Understanding the Market | KB LAMINATES rises over 6%, institutions say the traditional copper-clad laminate market outlook and price trends may be relatively optimistic
KB LAMINATES' stock price rose by more than 6%, with an increase of 6.41% as of the time of publication, trading at HKD 12.79, with a transaction volume of HKD 237 million. Affected by macroeconomic factors and fluctuations in copper prices, the prices of raw materials in the industry have risen, leading the company to raise prices. Analysts believe that as the industry experiences an upturn, the price trend for traditional copper-clad laminates will be relatively optimistic, and demand is expected to improve
According to Zhitong Finance APP, KB LAMINATES (01888) rose over 6%, up 6.41% as of the time of writing, priced at HKD 12.79, with a transaction volume of HKD 237 million.
On the news front, due to the resonance of macroeconomic factors and mining disruptions, copper prices have recently fluctuated at high levels. In August of this year, KB LAMINATES issued a price increase notice: it announced that due to significant increases in the prices of copper, fiberglass, and chemical raw materials, and considering cost pressures, starting today, the price for CEM-1/22F/V0/HB will increase by HKD 10 per sheet, and the price for FR-4 will also increase by HKD 10 per sheet, corresponding to an approximate increase of about 8%. CITIC Securities pointed out that raw material prices and operating rates remain high, prompting copper-clad laminate manufacturers to push for price increases. As the net profit margin of leading copper-clad laminate manufacturers rises to about 10% in Q2 2025, the firm believes that the underlying logic for price increases in the industry is gradually shifting towards the release of profit potential brought about by industry prosperity.
Guotai Junan Securities noted that during the traditional price increase period for copper-clad laminates, limited traditional supply expansion is beneficial for the market structure. Historically, during the upward cycles of copper prices and fiberglass, the price cycle for traditional copper-clad laminates has also been relatively optimistic. The industry is set to attempt a new round of price increases in H2 2025. From the perspective of supply and demand, the overall demand in the copper-clad laminate industry has good growth expectations alongside improvements in AI demand, and the expansion plans of major enterprises are mainly focused on high-end boards, with some mid-range capacities in the industry even transitioning to high-end production. Therefore, the supply and demand structure for traditional mid-range copper-clad laminates is also relatively favorable. Since the profit bottom of the industry in 2023, the expansion of mid-range capacities has been relatively limited, while a moderate upward assumption can be made for global demand, thus the prosperity and price trends for traditional copper-clad laminates may be relatively optimistic
