建滔积层板：基于近期铜价走强及 A 股同行第三季度业绩，开启 30 天正面看涨期权策略

Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - Company: Kingboard Laminates Holdings (KBL) - Industry: Copperclad laminate (CCL) production, primarily for printed circuit boards (PCBs) - Market Position: KBL holds approximately 17% global market share in rigid laminates and over 30% in the PRC [17][18] Key Points and Arguments 1. ASP Inflation and Copper Costs - KBL has increased the average selling price (ASP) of copperclad laminate by Rmb10/sheet (~7-8% increase) in mid-August due to rising copper costs, which have surged by ~12% to US$10.7k per tonne [1][11] - A further ASP inflation is anticipated in October, driven by ongoing copper cost increases and improved industry demand due to AI applications [2][16] 2. Utilization Rate (UTR) Improvement - KBL's UTR improved to ~88% in September with shipments of 10 million sheets, compared to an average of 79% in the first half of 2025 [1][3] - The overall CCL industry is experiencing improved demand/supply dynamics, with leading players like SYTECH and Shennan also operating at high capacity [2] 3. Monthly Shipment Growth - Monthly shipments of CCL increased by 8-9% YoY in 3Q25, indicating a consistent improvement in the overcapacity situation within the CCL industry [3] - The gross margin (GM) is expected to improve significantly in 2H25 compared to 1H25 due to higher UTR and ASP inflation [3] 4. Earnings Projections - KBL's net profit is projected to grow from HK$991 million in 2023 to HK$4.747 billion by 2027, with a core EPS growth forecast of 53.1% in 2025 [3][7] - The company is expected to achieve a core profit growth of 58% YoY in 2H25, driven by a low base from 2H24 and increasing UTR [10] 5. Market Dynamics and AI Influence - The demand for AI-related products is expected to boost the CCL sector, with major suppliers reducing production of non-AI CCL due to lower profitability [2][8] - KBL is on track to secure NVDA certification for its fiberglass in 4Q25, which could lead to further re-rating of the stock [1] 6. Valuation and Investment Strategy - KBL is rated as a "Buy" with a target price of HK$20.50, representing a potential upside of 62.4% from the current price of HK$12.62 [4][19] - The investment strategy anticipates a 3-year EPS CAGR of 52% through 2027, following a downturn in 2022-2023 [18] 7. Risks - Key risks include the pace of customer certification for AI-CCL materials, macroeconomic growth in China, and fluctuations in demand for electronic goods [20] Additional Important Information - The correlation between KBL's share price and copper costs is noted to be over 60%, indicating that fluctuations in copper prices significantly impact KBL's market performance [2][14] - The company is positioned to benefit from the ongoing AI boom, which is expected to enhance profitability across the CCL sector [2][8] This summary encapsulates the critical insights from the conference call regarding Kingboard Laminates Holdings, highlighting the company's strategic positioning, market dynamics, and financial outlook.