高端铜箔国产化先锋，打造第二成长曲线

6/24 2027E243924.2%42125.5%16.3%9.4%0.1420.221.9043.14 -24%-6%13%32%50% 2/15正文目录1、亨通股份：高端铜箔国产化先锋...................................................................................................................................................41.1、亨通股份战略发展，双主业协同驱动业绩高增...............................................................................................................................41.2、实控人为崔巍先生，推行员工持股激励.............................................................................................................................................41.3、铜箔放量驱动营收跃升，费用管控释放利润弹性...........................................................................................................................52、铜箔业务：电子铜箔高端化+锂电铜箔极薄化构筑增长双极..................................................................................................72.1、需求侧：AI革命激发消费电子新周期，国产替代加速释放技术红利....................................................................................72.2、供给侧：集群效应+资源禀赋构筑成本壁垒，产能爬坡强化客户粘性...................................................................................92.3、技术路线：专利锚定极薄铜箔壁垒，复合集流体处于量产临界点..........................................................................................93盈利预测、估值及投资评级............................................................................................................................................................123.1关键假设与业绩预测...................................................................................................................................................................................123.2估值与投资评级............................................................................................................................................................................................12风险提示：.............................................................................................................................................................................................13财务报表与盈利预测............................................................................................................................................................................14 敬请参阅末页重要声明及评级说明证券研究报告 3/15图表目录图表1公司主要发展历程........................................................................................................................................................................................4图表2公司股权结构图.............................................................................................................................................................................................5图表3公司营业收入及同比...................................................................................................................................................................................5图表4公司归母净利润及同比...............................................................................................................................................................................5图表5公司营业收入拆分（百万元）.................................................................................................................................................................6图表6公司毛利拆分（百万元）..........................................................................................................................................................................6图表7公司期间费用率.............................................................................................................................................................................................6图表8公司现金流变化（百万元）.....................................................................................................................................................................6图表9铜箔行业上下游体系...................................................................................................................................................................................7图表10新能源汽车销量及渗透率........................................................................................................................................................................8图表11动力电池装机量及增速............................................................................................................................................................................8图表12PCB全球市场规模.....................................................................................................................................................................................8图表13德阳高新区...................................................................................................................................................................................................9图表14亨通精密铜箔科技......................................................................................................................................................................................9图表15锂电池铜箔产品特征对下游锂电池性能的影响...........................................................................................................................