rungoodpoker| [Research Report Nuggets] Composite copper foil has broad market prospects and all links in the industrial chain may benefit together

The agency pointed out that the market prospect of composite copper foil is broad, and all links of the industrial chain may benefit together. With the progress of composite copper foil technology and the increase of application scenarios, the permeability will continue to increase. It is expected that the market space of composite copper foil will reach 17.9 billion yuan in 2025. Optimistically, it is expected to exceed 29.1 billion yuan, and CAGR will reach 84%.

Core logic

oneRungoodpoker. Composite copper foil brings multiple battery performance improvement, and the cost reduction space is considerable. The composite copper foil adopts the sandwich structure of metal-polymer material-metal, which can effectively reduce the weight of the battery and increase the energy density. At the same time, the polymer material is not easy to break, which can prevent the internal short circuit of the battery and make the battery safer. It is estimated that under the premise that the battery capacity is 50kWh, the energy density of 6.5 μ m composite copper foil can be increased by 9.64% compared with the current mainstream 6 μ m traditional copper foil, and 5.75% higher than the most advanced 4.5 μ m traditional copper foil. The cost reduction is mainly reflected in the raw material end, and the composite copper foil is about 1.25 yuan / square meter, which is only 1 prime 3 of the raw material cost of the traditional 6 μ m copper foil.

two。 Equipment efficiency and yield are the key to realize industrialization. The early barrier of the composite copper foil industry is not high, the production expansion is relatively simple, and the enthusiasm of industrial chain expansion is high. the key to the future industry lies in the efficiency of equipment and the final production yield, such as how to raise material utilization and winding performance to a higher level. performance improvement and reduction is not only the ultimate goal, but also the basic conditions to break into the downstream industry chain and continue to expand. In 2024, the industry has entered the key node of material certification and loading test, and is expected to achieve a breakthrough of 0 to 1 in the large-scale application of composite copper foil.

3. The global power battery installation has increased rapidly, and the composite copper foil has entered the industrialization import period, creating a huge growth space. Composite copper foil is a new type of negative current collector material which uses PET/PP as substrate and uses vacuum deposition and aqueous medium electroplating to realize copper substrate plating. It is expected that the global new battery installation will reach 1116/1559/2104GWh in 2025, and a large number of batteries (mainly powered) will create strong demand for the negative current collector market, and the production process verification of superimposed composite copper foil will be completed and the mass production capacity will be released gradually. it is expected that in 2025, the global installed permeability of lithium battery with composite copper foil will reach 20%, and the demand for composite copper foil will be 4.862 billion square meters. 2023-2025 CAGR 214.97%.

Be good for individual stocks

Yongxing Securities pointed out that the composite copper foil industry has made good progress in the sample delivery testing phase in 2023, combined with the project planning of major manufacturers, it is expected to further promote industrialization in 2024, and copper prices have shown an overall upward trend since this year. Promoting the industrialization of composite copper foil in the industry will help to tap the potential of cost reduction, it is recommended to pay attention to Dongwei Technology, Jiaocheng Ultrasonic, Sanfu Xinke, Dawson shares (603800).

Guolian Securities believes that foil and equipment manufacturers, which have technical accumulation and first-mover advantages in the field of composite copper foil, are expected to benefit from the upgrading of copper foil products and market expansion to achieve their own rapid growth. In the middle reaches of the foil link, the companies that take the lead in sample preparation and small batch delivery can enter the test and verification link earlier and get more feedback and sample results. It is recommended to pay attention to Baoming Technology and double Star New Materials (002585).RungoodpokerIn the upstream equipment link, the two-step method is the current mainstream production process, so it is recommended to pay attention to Dongwei Technology, the leader of water electroplating equipment.