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海通證券:銅箔行業競爭格局逐漸清晰 靜待低端產能出清
格隆匯 11-08 09:04

海通證券銅箔專題報吿認為,目前行業產能階段性過剩,競爭加劇,鋰電銅箔加工費持續下行,鋰電銅箔企業盈利承壓,行業整體量增利減。2024年年初至今,鋰電銅箔加工費未見明顯上升趨勢,行業洗牌加速。研報認為:(1)隨着產能逐漸出清,行業將向頭部企業集中,頭部企業將率先實現減虧或扭虧,高端產品佔比高、稼動率高、成本控制較好的企業更具競爭優勢。(2)行業目前已進入成本支撐階段,企業盈利承壓,隨着產能逐漸出清,供需關係改善,整體產能出清或將持續至2025年。

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