PCB has a wide range of applications, and is now ushering in a boom in the industry. There is a definite Price-Volume rise momentum in HPC, communications, consumer electronics and automotive electronics.
Demand, which involves many other industries, has not been elaborated here.
Mobile phone motherboard is a huge demand point. Here we mainly talk about the supply side.
Globally, the supply side is short of capacity due to various reasons, resulting in imbalance between supply and demand.
Supply-side global industrial transfer, multiple pressures lead to supply constraints, production capacity constraints have become a fact, good for domestic enterprises.
From 2009 to 2016, the growth rate of PCB output in mainland China is ahead of that in the world. In the past eight years, the growth rate of PCB output in mainland China is basically higher than that in other regions. There is no doubt that mainland China has become the fastest growing area of PCB industry.
In addition, 5G construction demand pull, will bring PCB how much growth space?
What other investment logic? Industry insiders said that with the advent of the 5G era, major changes will take place in communications, consumer electronics, automotive electronics and other fields, thus driving the development of the corresponding PCB industry.
Communication field: 5G base station is characterized by high frequency and high speed. It needs to use millimeter wave band with higher frequency and wider bandwidth.
However, millimeter wave signal attenuation is serious and transmission distance is short, which can only be solved by increasing the number of base stations.
According to Saidi consultant's forecast, in 2026, the number of 5G macro base stations is about 4.75 million, and the number of small base stations is twice that of macro base stations, i.e. 9.5 million. The total number of macro base stations and small base stations is more than 14 million. Such a large number of base stations will bring PCB a broad market space.
Consumer Electronics: Benefiting from the arrival of 5G, mobile phone market will usher in a wave of change.
Canalys predicts that the global shipment of 5G mobile phones will reach 1.9 billion units in the next five years, with a compound annual growth rate of 179.9%.
Mobile PCB will usher in a period of rapid development.
Automotive electronics: Benefiting from the high transmission rate and low delay characteristics of 5G, the direction of automatic driving and smart car will be developed rapidly, and the demand of PCB for automobile will be improved.
[Institutional Views of Securities Firms]
Shengang Securities: In 2018, the domestic PCB output value reached 32.6 billion US dollars, accounting for 51.30% of the world. China mainland has become the largest PCB producer in the world. With the development of 5G, Internet of Things and automotive electronics, the domestic PCB market will maintain steady growth.
Guoxin Securities: In the special report of PCB industry, it is indicated that with the acceleration of global electronization process, the demand for 5G, cloud servers, automotive electronics will increase in the future, and the PCB industry, as the lifeblood of electronic products, is expected to grow steadily at a compound growth rate of 3.1%.
Guosheng Securities pointed out that the global output value of PCB is currently about US$63.5 billion, while the mainland of China has more than 50% of the output value, and this proportion will continue to rise with the growth of domestic-owned factories. The advent of the 5G era has enabled China's PCB industry to help it grow faster, from the construction of 5G base stations to the impact of downstream consumer terminals, as well as the future penetration of automotive electronics, all aspects of the impact. Looking forward to the next 5G construction, consumer electronics, as well as automotive electronics and other aspects of the 5G-driven PCB new market.
