大华继显研究报告指，建滔积层板(01888.HK) 上半年净利润按年增长28%至9.33亿元，达到该行全年预测的33%。毛利率下降1.3个百分点，因层压板平均售价升幅未能完全覆盖铜成本上升。管理层对低介电玻璃纤维纱(low-Dk fibreglass yarn)的发展前景乐观，并正加速下半年产能扩张。
该行对印刷电路板(PCB)行业趋势持积极态度，已将产品加价因素纳入预测。目标价由9.58元上调至12.43元，该行对其业务展望及新材料开发感正面，但认为目前股价已反映短期增长潜力，评级下调至“持有”。
该行对其2025至27年收入预测大致不变，但降各年盈测分别16%、14%及9%，反映层压板平均售价升幅较弱。该行留意高端材料急速发展，如low-Dk fibreglass yarn，料明年起带来显著盈利贡献。(ss/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-25 16:25。)
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