Cars cannot live without electricity! Focus on automotive PCB industry
Juheng
October 05, 2023
Author Zhang Zhonghua
According to data from TPCA (Taiwan Circuit Board Association) and Industrial Research Institute, PCB manufacturers experienced a destocking phase in the first half of the year. The manufacturing output value of PCB manufacturers in the first half of 2023 was 351.1 billion yuan, a year-on-year decrease of 18.6%, of which automotive use accounted for approximately 14.6%. It is estimated that The full-year output value in 2023 will be approximately 769.3 billion yuan, a year-on-year decrease of approximately 16.8%, but the forecast growth in 2024 is 8.1%.
According to TrendForce's forecast of the global automotive PCB market, global PCB output value is expected to be approximately US$79 billion in 2023, a 5.2% decrease compared to 2022. However, the automotive PCB market is expected to buck the trend, mainly due to the increased penetration of electric vehicles globally and the development of automotive electronics. It is expected that the output value of the automotive PCB market will increase by 14% annually to reach US$10.5 billion in 2023, and its proportion of the overall PCB output value will also increase from 11% last year to 13%. By 2026, the output value of automotive PCB is expected to reach US$14.5 billion, accounting for 15% of the overall PCB output value. Between 2022 and 2026, the automotive PCB output value will have a CAGR of approximately 12%.
In addition to the trend of automotive electronics, electric vehicles are also one of the driving forces for the growth of automotive PCB output value. First, the average PCB value per vehicle of pure electric vehicles is about five to six times that of traditional fuel vehicles. Secondly, the current automotive PCB Mainly four to eight-layer boards, while self-driving systems mostly use HDI boards with higher unit prices, which are about three times the price of four- to eight-layer boards. If the proportion of high-unit price products increases in the future, it is expected to stimulate output value.
In addition, on September 14, the Thailand Trade and Economic Office (TTEO) and the Taiwan Circuit Board Association (TPCA) jointly held the "Thai Student PCB Job Fair - Taisheng PCB Job Fair". In view of the fact that the PCB industry chain has responded to geopolitics, it has Many manufacturers plan to invest in new factories in Thailand this year. In order to help the industry solve the urgent need for Thai talents in new factories in Thailand, this matchmaking will be used to graft the employment needs of Thai students in Taiwan. It can also be seen from this event that the recent layout of the PCB industry in Southeast Asia is expected to become a new circuit board cluster.
Jianding’s revenue returns to monthly growth in July and August
Printed circuit board factory Jianding (3044)'s revenue returned to monthly growth in July and August. Revenue in August was 5.5 billion yuan, a year-on-year decrease of 1.07%. Revenue from January to August was 38.351 billion yuan, a year-on-year decrease of 15.26%. EPS in the first half of the year was 4.02 yuan, lower than 5.54 yuan in the same period last year.
Looking to the future, with the development of automotive electronics and the trend of electric vehicles, automotive panels need to increase the proportion of HDI processes. As a leading manufacturer of HDI processes, Jianding is expected to increase the company's market share in the automotive panel market.
Jingpeng’s revenue in July and August returned to the track of double annual and monthly growth
Printed circuit board factory Jingpeng (2355)'s revenue returned to double-year growth in July and August, with revenue in August reaching 1.485 billion yuan, an annual increase of 0.78% and a monthly increase of 5.38%. Cumulative revenue from January to August was 10.88 billion yuan, an annual decrease of 5.98%.
The company's automotive-related products include: multilayer boards, HDI, thick copper plates (~14oz), flexural boards, etc., with production bases in Taiwan, China and Thailand.
Jingpeng's revenue in the first half of the year was 7.984 billion yuan. Compared with the same period last year, the revenue has slowed down slightly. However, looking forward to the market outlook, the operation in the second half of the year is expected to improve. It is currently striving to operate the Thailand factory in the second half of the year and looks forward to improving the yield rate and personnel training. Wait for adjustments to increase utilization rate and thereby improve performance. The stock price has risen by approximately 40% since the beginning of the year.
Dynamic Investment Holdings' August revenue doubles year-on-year
Dynamic Investment Holdings (3715) reported double monthly revenue growth in August. Revenue in August reached 1.433 billion yuan, an annual increase of 13.2%, and cumulative revenue from January to August was 10.062 billion yuan. Revenue in the first half of the year was 7.338 billion yuan. Because Dynamic Investment Holdings will be listed on August 25, 2022, it is not easy to compare the year-on-year increase or decrease before August, but investors can pay attention to the revenue performance after August.
In terms of products, there were not much changes in the second quarter. The share of automotive panels increased by 1% from the previous quarter to about 70%, while in terms of technology, the share of HDI remained at about 22%.
Dynamic's Thailand factory is expected to start mass production in the fourth quarter of 2024. The factory design is an automated and highly intelligent smart factory. The technology categories are high-end multi-layer boards and HDI, including high-frequency and high-speed material technologies. The products are used in servers, network communications, storage devices and automobiles.
Looking forward, revenue is expected to be flat or slightly declining this year, and may still be affected by the recession in 2024. However, high-end smart vehicles and AI-related products are expected to inject revenue momentum. Shares have risen about fourfold since the beginning of the year.
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