CITIC Securities: Copper-clad laminates are expected to continue to rise in price, optimistic about the subsequent gross margin and performance elasticity

CITIC Securities research report states that by conducting a detailed review of the previous two rounds of copper-clad laminate cycles and comparing them with the current cycle, it is determined from the perspectives of upstream material prices, downstream demand, industry supply and demand patterns, the pace of gross margin improvement, and stock price performance that the current trend of copper-clad laminate prices is clearly upward, with gross margins still having the potential for an increase of more than 10 percentage points. The report is optimistic about the future performance and stock price elasticity of related leading companies