Since 2017, the domestic printed circuit board (hereinafter referred to as PCB) industry has a high degree of prosperity, and the market share of major listed companies has increased. The PCB industry still has a good development space in the future. Benefiting from the global economic recovery, the continued shift of the PCB industry center to the domestic market, and the growth of demand in the downstream emerging sectors, the scale of domestic PCB production continued to expand, reaching US$28.093 billion in 2017, up 3.65% year-on-year; The market share increased, and its operating income increased by 24.92% year-on-year, and the growth rate was significantly higher than the industry average. In the future, with the growth of demand in downstream emerging fields such as automotive electronics, artificial intelligence, cloud computing, and the policy support of the PCB industry, the domestic PCB industry still has a good space for development.
Since 2017, local leading enterprises have been listed on the market, and the production capacity of high-end PCB products has expanded on a large scale. In the future, the industry may face certain capacity to absorb risks. Since 2017, a total of 8 PCB manufacturing companies in China have conducted IPOs. According to the relevant company's prospectus and public statistics, each listed company has a clear capacity expansion plan, and the expansion direction is high-end PCB products, among which the local ranking is ranked first. The Shennan circuit has expanded by nearly 60%, Jingwang Electronics, which has the largest capacity area, has expanded production by nearly 37%, Mingyang Circuit has expanded production by nearly 30%, Shiyun Circuit has expanded production by nearly 81%, and the capacity expansion of the other four listed companies has expanded. Also larger. Considering that the electronic information industry product technology update is relatively fast, if the current product development related product development technology is not updated in time or the market demand penetration rate in the emerging field is lower than expected, the industry may face certain capacity digesting risks.
Domestic PCB companies are more involved in global competition, and they need to pay attention to the exchange rate risks and trade barriers that the PCB industry may face. In 2017, the average export revenue of major listed companies in the PCB industry accounted for more than 50%. Due to the continuous appreciation of the RMB exchange rate, the exchange losses arising from export sales were more serious, affecting the profitability of enterprises. On the other hand, the export area of PCB products includes the Americas. On April 3, 2018, the list of Chinese goods that the US intends to impose tariffs involves some PCB products, and PCB companies that are dependent on US exports will be affected.
As the PCB industry changes, the credit level of PCB companies will differentiate in the future. Leading enterprises with advantages in capital and technology can improve their profitability through technological upgrading and optimization of product structure while the growth of traditional PCB products is limited. At the same time, capital market will be used to enhance capital strength and further develop in scale. Continued enhancement will maintain a good credit level; in the case of increasingly stricter environmental protection policies, rising raw material costs, and slower growth of traditional PCB downstream demand, some second-tier enterprises that fail to achieve rapid transformation and change are prone to change in credit ratings; Small-scale manufacturers with unregulated operations, low technological level and insufficient investment in environmental protection facilities will face greater operational pressures, and their credit risks will be greater in the future.
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