The industry as a whole continues to grow, with each of the three sectors showing bright spots
The overall indicators of the industry are good.2013-2018h1 operating income and parent net profit continued to increase.Gross and net interest rates have been high since 2016.All expense ratios remained basically stable.Research and development expenses and their proportion to operating income continue to increase.
PCB manufacturing, copper-clad revenue growth,FPC growth fastest.PCB manufacturing, copper clad sheet maintained higher gross margin.PCB manufacturing gross profit rate is the highest, followed by copper-clad,FPC the lowest.Copper-clad sector alone,PCB manufacturing sector close strength.
The company that focuses on each has its own characteristics and advantages.Jingwang electronics is one of the few PCB manufacturers in China that integrates the production and research and development of three printed circuit boards (RPCB, FPC and MPCB).From 2013 to 2018H1, the growth rate of revenue and return to parent net profit, gross profit rate and net interest rate are both relatively high and relatively stable.The expense ratio is relatively low and relatively stable.The company is doing very well.Chongda technology is in the forefront of the domestic industry in terms of per capita revenue, per capita net profit and per capita salary. It is a leading enterprise in small batch board, and now actively develops mass market.The growth rate, gross profit rate and net profit rate of the company are relatively high, but the expense ratio is relatively high.
Shenghong's technology expands rapidly.The refinancing and expansion project of 2018H1 company has released some production capacity and is expected to achieve full production by the end of the year.The growth rate of the company's revenue and return to the parent company showed an upward trend, while the gross profit rate and net profit rate were relatively high and presented an upward trend, and the expense ratio during the period was at the middle level of each manufacturer.
Shengyi technology is the first domestic, the world's second manufacturer of printed circuit board copper-clad and bonded sheet.In the 5G era, the market segment of high-frequency and high-speed copper clad plate is expected to grow rapidly, which will bring new opportunities to the company.The company's revenue and return to the parent net profit growth rate, gross profit rate and net interest rate show an upward trend, and the expense ratio is mostly at the lowest level of each manufacturer.
Hudian shares to communication board and automobile board, is a leading enterprise communications board.The company was affected by the relocation of kunshan factory and the loss of huangshi new factory.Huangshi factory for the first time achieved a single quarter of profit.Product yield continued to improve, profitability gradually restored.The operating performance of Shanghai electric power company improved, with the growth rate of revenue, gross profit rate and net profit rate showing an upward trend, while the growth rate of return net profit remained stable.The company is able to control all kinds of expense ratios well. During this period, the expense ratio and management expense ratio are the lowest in PCB manufacturing enterprises and the sales expense ratio is relatively the highest, but it shows a downward trend.
Dongshan precision entered the FPC field through the acquisition of MFLX, ranking the top five in the world in scale, and further acquired Multek into the PCB field to improve the overall layout.The company achieved the rapid growth of revenue and net profit through the extended acquisition, and the financial expense ratio increased significantly, but the expense ratio of period, management and sales was significantly improved, the gross profit rate remained stable, and the net interest rate showed an upward trend.
Shennan circuit adopts the mode of PCB, encapsulated substrate and electronic assembly 3 in 1. Its revenue scale is the first in domestic capital, accounting for 60% in the communications field.The company's multiple indicators are at the intermediate level.The expense ratio of sales is the lowest in PCB manufacturing enterprises, and the expense ratio of period, management and finance is relatively high, but all shows a downward trend.Gross profit rate is relatively stable and net interest rate is on the rise.
The overall financial indexes of jingwang electronics and shengyi technology are relatively high.The investment suggests that demand for 5G, consumer electronics, automotive electronics, industry 4.0 and other fields will continue to grow, the application of HDI and flexible PCB technology will be deepened, the added value of product technology will increase the price, and the PCB market will maintain steady growth in the future.Mainland enterprises make use of the advantages of complete supply chain, advanced production equipment and management, which make the industry transfer to China.The market share and position of relevant mainland enterprises are continuously improving.
China's PCB industry enters the integration period.With the increasingly strict environmental protection policies in China, many small enterprises are faced with the situation of closing down and being acquired due to insufficient investment in environmental protection and difficulty in meeting emission standards.Enterprises above the scale have welcomed the opportunity of industrial integration, and have developed through expansion of production, acquisition, product upgrading and other ways.The downstream application puts forward higher requirements on product performance, technology, quality and other aspects. The advantages of leading PCB enterprises in technology reserve, production equipment, informatization management and supply chain coordination management enable them to provide better and more stable services, and the market share will be centralized to leading enterprises.Enterprises that master advanced technology, superior customer resources and other core competitiveness will gain new growth space