1. The electronics industry is expecting the largest segment of the industry, and demand innovation will accelerate the transfer of the industrial structure.
The PCB industry has long been misunderstood at the “low end”. Relatively low valuations, and actually accompanied the upgrading of technology requirements by the downstream applications of the electronics industry, the PCB industry still has high technical barriers, and it needs to cooperate with downstream customers to shorten the delivery period. Guaranteed yield; On the other hand, regardless of indicators such as gross profit margin or return on assets, it still holds a high level in the electronic sector. The per capita output value driven by the automation upgrade of the production line ranges from 50-600,000 (electronic panel) The mid-to-lower level has been raised to 2 million yuan (the leading level in the electronic sector, which can be compared with IC design companies), and it is expected to increase operational efficiency again.
2. Under the environmental protection policy and competitive pressure, industrial integration has accelerated and concentration has continued to increase
The overall technological requirements for electronic products increase, small-scale plants have limited funds, and it is difficult to improve process technologies; Dachang actively expands production, and the operational advantages under the automation trend are significant, and the advantages of yield, gross profit, and supply chain cost control continue to increase, and stronger bargaining is achieved. Capacity will continue to squeeze small plant space; environmental protection verification atmosphere, small-scale expansion of production is more limited, supporting investment in environmental protection equipment, small-scale plant capital is limited; peripheral supporting effects and small-scale plant geographical advantages will continue to weaken, technology reserves and operations outstanding The quality manufacturers are expected to achieve real growth. At present, the market share of domestically-funded leading companies is only 1%. Under the background of industry consolidation, it is expected that there will be large-scale domestic-funded large-scale enterprises in the future.
3. The industry cycle continues, and the industrial chain expands orderly
Under the background of the transfer of industrial structure to the mainland, the expansion of production of domestic-funded PCB quality manufacturers is particularly active, leveraging capital leverage to give full play to the scale effect of large plants, and the production process is moving toward intelligence and automation. Taiwan's PCB manufacturers are generally less aggressive than their domestic counterparts. Their new production capacity is mainly concentrated in high-end HDI boards, class carrier boards, FPCs, and hard-bonded boards, and other relatively high-value-added products. Strong. We believe that this is because most Taiwanese plants have low profit margins and poor profitability, and they do not have enough incentives to fully expand production.
4. Downstream demand application innovation, high-end plate usher in development opportunities
The PCB product process is evolving toward high density, high precision, multi-layered, high-speed transmission, and thinning and thinning, accompanied by the trend toward lighter and thinner 5G and consumer/automobile electronics.
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