[Huatai Securities: industrialization process is optimistic about Composite foil Plate] June 9, Huatai Securities Research News pointed out that the industrialization process of composite foil has progressed smoothly, leading enterprises have achieved mass production of composite aluminum foil, and the progress of the second-line echelon has been accelerated, while new technology paths have emerged. Although the cost of composite aluminum foil is high, but its safety performance is outstanding, we are optimistic about its application prospect in the high nickel ternary system. In 2027, we expect the market scale of composite aluminum foil to reach 40.1 billion yuan. The operation of one-step electroless plating is simple, but there is still no advantage in production efficiency and cost at present. Palladium-free catalytic technology is expected to further reduce the cost in the future. The roll welding link of composite foil is added, which is difficult in technology, and the ultrasonic technology is in the lead. We are firmly optimistic about the composite foil plate and suggest to pay attention to the arrival of the first echelon order and the second echelon equipment to the factory and the progress of sample delivery.