On July 18, the printed circuit board concept stocks raised the limit tide, as of the close of the market, in fact, the printed circuit board plate as early as the end of June has started gradually, the overall plate is up more than 20 percent.
From the perspective of individual stocks, since July 12, jin 'an guoji has received three trading limit board, the stock price has increased more than 40%.The company has gained two daily limits, with its shares up nearly 30 per cent
Why are plates so popular?
Why is the printed circuit board sector favored by the capital market?
The reporter of Shanghai daily interviewed a number of people and researchers in the industry and learned that the price increase of products is a direct catalyst. The deep-seated reasons are the increase of high-end demand in the downstream and the integration opportunity brought by environmental protection.
With the structural adjustment of the downstream, the PCB industry began to embrace the new development opportunity of high-end demand.
The traditional consumer electronics PCB circuit board industry is a labor-intensive industry, and the market demand is weakening.However, with the development of automotive electronics, 5G and other technologies, high density and high performance have become the main direction of the development of printed circuit board technology. The market demand of high-end PCB products (such as flexible boards, HDI boards, IC carriers, etc.) has been continuously increasing, and the gross profit rate of these products with high technology content is also higher, thus bringing more profit space for enterprises.
Data show that the global PCB industry is accelerating due to increased demand and the domestic industry is growing faster.According to prison mark statistics, the global PCB output value in 2017 was 58.843 billion us dollars, an increase of 8.6% (us $54.207 billion in 2016).Among them, China's PCB output value was 29.732 billion us dollars, up 9.6% year on year (compared with 27.123 billion us dollars in 2016).Prismark expects the global PCB industry to be worth $60.5 billion by 2021.
Environmental protection is the catalyst for domestic industry integration.
Since the end of 2017, kunshan, zhuhai, Shanghai and shenzhen have all carried out environmental verification. Some uncompetitive enterprises are unable to bear the increase of costs and begin to withdraw, exacerbating the shortage of supply.Leading companies are actively implementing mergers and acquisitions, capacity expansion, industry concentration began to increase further.According to some data, there are more than 2,000 PCB manufacturers in the world and about 1,500 domestic PCB manufacturers. Most of them have single products and small scale.
Under the imbalance of supply and demand, many PCB factories started the "price increase" mode."The price for new customers has gone up 20 percent," an industry source said in an interview.Since July, big PCB factories such as omway electronics and jiantao group have announced price increases, and the price of the entire PCB industry is expected to rise by another 10%."Even with the price increase, the factory still has too many orders to make and the delivery period is lengthening."
Where are the follow-up opportunities?
How long will the PCB industry remain buoyant?Let's see what the agency thinks.
Zhao cheng, an analyst at caitong securities (
The industry cycle rule determines that the PCB will last about 7 years.The industry will benefit from structural upgrades and incremental demand outbursts in computers, communications, consumer electronics and automotive electronics.
During the upturn of the industry, domestic manufacturers are faced with two development opportunities: first, domestic substitute space. Although there are many domestic PCB manufacturers, shennan circuit (stock market 002916, diagnostic stocks), which ranks first in China, ranks only 24th in the world.In the future, with more rapid growth, Chinese PCB manufacturers have a lot of domestic alternatives.
Second, the opportunity brought by the improvement of industry concentration. The market share of the top three local manufacturers is less than 40%, and the industry concentration is far lower than that of other countries and regions in the world. In the future, the share of leading companies will have a greater space for improvement.
Guojin securities (stock market 600109, diagnostic shares) :
A number of mergers and acquisitions in the first half of this year show that the domestic circuit board industry has a strong momentum of development, undertaking new demands such as overseas order transfer + automotive electronics, AI, etc., and under the superposition of strict environmental protection, leading companies have obvious scale advantages.