Recently, the domestic CCL market ushered in a wave of price increases. On September 6, Kingboard Laminates, the leader in copper clad laminates, will increase HB/VO by RMB10/HKD10 for plates (all thicknesses) from this month; on August 30, Jiaozuo Oriwang will adjust all thicknesses of medium and high conductivity aluminum-based copper clad laminates. 5 yuan/square meter; On August 28, Willybon raised HB5 yuan/sheet, 22F, CEM-110 yuan/sheet. The analysis pointed out that grasping the right to speak in prices allows CCL manufacturers to smoothly transfer the pressure of upstream material price increases to the downstream. As the market demand for mid-to-high-end PCB products such as multi-layer boards, HDI boards and IC substrates continues to grow, the market space for copper clad laminate manufacturers has also been further opened. Superimposed on the continuous high demand in downstream consumer electronics, new energy vehicles and other fields, the trend of rising volume and price in the copper clad laminate industry has become clear.

The prices of upstream raw materials continue to rise, and downstream orders are full, leading manufacturers of copper clad laminates prepare to raise prices

The main raw materials of copper clad laminates include electronic copper foil, glass fiber, epoxy resin, etc., of which the cost of copper foil accounts for 30%-50%, the cost of fiberglass cloth accounts for 25%-40%, and the cost of epoxy resin accounts for 25%. -30%.

Affected by the sharp increase in the prices of raw materials bisphenol A and epichlorohydrin, the recent domestic epoxy resin prices have continued to rise, with the price approaching 36,000 yuan/ton, while the price at the end of June was less than 30,000 yuan/ton. In terms of copper foil, new energy vehicles are booming, and the demand for lithium battery copper foil has greatly increased. In addition, the profit margin of lithium battery copper foil is higher than that of copper clad copper foil. A large number of copper foil suppliers will shift their production focus to lithium battery copper foil. The foil output is squeezed. At the same time, part of the production equipment of copper foil needs to be imported from the United States and Japan, and it will take two years to pick up the goods at the earliest after the order is placed. Therefore, it is difficult to rapidly expand the production of copper foil.

Kingboard Laminates, a leading company in the copper clad laminate industry, said in a recent survey that the prices of copper foil, glass fiber, glass cloth, and epoxy resin remained relatively high, corresponding to better external demand, and prices are expected to continue to rise in the second half of the year. Shengyi Technology stated in the semi-annual report that the cost of the main raw materials for copper clad laminates has been rising since the second half of last year, and the supply has become increasingly scarce.

Downstream, according to industry research, orders for copper clad laminates are now scheduled to the end of this year, and the order delivery cycle is very long. It used to be about 10 days, but now it basically takes 30-45 days. The domestic copper clad laminate company Ultrasonic Electronics stated on the investor interaction platform that the company's overall orders for printed board and copper clad laminate businesses are currently full.

It is expected that as the prices of upstream raw materials continue to rise, copper clad laminate manufacturers will increase the prices of their products in order to cope with rising production costs. Recently, Kingboard said it will increase the unit price. Since the concentration of the copper clad laminate industry is higher than that of downstream PCBs, under the background of short supply of copper clad laminates, the price increase of copper clad laminates is higher than that of main raw materials.

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Shengyi Technology (600183): The largest domestic copper clad laminate manufacturer, the output ranks second in the world, with a market share of 12%, second only to Kingboard laminates. The company’s copper clad laminate and adhesive sheet business accounted for up to 72%, the global market share of glass cloth-based copper clad laminates exceeds 70%.

Jinan Guoji (002636): The second largest domestic copper clad laminate manufacturer, mainly engaged in mid-end copper clad laminates, with a market share of 70% in this segment. Downstream customers are relatively scattered, and the company has a strong bargaining power for downstream.

Nanya New Materials (688519): The third largest manufacturer of copper clad laminates in China. The products are basically lead-free and halogen-free. Halogen-free copper clad laminate products have been replaced by imports, with a global market share of 2%.

Huazheng New Materials (603186): the fourth largest copper clad laminate manufacturer in China, with 70% of the revenue of the copper clad laminate business, actively deploying high-frequency and high-speed copper clad laminates. Many high-frequency copper clad laminate products have passed the certification of Huawei and ZTE, and achieved Certain batches of shipments.

Chaohua Technology (002288): Mainly engaged in products such as printed circuit boards/copper clad laminates/copper foils. The current production capacity includes 12,000 tons of copper foil per year, 12 million copper clad laminates per year and 7.4 million square meters of printed circuit boards per year. year.

Ultrasonic Electronics (000823): Mainly engaged in products such as printed circuit boards/copper clad laminates. The revenue of copper clad laminates accounted for about 22%, mainly targeting ultra-thin and special copper clad laminates.

Zhongying Technology (300936): The main products are high-frequency copper clad laminates and high-frequency polymer-based composite materials. The revenue of high-frequency copper clad laminates accounts for about 98%, and the production capacity is about 550,000 sheets per year.