abstract
The four modernizations of automobile drive the expansion of automobile board space: the growth of automobile PCB is expected to exceed the average growth rate of the industry. We expect the market space CAGR of new energy automobile board to be 51% from 2020 to 2025
The growth power of automobile PCB comes from the penetration of new energy vehicles & the increase of PCB value per vehicle
Penetration of new energy vehicles: focus on Tesla related industrial chain
Increase in the value of single vehicle PCB: focus on the industrial chain related to battery flexible board
Changes in industry pattern: four modernizations of automobile bring new opportunities for Chinese PCB manufacturers
How to estimate the value of auto panel related manufacturers? Compare the subject matter of new energy materials
Investment suggestions: we are optimistic about the investment opportunities brought by the increase of battery soft board in automobile PCB, and focus on the automobile soft board manufacturer Shenzhen Kinwong Electronic Co.Ltd(603228) (603228. SH) that has successfully introduced the power battery leader Contemporary Amperex Technology Co.Limited(300750) and actively expanded its production. It is recommended to pay attention to agiley industry (1639. HK); In addition, it is recommended to pay attention to the performance growth of relevant manufacturers under Tesla's high growth rate: Olympic Circuit Technology Co.Ltd(603920) (603920. SH), Victory Giant Technology (Huizhou)Co.Ltd(300476) (300476. SZ), Wus Printed Circuit (Kunshan) Co.Ltd(002463) (002463. SZ).
Risk warning: the penetration rate of new energy vehicles is lower than expected; Market competition intensifies, prices decline and profitability decline; Domestic supporting facilities are less than expected
