In fact, looking at the PCB industry chain, it is in the middle of the overall industry chain.
Among them, communication, computer and consumer electronics are the three most important application terminals in PCB industry, with demand accounting for 27%, 27% and 14% respectively, directly affecting the development of upstream PCB industry.
According to the public data of China's three major telecom operators, China Mobile, China Telecom and China Unicom added 400 thousand, 380 thousand and 340 thousand 4G base stations respectively in 2016, it is estimated that the number of small base stations in the future will be more than 10 times that of the current base station market.
For a single base station, the value of the communication board will also be greatly improved.
With the increase of 5G frequency band, the increase of frequency has greatly increased the number of RF front-end components. Conservative calculation shows that the PCB value of a single 5G macro base station is more than twice that of 4G.
Industry status: the price of raw materials has risen sharply, the investment in research and development has increased, and the environmental protection policy has been high, and the Matthew Effect in the domestic PCB industry chain has intensified.
In the past 17 years, raw materials such as copper foil and epoxy resin have started the price increase cycle, and PCB core raw materials such as copper clad laminate have also taken advantage of the price increase, with an annual average price increase of 10% ~ 20%, resulting in a sharp rise in the cost of PCB raw materials, and small and medium-sized PCB factories are facing greater cost pressure.
Small and medium-sized manufacturers in the PCB industry chain gradually withdraw from the market. Leading enterprises such as Shennan Circuit, Jingwang electronics, Shengyi technology and other large manufacturers hold the advantages of environmental protection indicators and capital scale, and pick up the plane to expand production capacity and seize market share, the concentration of PCB industry will be further improved.
Analysis of key stocks in 5G related PCB plate.
Shennan Circuit 002916: domestic PCB leader, PCB domestic technology capacity first, communication business accounted for more than 60% of revenue, 5G drive company into the accelerated fast lane.
Shennan Circuit has three services: printed circuit board, packaging substrate and electronic assembly.
The main feature is the leading technology. The company has significant advantages in high density and high Multilayer PCB products, with a revenue of 56. 5% in 2017. 8. 7 billion yuan, China's market share reached 2. 8%, global market share 1.
In 4%, it ranks first among domestic PCB enterprises. In recent years, it has risen from 29th to 21 among the world's top 6th PCB enterprises, and all PCB enterprises in China rank.
Shanghai Electric Co. , Ltd. 002463: profitability improved, car 5G dual-engine drive growth.
The leading domestic medium and high-end PCB manufacturers have improved their profitability and achieved a high growth rate in their annual performance (PCB)For many years, the leading product is 14-
The 38-layer enterprise communication market Board and medium and high-end automobile board are widely used in communication equipment, automobiles, industrial equipment and other fields, and have become the leading medium and high-end PCB manufacturer in China.
The company's Qingyu plant and Huli Weidian maintained a good growth trend, and the operation of Huangshi plant was also significantly improved. Q2 realized a single-season turnaround for the first time.
Thanks to the improvement of capacity utilization rate and the optimization of product structure, the company's overall gross profit margin increased by 2. 5% year on year. 96pct to 21. 54%, net interest rate increased by 3. 18pct to 7. 98%, profitability improved significantly.
In terms of business, the downstream demand for automotive panels continued to boom, with revenue increasing by 19. 5% year-on-year. 81%; Communication board revenue increased by 10.
75%, the improvement of production efficiency drove the gross profit margin to increase by 4. 25pct.
We expect that with the gradual profitability of Huangshi factory and the batch shipment of high-value vehicle panels, the company's profitability is expected to continue to improve, combined with the first three quarters 104%-
141% growth performance guidelines, the annual performance of high growth rate can be expected.
Jingwang electronics 603228: leading PCB industry integrator for fine management and intelligent manufacturing.
The second leading domestic PCB enterprise, the profitability of the industry.
Rigid circuit boards are the main source of revenue, accounting for 59% of revenue in 2017. Communication equipment and terminals are the most important application areas of the company's products, accounting for more than of sales.
Lean manufacturing benchmark in domestic PCB industry, leading profitability industry.
Jingwang electronics is a well-known leader in intelligent manufacturing in the domestic PCB industry. Its unique digital cost management makes the net profit of the company's products significantly higher than that of its competitors in the same industry. In 17 years, the company's income was 4. 2 billion yuan and its net profit was 6. 0. 6 billion.
The company's three major product lines, RPCB, FPC and MpBC, account for 59%, 21% and 8% respectively. They are all domestic leaders in the corresponding sub-sectors. The high prosperity of PCB industry not only benefits from 5G infrastructure construction, it also includes applications in later 5G scenarios, such as consumer electronics such as 5G mobile phones, intelligent driving, etc. The demand is broad, the development level of its industry also reflects the development speed and technical level of China's electronic information industry to a certain extent;