Investment suggests we think, the long-term trend that demand calculating force increases was not changed, AI server serves as capital construction calculating force, its structure upgrades to accumulate the bedding face that drives upriver component and material the innovation. The high frequency high speed of Fu copperplate and its raw material is changed is to aid force server to upgrade cannot be short of the one ring that break, and advanced electron resinous uses the hardware requirement that can promote Fu copperplate effectively property and satisfies new generation server. We think, electronic colophony is new iteration of round of product has come, our country produces big country as Fu copperplate hopeful receives advanced position mainland of advanced electron colophony changes development to carry fast good luck period. Reason calculates growth of power demand index, upriver material carries hopeful to greet “ to measure valence to rise ” together. Calculate force to be just like the ” of “ crude oil of AI industry catenary, and the server is “ wildcat ” namely, as AI application the model greets ” of its “ Industrial Revolution, the demand that upper reaches calculates force also is increasing in exponential level. AI server has the iteration of a lot of component to upgrade than common two-way server, raise taller function requirement to upriver material thereby. In the meantime, use quantity and unit magnitude of value also meet the unit of material of partial AI server as component upgrade and grow in quantity, AI server is pulled to what material carries move have ” of “ multiplier effect. We think, fu copperplate (CCL) the most advanced product of raw material is homebred change ratio is relative taller, domestic company is benefited or more apparent. Copperplate of Fu of high frequency high speed is homebred replace a space capacious. According to guild of Chinese Fu copperplate (CCLA) data, 2011-2021 year CAGR of sales revenue of copperplate of our country Fu is about 10.1% , up to 2022, our country already became the Fu copperplate with the greatest whole world to produce a country, but Fu copper imports and exports still is put in unfavorable balance of trade, copperplate of 3 kinds of big special Fu (high frequency, high speed, enclose substrate) still count an import in great quantities, the high frequency high speed of copperplate of our country Fu and its raw material is changed upgrade having considerable development space, of material and plank homebred change quickening. Modified gets together benzene aether (PPO) the mainstream resinite that colophony hopeful makes copper coin of high speed Fu is. We think, the copper coin of high speed Fu that modified PPO colophony makes has factor of inferior interpose report loss, be in at the same time hear resistance, be able to bear or endure ability in swimming, anti-flammability and good dimension stability side have definite advantage, hopeful becomes high speed server the mainstream choice of Fu copperplate. 5G radical station is right before 2023 demand of whole of modified PPO colophony is finite, as AI large model arisen, the server upgrades will pull significantly change requirement of modified PPO colophony. Calculate according to ours, to 2025 demand of colophony of global modified PPO or amount to 4926 tons. Colophony of PPO of our country modified already had partial enterprise to realize a quantity to produce, we think to take the lead in colophony of layout modified PPO is produced can domestic company hopeful is benefited adequately to be updated at iteration of this round of product. Gain is forecasted with appraise iteration of industry of the copper that be worth Fu upgrades hopeful is ecbolic and burgeoning electronic colophony demand, we value the mainland of copperplate of Fu of high frequency high speed and its raw material to change, recommend the holy spring group that already implemented dimensions quantity to produce in domain of modified PPO colophony, proposal attention is in of layout of diversity of electronic colophony domain east material science and technology (did not enclothe) .
Chemical viewpoint focusing: Series of material of AI server upper reaches: Electronic colophony technology innovates the right season or time
