Re-balancing Period, PCB Copper Foil Sector Odds Emerge - 20260730

English summary

### Re-balancing Period, PCB Copper Foil Sector Odds Emerge - 20260730 Time: 2026-08-01 13:16:30 Content: Re-balancing period, PCB copper foil sector odds emerge - 20260730⭕ Based on neutral performance expectations for 2027, 德福科技 15X, 海亮股份 11X, 中一科技 16X, 诺德股份 15X. In terms of valuation, 海亮股份 has a higher safety margin, and 德福科技 has a clearer upward profit ladder, showing a 'high-elasticity option'. ➠德福科技: Current PE (TTM) is at the 47th percentile historically. Lithium battery copper foil profit per ton is 7-8k, shipments of 145,000 tons, corresponding to a profit contribution of 1.1 billion for 2027. Considering the limited new annualized capacity in the copper foil sector, give 15X corresponding to 16.5 billion. Electronic circuit copper foil plans 50,000 tons of high-end capacity, with phase I capacity of 25,000 tons landing in 27H1. The company already has HVLP1-3 mass production and shipping capabilities. Neutral expectation for high-value-added products in 2027 is 20,000 tons (including 10,000 tons of RTF), corresponding to a profit contribution of 1.3 billion, giving 20X corresponding to 26 billion. …