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Guangdong Jianye Laminate Co., Ltd., the world's largest supplier of composite copper plates, recently announced the price increase notice. From July 26th, its pcb sheet (ie, composite copper) and PP (prepreg) will increase by 10 yuan/sheet. 10%. This is the second time the company raised the price of the composite copper plate this month.
The industry believes that the start of this year's price hike is similar to last year, showing that the strong demand for lithium copper foil has not eased the impact of pcb copper foil capacity. In the short term, as the downstream pcb enters the traditional peak season in the second half of the year, the price of copper foil and copper clad laminates is expected to rise again.
In the medium and long term, by 2019, the new production capacity of copper foil is relatively limited, and most of them are lithium-ion copper foil, and the market supply and demand situation is difficult to change. The industry is booming throughout the year, and the profitability of copper foil and copper clad laminates is expected to exceed expectations.
Related concept stocks:
Tongling Nonferrous Co., Ltd., 2010, Diagnostic Stocks : Smelting profit improvement, deep processing volume and price increase
The company has significant cost advantages in copper smelting enterprises. The copper processing business has benefited from the deep processing volume increase of copper foil and other profit growth, and the future performance is expected to improve significantly. Revise up 2017-2019 eps forecast to 0.11/0.17/0.21 per share (previous value 0.09/0.14/0.19 yuan), corresponding to 2618 pe 26 times.
Smelting fees bottomed out and performance is expected to continue to grow. The company has a copper smelting capacity of 1.3 million tons/year. The double flash project has reduced the copper smelting/sulfuric acid production cost to 1900/110 yuan per ton. With the future demand growth, the copper supply shortage is improved, and the copper smelting fee is expected to bottom out. Up, the company's performance is expected to improve. The company's copper processing business has stable earnings, of which copper foil production capacity has reached 30,000 tons / year (20,000 tons of standard foil + 10,000 tons of lithium battery copper foil); 20,000 tons of lithium battery copper projects under construction is expected to be put into production by the end of 2017. At present, the processing cost of lithium copper foil is about 42,000 yuan / ton. The demand for copper foil for lithium batteries for new energy vehicles will soon or will help the copper foil business exceed expectations, which will become the next bright spot for the company's performance growth.
Mixed reform and binding of management and shareholder interests, development of full-fledged. The company's mixed ownership reform has its own unique approach. It achieves corporate and group-level holdings through employee stock ownership and payroll deferral: company-level implementation of employee stocks, and group-level non-ferrous holding employees intend to increase their shareholdings through the pay deferral plan. In connection with the interests of listed companies, the company is expected to continue to reduce costs and increase efficiency, and performance is expected to continue to improve.
Catalyst: Copper foil processing fee is up, tc/rc is up.
Risk Warning: Mixed promotion has not progressed as expected.
Shengyi Technology 600183, Diagnostic Unit : Strategic cooperation with Tongling Nonferrous, copper foil supply is guaranteed
Tongling Nonferrous Metals announced that it has signed a cooperation framework agreement with Shengyi Technology, and the two parties will form a long-term comprehensive strategic partnership. Summarizing the cooperation content, mainly includes four aspects: expanding the wider application of electronic copper foil in Shengyi Technology (including high-frequency high-speed materials and production technology exchange); ensuring the supply of electronic copper foil of Shengyi Technology; opening up product market to each other; Invest in the development of new industries such as new energy.
The industry leader is strong and united, and the win-win situation in the context of persistent copper foil is formed.
Tongling Nonferrous Metals Co., Ltd. is the largest third-party standard copper foil supplier in China. At the end of 16th, the copper foil production capacity reached 30,000 tons/year, including 27,500 tons of electronic copper foil. At the same time, it plans to build 20,000 new electronic copper foil. Tons per year. Shengyi Technology is a leading company in the domestic a-share CCL, and its customers cover major domestic and large pcb large and medium-sized enterprises. The cooperation between the two parties is the leading combination of the copper foil and CCL industry, which will help enhance the long-term competitiveness of the two parties in their respective industries, and form a win-win situation of mutual support in the context of the continued tension of copper foil in the past 16 years.
With the support of copper crown and copper foil, the new production capacity of Shengyi Technology is effectively guaranteed by raw materials.
In the grassroots research of cpca2017, the binding relationship between the copper clad faucet and the copper foil factory has been suggested. Shengyi Technology has added 11 million square meters of copper clad laminates and 24 million meters of commercial bonded sheets to Changshu, Jiangsu based on the original 73.5 million square meters of copper clad laminates and 120 million meters of bonded sheets. At present, the new Changshu plant has been put into operation, but due to The material shortage rate has not reached the maximum. In this cooperation with Tongling, special emphasis was placed on the supply of electronic copper foil to Shengyi Technology to achieve the ideal scale supply under market conditions. Therefore, the new capacity of Changshu, which is profitable, is expected to obtain copper in terms of operating rate after signing the cooperation agreement. Important support for crown copper foil. In addition, it is believed that the model of strategic cooperation between CCL faucets and upstream material suppliers is expected to continue and expand, further enhancing the industry competitiveness and influence of CCL faucets.
The demand for localization of high-frequency high-speed sheet metal materials is urgent, and leading cooperation will help to ensure the supply of large customers. The communication industry is gradually extended from 4G, 4.5G to 5g. Both spectrum expansion and dense networking put forward higher requirements for high-frequency copper-clad substrates. In the 16-year mid-year report, Shengyi invested in setting up a wholly-owned subsidiary to invest 253.3 million yuan in the field of special copper-clad (high-frequency), which is also in the forefront layout. It is understood that the current high-frequency high-speed special copper foil in the industry, such as reverse-treated copper foil (rtf) and ultra-low ridge copper foil (vlp), are mainly purchased from Japan, Taiwan and other regions. At present, trade protection is heating up, and patent wars continue. Under the driving force, domestic communication, server and other industry leaders such as Huawei and Inspur have the urgent need to realize the localization of basic materials to ensure the security of the supply chain. The cooperation between Shengyi and Tongling in high-frequency and high-speed materials not only utilizes their respective advantages, but also conforms to the domestic trend of domestic electronic key raw materials.
As the leader of domestic copper clad board, Shengyi Technology will benefit from the upward cycle of the copper foil and CCL industry chain in the current round. The 17-year first-quarter report and the second-quarter report are all eye-catching. The annual high-performance growth can be expected, and the price increase continues to exceed Expected flexibility, medium and long-term growth of new substrates such as automobiles, high-frequency communications and bt boards, the company's management is also very good in cost management. The cooperation with Tongling complements the company's relative strengths in copper foil supply and the disadvantages of companies such as South Asia, which guarantees the operating rate of new capacity and helps to improve performance flexibility. The net profit for the 16/17/18 period is forecast to be 7.47/11.17/1,289 million, corresponding to a pe of 25/17/15 times.
Jinan Guoji 002636, diagnostic stock : the contradiction between supply and demand of raw materials, high performance and flexibility
The volume and price of CCL increased, and the 2016 annual results were in line with expectations: In 2016, the company achieved a total operating income of 3.05 billion yuan, a year-on-year increase of 19.83%, operating profit increased by 597%, and net profit of 340 million, a year-on-year increase of 531%. In line with expectations. Among them, the fourth quarter achieved a revenue of 970 million in a single quarter, a 31% increase from the previous quarter, a net profit of 184 million, a substantial increase of 157% from the previous month, verifying that the upstream copper foil continued to increase in price, and the downstream pcb demand rebounded, the company's CCL production and sales Both quantity and product price have been effectively improved, net profit has continued to increase, and profitability has been further strengthened.
The contradiction between supply and demand of fiberglass cloth and copper foil continues. The company's fiberglass cloth production capacity is 82.56 million meters, which has cost advantages: since the second half of the year, the copper foil main raw material electrolytic copper foil is in short supply, and the price continues to rise, stimulating CCL manufacturers to increase prices to conduct Cost pressure; entering 2017, the electronic supply of glass wire, glass cloth in the case of destocking and factory kiln cold repair, the contradiction between supply and demand intensified, the price continues to rise, relay copper foil becomes a shortage of raw materials for copper clad laminates. The company's electronic grade fiberglass cloth project will reach an annual production capacity of 82.56 million meters after production, and 1/3 can achieve self-supply, with significant cost advantages.
The shortage of copper foil and fiberglass cloth will continue to cover the price of copper plate. The company can flexibly adjust the product structure, maintain a high operating rate, and increase the volume and price of CCL with the new capacity to increase profits. Lpcb downstream demand trend is good, the price increase effect is smooth, the company is facing small and medium-sized customer groups, the price increase is flexible: automotive electronics, new energy vehicles, led small spacing, communication base stations and other sub-sectors have rapidly developed into a new downstream demand for the pcb industry. Growth momentum. Due to the trend of downstream demand for pcb, the price increase effect of the raw material-CCL-pcb industry chain was smooth. The company is oriented to small and medium-sized customer groups, with strong bargaining power, and the price increase of CCL is large, and the annual growth of high performance can be expected.
The company is a medium-thick copper clad faucet, which is a high-elastic variety in the raw material price increase cycle. The net profit for 2017/18 is expected to be 10.10/1.534 billion, respectively, eps is 1.39/2.11 yuan, and the current share price corresponds to 15/10x.
[Editor: heyan]
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