PCB this season, next year will focus on class carrier boards
Content summary: Under the continued economic recovery, the profitability of printed circuit board (PCB) manufacturers has significantly improved since this year. As the fourth quarter is the peak consumer electronics season, PC / NB and mobile phone shipments will increase. It is expected that related PCB manufacturers will Revenue and gross margin are expected to increase again. As Apple continues to launch new machines, PCB manufacturers have also responded one after another. It is expected that next year's carrier boards will be indispensable for military soldiers. The legal person expects that the Taiwanese factory China Connect and Jingshuo will have greater opportunities.
Recently, domestic PCB manufacturers have relatively advantages in niche players, such as HannStar Board, Jianding, and Huatong. Apple-related supply chains have also benefited from Apple's continued push for new products. Among them, Hanyubo's stock price has risen sharply recently, standing on the 20 yuan integer level today, the highest since February 2011. The company's net profit after tax for the third quarter was 411 million yuan, a record high of nearly 17 quarters, with a quarterly increase rate of 149.87%, and EPS was 0.92 yuan. Both are over 80%, and the outlook for the fourth quarter is still optimistic.
Huatong broke away from the bottom of the second quarter in the third quarter, with a net profit after tax of 473 million yuan, a new high this year, a year-on-year increase of 1899.7%, an EPS of 0.4 yuan, and a net profit after tax of 758 million yuan and a net profit of 0.64 yuan per share in the first three quarters. Looking forward to the fourth quarter, new products such as mobile phones and laptops of major customers have been launched successively, and the capacity utilization rate has maintained a high level. It is estimated that the fourth quarter revenue will also grow by double digits from the previous quarter.
Looking forward to next year, Apple will launch a new iPhone 8, which is expected to be equipped with a flexible OLED screen, dual lens, glass case, and a power module that supports fast charging / wireless charging / large-capacity batteries. The main reason for the reduction in thickness is the OLED screen. And PCB area reduction (SLP) to provide the space required for dual lenses. Among them, the iPhone will widely use a carrier-like PCB (SLP). The trace width / spacing of SLP is thinner and smaller in area, which can squeeze more space in the phone. The line width pitch of HDI for smart phones is about 50μm / 50μm, while the specification requirement of SLP is 30μm / 30μm. Once SLP is used, the legal person estimates that Jingshuo can get at least 10% of the order, and Huatong is also expected to benefit.
In response to Apple's new design needs, HDI factories Huatong, Xinxing, Yaohua, etc. are actively engaged in production line planning. Among them, Huatong's progress is relatively good. Except for the 6 billion yuan capital expenditure this year, the focus includes high-end thin lines in Taiwan. That is to say, the production capacity of Substrate-like has been further increased from 30um to 25um. In addition, the third phase of the Chongqing plant has also slightly changed its existing production capacity increase strategy. The technical capacity and production capacity equipment may also be shifted to similar substrates.
Jingshuo also actively grabs the business opportunities of the substrate carrier. Especially in the early stage, it has a technological advantage and will have the opportunity to obtain the lead in the supply rank. It is worth noting that the profit of the substrate carrier is relatively low compared to the current IC carrier board product. HDI plant technology and yield improvement, more suppliers cut in, price and profit pressures may emerge.