Recently, the PCB plate has quietly strengthened. Last week, in sharp contrast to the sharp fluctuation of the index, several PCB concept stocks rose well, Olympic Circuit Technology Co.Ltd(603920) , Wus Printed Circuit (Kunshan) Co.Ltd(002463) , Suntak Technology Co.Ltd(002815) , Shenzhen Kinwong Electronic Co.Ltd(603228) , Shennan Circuits Co.Ltd(002916) rose by more than 10%.
If we look back on the timeline, the PCB sector has performed equally well since the fourth quarter: 27 of the 34 PCB concept stocks recorded positive earnings.
the three main lines of new energy bring huge incremental space
Previously, PCB was mostly closely connected with concepts such as consumer electronics and 5g. However, with the development of new energy vehicles getting better, the application of PCB in automotive electronics began to attract market attention.
on the one hand, in the automotive industry, PCB is mainly used for auxiliary driving, on-board communication, electric control and other links. In terms of traditional fuel vehicles, the average consumption of PCB is 1 square meter, while that of high-end models is 2-3 square meters. The value of PCB per vehicle is about 500-600 yuan.
However, due to the addition of BMS, MCU and other devices in new energy vehicles, the use area of PCB has increased to 3-5 square meters, and the value of single PCB exceeds 2000 yuan, up to four times that of traditional fuel vehicles. prism data show that last year, the global PCB output value in the automotive field was US $6.19 billion, and it is expected that the output value will reach US $8.75 billion in 2024, accounting for 10.6% of the global PCB output value, and the compound growth rate from 2020 to 2024 can reach 9%.
on the other hand, is the subdivision field FPC (flexible circuit board / flexible board). In traditional fuel vehicles, the consumption of single vehicle FPC is more than 100 pieces, which is mainly used in on-board display group and vehicle electronic equipment, electronic control automatic systems such as engine system, seat, door and vehicle control, and automatic safety systems such as automobile image system and sensor.
In the new energy, power battery and energy storage battery both open new space for FPC.
In power battery link, FPC has become one of the new materials selected by manufacturers to reduce cost. It has significant advantages in safety performance, lightweight, process flexibility and automatic production. has been applied by many enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Gotion High-Tech Co.Ltd(002074) , AVIC lithium battery, Tafel, Farasis Energy (Gan Zhou) Co.Ltd(688567) . figure | comparison between traditional harness and FPC, source: KABOL technology and Minmetals securities
Assuming that the single vehicle value of new energy vehicle FPC is 400-600 yuan, referring to the global and medium Shanxi Guoxin Energy Corporation Limited(600617) vehicle sales data, Zheshang Securities Co.Ltd(601878) it is estimated that the global / medium Shanxi Guoxin Energy Corporation Limited(600617) vehicle FPC market space is expected to reach 14-24 billion yuan / 7.2-12 billion yuan in 2030.
It is worth mentioning that CCS (cells contact system, integrated busbar / harness board integration) is the next step for on-board power FPC manufacturers. Analysts believe that the value of CCS is higher than that of FPC, and the value of single vehicle is expected to be 2-3 times that of FPC.
In addition, with the development of energy storage industry, monitoring and information creation of energy storage battery operation status has become a key point of safety. Some companies in the industry have put forward relevant schemes for the application of FPC in the field of energy storage. Zheshang Securities Co.Ltd(601878) believes that the FPC / CCS investment of 1GWh energy storage battery will reach 10-15 million yuan / 20-30 million yuan, and the global energy storage battery FPC / CCS market space is expected to reach 4.6-7.9 billion yuan / 11.6-19.8 billion yuan in 2030.
In a word, Huaxi Securities Co.Ltd(002926) believes that in the long run, the main driving force of PCB in the future lies in the incremental market in the field of automotive electronics and the local evolution of high-end products such as IC carriers. High quality PCB manufacturers hope to have long-term high growth.
(Kechuang board daily)
