瑞银-中国PCB材料亚太聚焦：铜箔-从电池颓势转向AI增益-China PCB Materials APAC Focus：Copper foil–Battery pain to AI gain-20260407

a§ MktcapNewNew24,89837%4.9x21%24%4%5%7%a§2 (10-15%Deficit)(35-40%deficit)- a§340%39%a§4 202420252024202520262027Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4NVIDIADownstreamproduct/platformM9+<=0.4umM9/M9+<=0.5umM8M6/M7M6/M7<=2.0um3-6um7-8um(8841164.WI)00 婚§5 婚§6ProductlayoutMitsuiKinzoku(5706.T)-Target1200t/monthDownstream:AWS/GOOGLEDownstream:NVIDIAAug-255-10%pricehikeforallcopperfoilproductsNewentrantslikelytob婚§7 (tonne/month)-(tonne/month)-婚§8 Batteryfoil–profitbottomingout+66%YoY40020252024202320222026 a§9DateCompanyConverting20ktbatteryfoilproductionlinetoPCBfoilConverting20ktbatteryfoilproductionlinetoPCBfoil,completedbyend202520202021202220232021YoY2022YoY2023YoY2024YoYCopperfoil70%46%23%22%48%28%24%2,09060%57%24%24%19%9%20%65%69%64%64%63%78%91%94%4%-5%0%15%3%202020212022202320242025E2026E202020212022202320242025E2026E2027E110%100%90%80%70%60%50%40%2,5002,0001,5001,0005000ktApr/23Apr/23Jun/23Aug/23Oct/23Apr/24Jun/24Aug/24Oct/24Apr/25Jun/25Aug/25Oct/2590%80%70%60%50%40%30%20%10%0%-10%BatteryutilisationBatteryutilisationPricingopportunity202020212022202320242025E2026E2027E202020212022202320242025E2026E2027E110%100%90%80%70%60%50%30%25%20%15%10%5%0%Copperfoilsubsectoravg.GPM90%80%70%60%50%40%100%婚§10RmbRmb/t6um-Rmb/t a§婚§12 57x57x50x30x25x40,00035,00030,00025,00020,00015,00010,0005,000-Batteryfoilvaluation(Rmbm)DefuTongguanNuodeZhongyi60x40x30x20x305305224DefuTongguanNuodeZhongyiBatteryfoilprofitPCBfoilprofit1,2001,000800600400200-1,000953DefuTongguanNuode600110.SHZhongyiMarketcap(Rmbm)23,83229,96115,18312,690Copperfoilcapacity(kt)Total8080Total9531,000305224Batteryfoilprofit4026537596040Batteryfoil%61%4%87%86%Valuation39%96%MarketimpliedBatteryfoilimpliedP/EBatteryfoilimpliedP/E9,27535x7,70040x28,76130x5,9084,990婚§13Jul-23Nov-23Jan-24Mar-24May-24Jul-24Nov-24Jul-23Nov-23Jan-24Mar-24May-24Jul-24Nov-24Jan-25Mar-25May-25Jul-25Nov-25Jan-26Mar-26May-26Jul-26Nov-26Jan-27Mar-27May-27Jul-27Nov-2725%20%15%10%5%0%-5%-10%Mean6.05.04.03.02.00.015%10%5%0%-5%-10%4.0婚§14 a§ 婚§16a§ 12-MonthRatingDefinition254%24%40%21%6%21%Definition4<1%<1%<1%<1%a§ 12-monthratingPricePriceTarget(Rmb)StockPrice(Rmb)86420Buy Neutral SellNoRating--婚§19---婚§20 relevanttoCreditSuisseWea婚§21 a§ a§ a§ a§