金吾财讯 | 开源证券研报指，预计建滔积层板(01888)2025H1业绩仍有望受益于覆铜板需求回暖；考虑到美国极端关税政策或引发全球经济衰退担忧导致铜价波动、或抑制短期涨价持续性，2025H2仍需跟踪贸易摩擦升温背景下中国经济能否如期复苏。考虑到贸易摩擦升温加剧铜价不确定性、公司新增产能折旧影响、发力高端覆铜板业务，该行将2025-2026年归母净利润预测由27.0/29.0亿港元下调至19.8/22.1亿港元，并新增2027年预测30.3亿港元，同比增长48.3/11.8/36.9%，当前市值分别对应2025-2027年11.3/10.2/7.4倍PE。2025H1公司覆铜板价格调涨、国补刺激需求景气回暖支撑业绩表现，2025H2铜价及需求持续性仍需跟踪；长周期来看，逆势扩产进军高端覆铜板及物料有望提升AI关联度，维持“买入”评级。
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