Wang Luo China Securities Journal 2025-01-20 09:48

Jiayuan Technology (688388) disclosed its 2024 performance forecast on January 18, and it is expected to achieve operating income of 6 billion yuan to 7 billion yuan in 2024, an increase of 1.031 billion yuan to 2.031 billion yuan compared with the same period last year, an increase of 20.76% to 40.88% year-on-year; It is estimated that the net profit attributable to the owners of the parent company will be a loss of 265 million yuan to a loss of 195 million yuan. During the reporting period, Jiayuan Technology sold a total of about 67,500 tons of various copper foil products, an increase of 17.19% over 2023. Jiayuan Technology said that the main reasons for the change in performance were the fierce competition in the lithium battery copper foil industry, the increase in credit impairment losses on receivables, and the increase in the amount of impairment provisions and interest expenses.

In recent years, affected by factors such as intensified market competition in the new energy industry, declining processing fees, changes in supply and demand, fluctuations in raw material prices, changes in the overall economic situation and industry cycles, companies in the upstream and downstream industrial chains of the industry are generally under great pressure.

Recently, two products independently developed by Jiayuan Technology, "high-performance ultra-thin electrolytic copper foil for fast-charging lithium-ion batteries" and "high-temperature, high-extension, high-performance electrolytic copper foil for electronic circuits", were selected into the list of famous high-tech products in Guangdong Province in 2024. At the same time, with its high-quality products and services, Jiayuan Technology won the 2024 "Sustainable Development Award" of CATL.

According to CATL's plan, battery production capacity will increase by more than 20% in 2024 and 2025. For future development, in order to ensure the long-term and stable supply of electrolytic copper raw materials, Jiayuan Technology has also signed a long-term purchase contract, with a total purchase volume of 70,000 tons and an estimated total amount of 5.066 billion yuan (including tax, this calculation does not constitute a price commitment).

According to reports, Jiayuan Technology is in the first echelon of the domestic lithium battery copper foil industry in terms of production capacity and market share, and on the basis of maintaining the existing market and customers, it is also actively tapping foreign potential markets, formulating competitive pricing strategies based on market conditions, increasing the development of new international markets, and strengthening the radiation ability in the copper foil market, so that customers continue to improve their brand recognition of the company.

It is reported that after supplying copper foil products for secondary batteries to internationally renowned battery manufacturers in batches, Jiayuan Technology has recently established cooperative relations with internationally renowned battery manufacturers and signed purchase orders to supply lithium battery copper foil to them, laying the foundation for entering overseas markets such as Europe and facing global development.

Jiayuan Technology said that the company will continue to strengthen the layout of overseas markets, make use of its own product advantages and comprehensive service capabilities, actively explore overseas markets through a variety of ways, further promote the international sales of copper foil products, and better adapt to the changes in the global economy.

In order to further promote the overseas layout, Jiayuan Technology has always taken R&D and innovation as its core strategy, maintained strong R&D and innovation capabilities, promoted technological innovation, and optimized product structure in order to meet the continuously upgraded product and technology needs of customers, so as to further enhance the company's core competitiveness.

At present, Jiayuan Technology is actively carrying out the research and development of cutting-edge new technologies such as composite copper foil, microporous copper foil, single crystal copper foil, carrier copper foil and new special copper foil, which greatly enriches the product structure. Among them, the peelable carrier copper foil is one of the indispensable and important materials in the fields of electronic components, semiconductor devices, integrated circuits and other fields as the substrate of chip packaging substrates (IC substrates and substrates), HDI high-density interconnection boards, and coreless substrates.

At the same time, with the recent boom of the PCB industry and the acceleration of AI applications, the demand for server PCBs continues to ferment, among which the demand for HDI with high line distribution density and the use of micro-buried blind via technology to realize electrical interconnection between boards and layers is rising. In this field, Jiayuan Technology has also continued to strengthen its layout in the field of high-end PCB copper foil, and has made technological breakthroughs in high-performance electronic circuit copper foils such as high-end RTF (inverted steel foil), HTE (high-temperature and high-extension copper foil), HVLP (ultra-low profile copper foil), ultra-thin copper foil for IC packaging and high-density interconnection circuit (HDI) copper foil.

According to the research report of CITIC Securities, from the perspective of the cloud, the AI server, switch/optical module PCB market is expanding rapidly, the HDI trend is clear, and manufacturers with leading technology and production capacity while actively adapting to the collaborative development of large customers are expected to benefit first.

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