石英布专家交流

Summary of Conference Call on Quartz Fabric Industry Industry Overview - The quartz fabric industry is currently facing supply constraints for second-generation fabric due to limited glass fiber raw materials, leading to anticipated price increases. Japanese manufacturers are struggling to expand production to meet demand, resulting in a persistent supply-demand imbalance that may impact the CCL (Copper Clad Laminate) industry [2][19]. Key Insights - Performance of Domestic Companies: Mainland companies, such as those in Hubei, have shown good performance in individual metrics for quartz fabric testing, but the stability and consistency of mass production still need verification, indicating that large-scale application will take time [2][20]. - Market Dominance: The high-end copper foil market is primarily dominated by Japanese and Korean suppliers, with companies like South Korea's Solvay and its Luxembourg subsidiary being preferred for stable and high-volume supply [2]. - Electronic Materials Contribution: The electronic materials segment contributes 80% of the company's shipment volume, with significant demand expected for switch products in the second half of next year, particularly for the 1.6T product market [2][28]. - Material Procurement: North American IC/CSP manufacturers mainly procure M8U or equivalent materials, which are sufficient for the upcoming 1.6T product demand. Next-generation product solutions are still under observation [2][29]. - AI Market Dynamics: In the AI sector, the company utilizes Japanese suppliers, indirectly making them a major player, while their market share in non-AI sectors is relatively low [2][23]. Production and Testing Insights - Second-Generation Fabric Demand: Currently, second-generation fabric is in small-batch production with some supply shortages. The cost structure indicates that copper foil accounts for about 30% of total costs, while glass fabric accounts for approximately 20% [5]. - Testing of New Suppliers: New suppliers in mainland China, particularly in Shandong and Hubei, are progressing in testing quartz components, with a focus on ensuring diverse technological routes [11]. - Challenges in Production: Glass fiber suppliers face challenges when transitioning from producing first or second-generation fabrics to third-generation fabrics, indicating a steep learning curve [12]. Pricing Trends and Market Dynamics - Price Trends: The price of second-generation fabric is expected to rise due to fixed raw material costs, while the first-generation fabric prices are anticipated to remain stable unless market conditions change significantly [17]. - Supply Chain Tightness: There are no significant supply-demand imbalances in resin and copper foil, but the second-generation fabric's supply shortage may lead to price increases [19]. Future Developments - M9 Electronic Fabric Material Decision Timeline: The decision on M9 electronic fabric materials is expected to be made in the second half of 2026 or the first half of 2027, with ongoing testing of supplier samples focusing on material stability [26]. - Testing Results: Initial testing results from Hubei have shown promise, while Shandong has yet to complete its testing report [14][20]. Conclusion The quartz fabric industry is navigating through supply constraints and testing new materials while maintaining a focus on stability and consistency in production. The demand for electronic materials is expected to grow significantly, particularly in the AI and high-speed data transmission sectors, indicating potential investment opportunities in this space.