Tianfeng Securities' Sun Xiaoya: Development of AI servers supporting the domestic substitution of high-end copper foil

The Sun Xiaoya team of TF Securities believes that copper foil is a key material for PCB, and high-end products include RTF, HVLP, and peelable copper foil. The development of AI promotes the demand for high-end PCB copper foil and product iteration. Domestic manufacturers are expected to share in the industry's growth. Currently, the HVLP copper foil market is dominated by Japanese and Korean manufacturers, with ample room for domestic substitution. Optimistic about the promotion of the AI industry chain development on the upstream copper foil, it is suggested to pay attention to Kingboard Copper Foil and Doosan Technology.