Global Economic Recovery PCB Industry Ushers in a Period of Rapid Growth
PCB upstream raw materials have continued to rise from the end of 2020 to now, and it is normal to over order, grab production capacity and grab raw materials. Terminal demand remains high, and the shortage of upstream raw material supply is also difficult to solve in the short term. Seeing that the traditional peak season of electronic products is coming, if the demand remains unchanged, we can not rule out the possibility that it will continue to rise in the third quarter.
In this regard, sun can, chief analyst of Chuancai securities technology industry, who was interviewed by the reporter of Securities Daily, said, "the vast majority of domestic PCB manufacturers have expanded their medium and low-end production capacity more in recent years. We think that most of the medium and low-end manufacturers have weak ability to pass price increases to the downstream, so the overall PCB industry is negatively affected by the upstream price increases. The performance of manufacturers with technical barriers has increased rapidly in the past two years, and the demand of downstream middle and high-end products in digital communication, 5g, military security, consumer electronics and other fields is expected to maintain a certain growth. PCB plate after the early adjustment, the current valuation is relatively reasonable, there is a chance to make up for the relevant plate
According to the data, since June, the PCB concept sector has performed well, with an overall rise of 2.65%, significantly outperforming the Shanghai Composite Index (with a cumulative decline of 0.98%), ranking at the top of the list. 38 concept stocks rose during the period, accounting for more than 80%. Among them, Shennan electric circuit, St danbang, Xinqi Weizhuang, Eaton electronics, Jin'an Guoji and other five concept stocks were among the top stocks in terms of cumulative gains during the period, all exceeding 10%, showing a strong performance.
"PCB benefits from the continuous development and growth of the electronic sector driven by the industrial trend and policy support. Driven by multiple factors such as the accelerated construction of 5g base station, the construction of data center, the rapid improvement of automotive electrification and intelligence, and the rapid growth of electronic consumption, PCB is optimistic about the performance improvement opportunities brought by the continuous expansion of PCB demand." Private paipai network researcher sun Enxiang told the "Securities Daily" reporter.
Good performance may be an important support for the recent market fund layout《 According to statistics of the Securities Daily, 36 companies, accounting for 80% of the 45 listed companies in PCB industry, achieved a year-on-year increase in net profit in the first quarter of this year. Of these, 20 companies have doubled their net profits over the reporting period.
Analysts generally believe that since the gradual recovery of the global epidemic, the restrained consumer demand rebounded rapidly last year, and the PCB industry ushered in a period of rapid growth, which is expected to drive the industry's prosperity to continue to rise. According to prismark's statistics, the total output value of global PCB industry in 2020 is estimated to reach 65.219 billion US dollars, with a year-on-year growth of 6.4%. Prismark forecasts that the total revenue of the top 40 PCB manufacturers will increase by 29% in the first quarter of 2021, reaching the level of US $17.8 billion.
At the same time, the market to do long funds have also poured into some PCB concept stocks for layout. Statistics show that since June, there have been 14 concept stocks in the sector, showing a trend of large single net capital inflow during the period, with a total of 276 million yuan. AoHong Electronics was the most sought after in the month, reaching 129 million yuan. Four concept stocks, including Shennan circuit, St Fangke, ultrasonic electronics and World Games circuit, were also raised by more than 10 million yuan.
As for the future investment opportunities of PCB concept plate, Chen Mengjie, chief strategic analyst of YueKai securities, told Securities Daily, "since the fourth quarter of 2020, the current price rise cycle has been mainly caused by both supply and demand, and it lasts for a long time. PCB raw materials include copper foil, resin and glass fiber cloth. The cost of raw materials in PCB industry accounts for more than 50% of the total operating cost; The direct raw materials of CCL account for a larger proportion, and the industry is more concentrated. The process flow is simpler than that of PCB. The profitability of CCL is lower than that of downstream PCB, but the cost transmission ability is stronger than that of PCB. PCB investment needs to choose the target of growth track from top to bottom, such as Shennan circuit and Shengyi electronics of communication track, integrated manufacturer Jiantao laminate, one-stop service Pengding holding. Under the logic of price increase, CCL suggests to pay attention to manufacturers with high market share and able to pass on costs, such as Shengyi technology. "
"The substantial increase in upstream raw materials since 2020, coupled with the promotion of 5g technology, has led to further release of high-end PCB demand; Under the impetus of 5g, the industrial Internet, the Internet of vehicles and the Internet of things have appeared the science and technology update and wide application. A large number of electronic equipment needs to be integrated. PCB as the basic material will increase greatly in consumption and the prosperity will continue to increase in the next 2-3 years. From the technical point of view, after a sharp correction in the early stage, the PCB concept shares fell by more than 50%, and the value of the allocation of leading shares with excellent performance showed Longhao, chairman of Jinding asset, told the Securities Daily.