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温州宏丰,业务布局横跨 人工智能领域以及固态电池领域。
1 pcb铜箔 。 温州宏丰 早在2023年就与当地国资投资16亿元,建设锂电铜箔和极薄pcb铜箔。中报显示在铜箔业务大涨119%。
2 数据中心 。 公司生产的高复合电接触材料,大量应用于数据中心领域。供货 西门子 施耐德等巨头,间接参与英伟达产业链。
3 半导体芯片。子公司主营蚀刻引线框架材料研发。是高端集成电路封装的核心材料。
4 固态电池领域。公司的铜箔以及复合材料已经适配到国内头部固态电池领域厂商。
5 液冷材料。公司的vc均热板材料,已经运用到数据中心以及消费电子领域。
6 低价 小盘 存在很大的预期差。
温州宏丰主要通过电接触功能复合材料和金属基功能复合材料,为人工智能基础设施提供关键支持。
技术方面:公司的电接触材料具备高性能的电气特性,其自主研发的专用散热材料已实现规模化量产。在数据中心以及电力系统领域,公司凭借技术、经验、人才与市场等多方面优势,成功进入伊顿、施耐德电气以及西门子等国际巨头供应链体系,参与其AI算力中心的电力分配系统建设。
应用场景:公司的部分电接触功能复合材料可应用于机器人的控制类开关以及无人机的电动机转换器。这些材料是数据中心服务器电源系统、电气连接与保护的关键部件,并适配于AI算力设备高功耗产生的散热需求。
增长点:AI算力需求呈指数级增长,驱动高端电源和散热解决方案市场扩张。公司进入国际顶尖厂商供应链,意味着其技术和服务获得了认可,有望持续受益于AI基础设施建设浪潮。
二、铜箔业务
铜箔业务是温州宏丰重点布局的新方向,尤其是高性能极薄锂电铜箔。
技术方面:公司子公司江西宏丰铜箔突破了4μm中抗和5μm高抗极薄铜箔制造技术,产品具有高抗拉强度、高延伸率、稳定的耐热性和良好的外观质量。公司也在研发复合铜箔、微孔铜箔等新型材料,并拥有“一种用于电解铜箔的阳极槽屏蔽板”和“一种生箔机边部抛光装置”等相关专利。
应用场景:锂电铜箔主要应用于新能源汽车动力电池等领域,作为负极集流体。公司产品已批量供货国内头部电池企业。
增长点:全球锂离子电池出货量预计将持续增长,极薄化(4-6μm)锂电铜箔需求占比及加工费溢价有望提升。公司江西基地产能满产后可满足40GW电池需求,浙江5万吨铜箔生产基地全部达产后总产能将覆盖80GW电池需求。尽管当前铜箔业务毛利率为负,但随着产能利用率提升和极薄产品占比增加,规模效应下毛利率有望改善。2024年该业务销售收入1.59亿元,同比增长119.17%,2025年上半年主营业务收入8275.94万元,同比增长76.25%。
三、PCB领域
PCB(印刷电路板)是电子工业的重要部件,温州宏丰在此领域亦有布局。
技术方面:公司的PCB铜箔产线正在按计划建设中。其自主研发的蚀刻引线框架材料,基材表面处理拥有微蚀刻、电镀粗化、棕色氧化三种工艺,可满足行业高可靠性需求。公司也在研发用于VC均热板的SS/Cu超薄复合材料,使用316L不锈钢与Cu进行层状固相结合,板型平整,物理性能稳定,厚度公差达到微米级控制。
应用场景:PCB铜箔应用于印刷电路板(PCB)制造。蚀刻引线框架作为集成电路的芯片载体,主要应用于半导体封装领域,最终应用于汽车电子、智能制造、家用电器等众多领域。VC均热板复合材料可用于智能手机、平板电脑、笔记本电脑等电子产品的散热系统。
增长点:PCB是电子产业的基础组件,需求稳定。公司切入半导体蚀刻引线框架材料领域,受益于国产替代加速以及Chiplet、2.5D/3D封装技术普及带来的需求增长。全球先进封装市场规模预计2028年达786亿美元,年复合增速10.05%。
四、固态电池领域
温州宏丰的多种产品可应用于固态电池,为其提供材料解决方案。
技术方面:公司生产的铜箔产品具有高纯度、高导电性和良好的机械性能。公司还跨界融合固态电池与PCB技术,开发柔性电池组件。子公司江西宏丰铜箔在极薄铜箔制造技术上的突破也能满足高性能需求。
应用场景:铜箔主要用于固态电池的集流体。公司生产的铜铝极耳和接线柱也可为固态电池的电极连接等提供支持,解决大电流传输痛点。新能源电池用复合材料同样可应用于固态电池。
增长点:固态电池技术是未来电池发展的重要方向之一。公司多项产品已成功应用于固态电池并实现销售,率先布局有助于抢占市场先机,享受技术迭代带来的红利。
同样是 pcb极薄铜箔 德福科技 隆扬电子 在翻了几倍 底部正宗的温州宏丰还是待字闺中。
同样是 受益于数据中心建设,高复合电接触材料的温州宏丰还在底部。其他 电源 比如中恒电气 欧陆通 科华数据 早已经涨上天。
同样是 正宗固态电池 铜箔龙头 温州宏丰 天华新能 金银河 早已经涨停。
温州宏丰 是 横跨人工智能 极薄铜箔pcb领域以及固态电池领域最大的预期差。9月牛股有你一席。最少翻倍。
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