金吾财讯 | 中信证券表示，4月初以来，多家龙头覆铜板公司发布涨价函，覆铜板盈利能力稳步向上的能见度持续提升。近期市场担心焦点主要集中于原材料急剧涨价阶段性冲击覆铜板盈利能力。短期原材料价格大幅上涨背景下CCL顺价确定性高，该机构测算26Q1覆铜板盈利能力有望保持平稳，若本轮覆铜板涨价落地且后续成本/价格保持平稳，该机构测算26Q2覆铜板盈利能力有望向上提升。中长期来看，该机构判断在本轮底层需求向上、原材料价格持续上涨的背景下，覆铜板行业有望进行多轮超额涨价，利润率具备10ppts+提升潜力。由于原材料价格上涨急剧，25Q4、26Q1覆铜板涨价主要以顺价为主，而随着原材料价格上涨斜率趋于平缓，该机构认为覆铜板超额涨价带来的利润率提升有望在26H1逐步体现，26Q2到下半年涨价幅度和持续时间具备超预期潜力。该机构持续看好后续传统覆铜板行业利润加速释放。
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