China Merchants Securities believes that the conditions for CCL to begin an upward cycle of price increases this year are significantly better than last year. Currently, Jiantao Laminate and Meizhou Willy Bang have all issued price increase letters. Judging from the magnitude of the price increase, it is expected that the profit level of the CCL process will gradually improve in the short term.
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China Merchants Securities believes that after the elimination of industry inventories in the past two years, the CCL price has dropped sharply due to increased competition. Currently, the average price is 100-105 yuan/square meter, which is already at the bottom of the cycle.
According to recent tracking by the agency, downstream demand is gradually improving. The PCB operating rate continues to increase month-on-month, and downstream customer orders are visible in January-February.
In addition, the upward trend in upstream commodity prices has also prompted downstream PCB manufacturers to start lengthening the inventory cycle.
The conditions for CCL to start an upward cycle of price increases this year are significantly better than last year. Currently, Jiantao Laminate and Meizhou Willy Bang have all issued price increase letters. Judging from the magnitude of the price increase, it is expected that the profit level of the CCL chain will gradually improve in the short term.
PCB related companies:
Jiantao laminate (01888), Jiantao Group (00148)