Citic Securities: The dawn of composite copper foil has arrived, leading manufacturers are supplying in bulk.

The CITIC Securities research report pointed out that the recent import of composite copper foil into battery manufacturers is in an accelerating stage, and leading manufacturers have indicated that they have begun mass shipments. Currently, leading composite copper foil companies have started mass shipments to power battery customers, while downstream customers are in the final stages of mass production of new products. We believe that as various tests are gradually completed, composite copper foil manufacturers are expected to enter the volume production and ramp-up phase. In this context, we recommend two investment themes: first, focusing on companies with large-scale production capacity and in the stage of mass introduction of composite copper foil; second, selecting equipment manufacturers that will benefit from the future expansion of composite current collectors production capacity.