CITIC Securities: Continuous comprehensive price increase of copper-clad laminates, optimistic about the elasticity of subsequent profit improvement.

CITIC Securities pointed out that since April, many leading companies in the copper clad laminate industry have intensively issued price increase notices, and the visibility of the profitability of copper clad laminate has been steadily increasing. By analyzing the changes in prices upstream and downstream, we judge that the profitability of copper clad laminate in Q1 2026 is expected to remain stable, and it is expected to begin to improve in Q2 2026. At the same time, from the perspective of industrial logic, the logic of traditional copper clad laminate exceeding price increases under the cyclical trend is clear, and the profit margin is expected to gradually reflect in the first half of 26, The copper clad laminate sector combines both price increase and AI capacity release logic, and there is potential for price increase and duration from Q2 2026 to the second half of the year to exceed expectations.