分别为61、83、110 万吨，供需敞口分别为93%、75%、38%，敞口逐年收窄， 且2025 年新增产能较少，行业整体供需关系持续改善。公司积极布局雾化铜箔、微孔铜箔、镀镍铜箔 等固态电池新产品，均已实现批量供货。 盈利预测与投资建议：预计25-27 年归母净利润为1.12/3.12/4.52 亿元，同比增速为 145.8%/177.9%/44.8%。参考可比公司，考虑估值溢价，给予公司26 年归母净利润50x PE，对应合理价 值24.77 元/股。首次覆盖，给予"买入"评级。 风险提示：新能源汽车销量不及预期；固态电池进展不及预期；国产替代进展不及预期；原材料价格波 动风险。 德福科技：铜箔行业龙头，高端电子电路+固态电池新产品带来发展机遇。公司深耕铜箔领域四十年， 以电子电路铜箔起家，逐步拓展锂电铜箔领域。25Q1，公司实现营收25.01 亿元，同比+110%，归母净 利润0.18 亿元，实现扭亏为盈，经营趋势持续向上。 电子电路铜箔：RTF 和HVLP 铜箔国产替代可 ...

Core Viewpoint - The Chinese electronic circuit copper foil industry is experiencing rapid development and transformation, driven by the growth of emerging industries such as 5G communication, new energy vehicles, and the Internet of Things, with a projected sales volume of 440,000 tons in 2024, representing a year-on-year increase of 7.32% [1][12]. Industry Overview - Electronic circuit copper foil is a cathodic electrolytic material used as a core conductor in printed circuit boards (PCBs), facilitating electrical connections between electronic components [2]. - The industry can be categorized into electrolytic copper foil and rolled copper foil based on production processes [2]. Industry Development History - The industry has evolved through four stages: 1. Initial stage (1950s-1970s) focused on manual production with low product variety and quality [4]. 2. Localization stage (1980s-1990s) marked by increased demand and technology imports, leading to improved production techniques [4]. 3. Rapid development stage (2000s-2010s) where China became the largest producer globally, emphasizing technological innovation [5]. 4. High-end transformation stage (2010s-present) driven by new industries, with a focus on high-performance materials like ultra-thin copper foil [6]. Industry Supply Chain - The supply chain includes raw materials such as copper and sulfuric acid, production equipment like cathode rollers and foil machines, and downstream applications in communication devices, consumer electronics, and automotive electronics [8]. Market Size - The demand for electronic circuit copper foil is on the rise, with a projected sales volume of 440,000 tons in 2024, reflecting a 7.32% increase year-on-year [12]. Key Companies' Performance - The industry features leading companies such as Jiantao Copper Foil, Nanya Copper Foil, and Copper Crown Copper Foil, with 14 companies reporting sales over 10,000 tons, and five exceeding 20,000 tons [14][16]. - Notable companies include: - Jiantao Copper Foil: Largest domestic producer with advanced technology and a complete supply chain [16]. - Nanya Copper Foil: Strong in high-end copper foil technology [16]. - Copper Crown Copper Foil: Leader in RTF copper foil production, with significant revenue growth [16][18]. Industry Development Trends 1. **Technological Upgrades and High-end Development** - The industry is focusing on high-frequency, high-speed copper foil and ultra-thin products, with domestic companies achieving significant breakthroughs [20]. 2. **Market Demand Changes and New Application Areas** - The growth of 5G communication and new energy vehicles is driving demand for electronic circuit copper foil, particularly in high-performance applications [21][22]. 3. **Industry Chain Collaboration and Global Layout** - Companies are increasingly collaborating within the supply chain and expanding globally to enhance competitiveness and market presence [23].

嘉元科技 20250625 摘要 嘉元科技已小批量供应固态电池用多孔铜箔、镀镍铜箔和高比表面积铜 箔，分别用于增强结合力、解决腐蚀问题和抑制锂枝晶。镀镍铜箔主要 采用电化学技术，公司探索"先镀镍"和"一次成型"两种工艺路线， 大规模量产成本待定。 针对硫化物固态电池，客户倾向于镀镍铜箔，嘉元科技也提供其他合金 铜箔替代方案。工艺转换的关键在于解决不同金属与铜的结合问题。镀 镍铜箔的验证正在进行中，若性能与现有产品相近，成本优势明显，预 计将大概率被采用。 嘉元科技在全固态电芯领域处于领先地位，已为某知名固态电池厂家 （产品已应用于无人机）供应铜箔。预计 2025 年镀镍铜箔出货量至少 达到百吨级，具体取决于客户产线建设进度。多孔铜箔主要搭配锂金属 负极，已研发成功，但全固态电池负极技术仍需优化。 复合集流体方面，目前客户需求不明显，因成本优势不再，且在安全性、 能量密度等方面与现有铜箔产品相比无显著区别。复合铜箔在铜用量上 不具备成本优势，且在快充场景下存在温度变化带来的技术挑战。 Q&A 针对固态电池应用，公司目前开发了哪些新型铜箔产品，以及这些产品的研发 进展如何？ 公司已开发多款适用于固态电池的产品，包 ...

Core Viewpoint - Defu Technology reported significant growth in Q1 2025, with a revenue of 2.501 billion yuan, a year-on-year increase of 110.04%, and a net profit of 18.2 million yuan, marking a turnaround from losses [1] Group 1: Financial Performance - The company achieved a revenue of 2.501 billion yuan in Q1 2025, reflecting a 110.04% increase compared to the previous year [1] - The net profit for the same period was 18.2 million yuan, indicating a return to profitability [1] - The growth in revenue was attributed to a substantial increase in copper foil sales and improved production efficiency, leading to a higher gross margin [1] Group 2: Production and Capacity - In 2024, the company’s copper foil shipment volume reached 92,700 tons, a year-on-year increase of 17.18%, maintaining a leading position among domestic copper foil manufacturers [1] - As of the end of 2024, the company had established an annual production capacity of 150,000 tons, with expectations to reach 175,000 tons by the end of 2025 [1] Group 3: Research and Development - The company emphasized R&D as a key driver of growth, with R&D investment in 2024 amounting to 183 million yuan, a 30.45% increase year-on-year [1] - The company added approximately 17 new invention patents in 2024, addressing several technological gaps in the industry [1] - A research institute was established to focus on revolutionary projects related to next-generation solid-state battery technologies and advanced copper foil applications [1] Group 4: Product Development - In 2024, the company’s high-end electronic circuit copper foil accounted for 30% of total shipments [2] - The company developed and mass-produced several new products, including high-performance lithium battery copper foils, which accounted for 23% of total lithium copper foil sales [2] - The company plans to replace 6μm lithium copper foil with 5μm variants on a large scale by 2025, increasing the proportion of high-value-added products [2] Group 5: Strategic Initiatives - The company is extending its operations upstream by establishing a production base for additive chemicals, with a planned investment of approximately 2 billion yuan for a project to produce 30,000 tons of electronic chemicals annually [2] - The aim is to achieve complete self-synthesis of additives, which are critical for the production of copper foil, enhancing the company’s ability to optimize product performance [2] Group 6: Future Outlook - The company intends to leverage its chemical industrial innovation platform to enhance the performance of electrolytic copper foil materials, aligning with the rapid development of downstream applications such as AI hardware and high-performance lithium batteries [3] - The company aims to develop disruptive copper foil manufacturing technologies, integrating electronic chemical products into its offerings while significantly reducing energy consumption and improving atomic economy [3]