格隆汇9月15日丨逸豪新材(301176.SZ)在投资者互动平台表示，公司电子电路铜箔产品矩阵持续完善， 已形成覆盖9μm至210μm的完整产品体系，正在研发的12oz超厚铜箔，将进一步延伸产品厚度上限，产 品最大幅宽保持1,325mm行业领先水平。高频高速领域，RTF铜箔已向客户供货，HVLP铜箔已进入客 户验证阶段。 ...

格隆汇9月15日丨逸豪新材(301176.SZ)在投资者互动平台表示，公司电子电路铜箔产品矩阵持续完善， 已形成覆盖9μm至210μm的完整产品体系，正在研发的12oz超厚铜箔，将进一步延伸产品厚度上限，产 品最大幅宽保持1,325mm行业领先水平。高频高速领域，RTF铜箔已向客户供货，HVLP铜箔已进入客 户验证阶段。 ...

方邦股份 20250828 摘要 方邦股份 2025 年上半年屏蔽膜业务小幅增长，预计下半年受益于韩国 客户新款旗舰手机采用，将显著提升收入和毛利率，对整体业绩形成重 要补充。 公司主动控制普通铜箔出货量以减少亏损，同时中高端 RTF 铜箔出货量 同比增长超两倍，该产品过去依赖进口，方邦股份已实现技术突破。 脑心通板业务上半年实现近 3.7 倍增长，是公司重点关注项目，采用自 研自产原材料，市场表现良好，成为业绩增长亮点。 FCT 业务采取自研自产原材料策略，已开发出铜箔搭配国外 PI 材料的 FPCR，正在测试认证，有望提升毛利率和盈利能力，并积极布局 Apple CCL 市场。 可博同产品逐步稳定并通过多家头部载板厂及终端认证，已有小批量订 单，受益于 cover p 技术和 CPO 光模块等新技术，市场需求有望扩大。 薄膜电阻产品已量产，订单稳定增长，受益于关税问题打破美国 Omega 垄断，国内客户加速导入，毛利率高，对今年业绩增厚显著， 预计明年贡献更多增长。 公司积极推进北美大客户导入，技术测试已完成，预计明年或后年有望 进入，该市场屏蔽膜需求巨大，若能获得一半订单，业务体量将翻倍， 毛利率有望提 ...

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].

Performance Summary - In H1 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 [1] - In Q2 2025, the company reported revenue of 1.602 billion yuan, a year-on-year increase of 36%, and a net profit attributable to shareholders of 30 million yuan, compared to a loss of 31 million yuan in the same period last year [1] - The company anticipates that 2025 will be the year of profit release for AI copper foil, with expectations for quarterly validation [1] Operational Analysis - **PCB Copper Foil**: The company has a significant advantage in HVLP positioning, with financial reports gradually validating a high prosperity trend - The demand for HVLP copper foil, as a substrate for AI servers, is robust and continues to grow, with the production of high-frequency and high-speed substrate copper foil (HVLP + RTF) accounting for over 30% of total PCB copper foil production [2] - 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 [2] - The company holds a clear advantage in the high-end copper foil sector for PCBs, ranking first among domestic companies in RTF copper foil production and sales capabilities [2] - **Lithium Battery Copper Foil**: The operational aspects have also shown positive improvement, with products gradually shifting towards higher value-added options such as 4.5um and 5um - In H1 2025, lithium battery copper foil revenue reached 1.137 billion yuan, a year-on-year increase of 93%, with a gross margin of 0.24%, an increase of 5.82 percentage points year-on-year [2] Profit Forecast, Valuation, and Rating - Given the company's Q2 performance exceeding expectations, profit forecasts have been revised upward, with projected net profits attributable to shareholders for 2025-2027 expected to be 146 million, 474 million, and 626 million yuan respectively [3] - The current price corresponds to dynamic PE ratios of 183x, 56x, and 43x for the years 2025, 2026, and 2027 respectively, maintaining a "buy" rating [3]

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.

Core Viewpoint - The demand for high-end electronic circuit copper foil is surging due to the explosion of artificial intelligence server needs and accelerated 5G base station construction, presenting a historic opportunity for domestic substitution in this sector [1][2]. Group 1: Company Overview - Defu Technology is breaking the long-standing monopoly of foreign companies in the high-end copper foil market, establishing itself as a technological benchmark and market leader in China [1]. - The company has formed stable partnerships with leading global manufacturers such as Shengyi Technology and Taisuo Electronics, with its products covering AI servers, 5G base stations, and consumer electronics [2]. Group 2: Technological Advancements - Defu Technology has invested 183 million yuan in R&D for 2024, marking a 30.45% increase year-on-year, and has added 17 new invention patents, focusing on cutting-edge fields like AI servers, 6G communication, and automotive radar [1]. - The company has successfully developed two major product series, RTF and HVLP copper foil, with HVLP achieving a roughness of less than 1.0μm and a 30% reduction in signal loss compared to traditional products [1]. Group 3: Market Position and Strategy - In 2024, the domestic sales volume of electrolytic copper foil is expected to reach 1.09 million tons, with Defu Technology's high-end electronic circuit copper foil shipment ratio increasing to 10.86% [2]. - The company is focusing on a technology strategy of "high frequency, high speed, and ultra-thin," with plans to develop ultra-low profile copper foil for 6G terahertz communication and materials for solid-state batteries [2].

Group 1 - Core viewpoint: Defu Technology is a leader in the copper foil industry, with new opportunities arising from high-end electronic circuits and solid-state battery products. The company has been deeply involved in the copper foil sector for 40 years, starting with electronic circuit copper foil and gradually expanding into lithium battery copper foil. In Q1 2025, the company achieved revenue of 2.501 billion yuan, a year-on-year increase of 110%, and a net profit attributable to shareholders of 18 million yuan, marking a turnaround in profitability with a continuous upward trend in operations [1][2]. Group 2 - Electronic circuit copper foil: The domestic substitution of RTF (Reverse Copper Foil) and HVLP (High Voltage Low Profile Copper Foil) is expected, with carrier copper foil also likely to achieve breakthroughs. The cost of copper foil accounts for 42.10% of the cost of copper-clad laminates, which constitute 27.30% of the PCB cost. RTF and HVLP are mainstream products for high-frequency and high-speed copper-clad laminates, currently dominated by suppliers from Japan and Taiwan. The company has potential for domestic substitution, with HVLP1-2 already in small-scale supply for projects like Nvidia and 400G/800G optical modules. HVLP3 has passed certification for Japanese copper-clad laminates and is expected to be released in 2025 for domestic computing board projects. Additionally, the company plans to acquire Luxembourg Copper Foil, a global leader in high-end IT copper foil, which has long-term collaborations with top global copper-clad laminate and PCB companies, potentially accelerating breakthroughs in high-end electronic circuit copper foil [1]. Group 3 - Lithium battery copper foil: The supply-demand situation is improving from 2023 to 2025, with effective industry capacity projected at 1.18 million tons in 2023, 1.45 million tons in 2024, and 1.52 million tons in 2025, while global demand is expected to be 610,000 tons, 830,000 tons, and 1.1 million tons respectively. The supply-demand gap is narrowing from 93% in 2023 to 38% in 2025, with limited new capacity expected in 2025. The company is actively developing new solid-state battery products such as atomized copper foil, microporous copper foil, and nickel-plated copper foil, all of which have achieved mass supply [2]. Group 4 - Profit forecast and investment suggestion: The company is expected to achieve net profits attributable to shareholders of 112 million yuan, 312 million yuan, and 452 million yuan from 2025 to 2027, with year-on-year growth rates of 145.8%, 177.9%, and 44.8% respectively. Considering comparable companies and a valuation premium, a price-to-earnings ratio of 50x for the 2026 net profit is suggested, corresponding to a reasonable value of 24.77 yuan per share. The company is covered for the first time with a "buy" rating [2].

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].