Investment Points
Shipments of electrolytic copper foil have grown steadily, and China has become a major producer. Shipments of electrolytic copper foil have grown steadily, and China has become a major producer. According to GGII data, global electrolytic copper foil shipments will reach 935,000 tons in 2021, of which lithium battery copper foil will reach 383,000 tons and PCB copper foil will reach 552,000 tons. Regardless of the total amount or the type of subdivided products, the proportion of China’s output has remained above 60%, and China has become the main producer of electrolytic copper foil in the world.
Benefiting from the steady growth of downstream demand, my country’s electrolytic copper foil production capacity and output have maintained a rapid growth rate in recent years. According to CCFA statistics, from 2016 to 2021, my country’s electrolytic copper foil production capacity will increase from 329,000 tons to 721,200 tons, with an annual growth rate of more than 10%, and a year-on-year increase of 19.21% in 2021. Domestic copper foil enterprises; from 2016 to 2021, the output of electrolytic copper foil in my country increased from 292,000 tons to 656,000 tons, with a 6-year compound growth rate of 14.5%, of which the year-on-year increase of 34.21% in 2021, and the annual capacity utilization rate remained at 80% % or more, and the capacity utilization rate in 2021 will reach 90.96%.
Domestic high-performance PCB copper foil is still dependent on imports, and domestic substitution will accelerate. China’s copper foil needs to be imported in large quantities, and domestic companies still lag behind overseas companies in high-end copper foil products. According to data from the General Administration of Customs, my country’s copper foil products have maintained a net import status all year round, and the trade deficit in 2021 will be US$1.767 billion. Japan is a traditional exporter of high-end copper foil. In 2021, Japan’s average export value will be as high as US$28,371/ton, nearly twice the average export price of China’s copper foil in the same period. The data shows that domestic companies have a significant gap with overseas leading companies in high-end, high value-added copper foil products.
High-performance PCB copper foil will become the next competition track for domestic copper foil companies. According to CCFA statistics, since 2021, Jinchuan Xinyang, Chaohua Technology, Huiru Technology and other companies have built a number of PCB copper foil projects in Gansu, Guangxi, Anhui and other places. Lithium battery copper foil companies such as Jiayuan Technology have also aimed at high performance. In the electronic circuit copper foil track, as of September 2022, the newly added production capacity of PCB copper foil of key domestic enterprises is 225,000 tons. The stable growth of the PCB copper foil market and the profitability of high-end products have accelerated the expansion of the industry.
The product quality of leading enterprises in the industry is constantly improving, and it is expected to gradually penetrate into the high-end product market in the future. High-end PCB copper foil is expected to become the next force for domestic copper foil manufacturers and a key factor for corporate profit growth. Leading domestic copper foil companies are accelerating the pace of capacity expansion, increasing the promotion and certification of high-performance PCB copper foil products, effectively deploying future markets, and making full use of technology upgrades and product structure adjustments. More high-performance copper foils are expected to be replaced by localization , the domestic PCB copper foil is gradually infiltrating into the high-end product market. It is recommended to pay attention to the leading enterprises with a high market share in the domestic high-end PCB copper foil industry and high-end product shipments.
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