Huaxi Securities: High-end lithium batteries + PCB products expand volume, copper foil industry enters a period of rising volume and profit

Huaxi Securities research report states that copper foil is a clearly capital-intensive industry, and since the core raw material copper prices are relatively high, it consumes significant cash flow. Therefore, the scale of new capacity added in the early stage is limited; under the subsequent rapid growth trend of demand for power and energy storage batteries, capacity supply is relatively tight, and processing fees are on the rise. Additionally, driven by the rapid development of AI technology, PCB copper foil is expected to achieve scale expansion, which will further encroach on the capacity of lithium battery copper foil. Coupled with higher product performance requirements and more complex processes, the space for processing fee increases is considerable, which will boost the profitability of suppliers.