CCL 与电子玻纤布的联动

Summary of Conference Call Records Industry Overview - The electronic fiberglass cloth industry is experiencing increased demand driven by AI servers and high-bandwidth switches, particularly in the context of Low-K fiberglass cloth applications in levels 6 and above, with specific usage depending on customer product design and performance requirements [1][3] - The current market for electronic fiberglass cloth is primarily focused on first-generation Low-K products, while second-generation products are used in niche markets. The PCB and CCL scrap issues have led to supply tightness, resulting in a high level of industry prosperity, with order visibility extending until the end of June [1][6] Key Insights - The demand for electronic fiberglass cloth in B200 chips and above is complex, with significant increases in the use of level 8 materials, but not all applications utilize second-generation Low-K materials, only specific scenarios like NVLink Sweet Spot boards and Arista 800G switches [1][5] - The upgrade of CACCO levels is not directly correlated with the use of electronic fiberglass cloth, as it requires analysis based on specific application scenarios, such as AI servers and GPU peripheral services [1][7] - Johnson & Johnson's sustained orders provide stable demand for the industry, with increased computational power expanding the application space for upstream Low-K materials. Domestic manufacturers are improving quality through mass production, giving them an advantage in domestic substitution [1][8] Company-Specific Developments - China National Materials Technology (中材科技) has made significant progress in the Low-K materials sector, with monthly shipments from its subsidiary Taibo increasing from 1 million meters to nearly 2 million meters, with expectations to reach 15 million meters in Q2 [4][9] - The company has reserves of specialty fiberglass products, such as quartz fiberglass cloth and low-expansion fiberglass cloth, which are expected to contribute to performance growth by 2026, with quarterly profit contributions from specialty fiberglass materials projected to rise from 30 million to 50 million [4][10] - Overall performance expectations for China National Materials Technology in 2025 are optimistic, with updated guidance indicating total performance around 1.8 billion, driven by significant growth in specialty fiberglass materials and recovery in wind power and military sectors [11][12] Future Outlook - In the coming years, China National Materials Technology is expected to achieve steady growth across multiple sectors, with an anticipated profit contribution of approximately 380-400 million by 2026. The company will continue to innovate through new product iterations to maintain competitiveness [12] - The electronic substrate sector is expected to see significant growth, supported by high demand for CACCO and PCB, making it one of the best-performing segments outside of wind power [13][14]