Printed circuit board (PCB) refers to a functional board that uses printing technology to form conductive circuit patterns or printed components on insulating substrates according to the predetermined design. It is used to realize the interconnection and relay transmission between electronic components. It is an indispensable basic component of electronic information products. There are many kinds of PCB, which can be divided into rigid board (R-PCB), flexible board (FPC) and rigid flexible combination board according to the flexibility of the substrate; According to the number of layers of the conductive diagram, it can be divided into single panel, double panel and multi-layer panel; In addition, there are special product classifications, such as high-speed high-frequency boards, high-density connecting boards (HDI), packaging substrates, etc.
一、Structure of global PCB downstream application fields
Printed circuit board (PCB) is a bridge that carries electronic components and connects circuits to form a module or finished product with specific functions. It is irreplaceable in the entire electronic product and is called "the mother of electronic products". Printed circuit boards are widely used in communication electronics, consumer electronics, computers, new energy automotive electronics, industrial control, medical equipment, national defense, aerospace and other fields, and are indispensable electronic components in modern electronic information products. In 2021, the largest downstream application of PCB in the world will be in the communication field, accounting for 32%; The second is the computer industry, accounting for 24%; And consumer electronics, accounting for 15%; Server industry accounts for 10%; Industrial control industry accounts for 4%; The military aviation industry accounted for 4%, and the medical industry accounted for 2%.
Source: Prismark, Guanzhi Domestic Consulting
二、Scale and growth of global PCB output value
PCB industry belongs to the basic industry of electronic information product manufacturing and has a high correlation with the macroeconomic cycle. At present, global PCB manufacturing enterprises are mainly located in Chinese Mainland, Taiwan, China, Japan, South Korea, Southeast Asia, the United States and Europe. In 2021, the global epidemic situation will be repeated and the economy will fluctuate, but the outbreak of 5G communication and terminal, new energy vehicles, consumer electronics and other markets will drive the PCB industry to grow against the trend. According to statistics, the global PCB industry output value will reach 80.9 billion US dollars in 2021, with a year-on-year growth of 24.08%.
Source: Prismark, Guanzhi Domestic Consulting
三、Global PCB breakdown product structure
With the rapid development of the world's electronic circuit industry technology, the chip and integrated application of components is increasingly widespread. Electronic products have more prominent requirements for high-density PCB, and the demand for high-end PCB products, such as multilayer boards, HDI boards, IC carrier boards, will grow significantly in the future. Electronic products will continue to develop in the direction of "integration, automation, miniaturization, lightweight, low energy consumption", which will promote PCB to continue to develop in the direction of high density, high integration, high speed and high frequency, high heat dissipation, lightweight, miniaturization, etc. The demand for multilayer boards, rigid flexible composite boards, HDI boards, class carrier boards, packaging baseplates and other products will increase day by day. From the perspective of PCB product segmentation structure, in 2021, multilayer boards will account for 38.6% of global PCB segmentation products, packaging substrates will account for 17.6%, flexible boards will account for 17.5%, HDI boards will account for 14.7%, and single and double sided boards will account for 11.6%.
Source: Prismark, Guanzhi Domestic Consulting
四、Scale and growth of China's PCB output value
The output value of China's mainland PCB industry will increase from 26.2 billion dollars in 2014 to 44.2 billion dollars in 2021. Since 2014, the scale of PCB output value in mainland China has been growing, with a year-on-year growth of 25.93% in 2021. With the deepening of PCB industry transfer, the proportion of China's PCB output value will further increase.
Source: Prismark, Guanzhi Domestic Consulting
The Forecast Report on the Competition Pattern and Development Trend of China's PCB Industry in 2023-2028 released by Guanzhi Domestic Information Network covers the latest industry data, market hotspots, policy planning, competitive intelligence, market prospect forecast, investment strategies, etc; The report makes a detailed analysis of PCB industry product classification, application, industry policy, industrial chain, production mode, business model, industry development advantages, disadvantages and barriers to entry.
五、China PCB breakdown product structure
As a core basic component of the electronic information industry, the development of the PCB industry is closely related to the development of the electronic information industry and the macro-economic prosperity. Especially with the increasing internationalization of the electronic information industry market, the demand for PCB in the future will be deeply affected by the domestic and international markets. From the perspective of the current economic development momentum, the domestic economy is still facing greater pressure to slow down growth due to the COVID-19, international trade friction and other impacts. The international economic situation is complex and changeable. If the international and domestic macroeconomic situation, as well as the national fiscal policy, monetary policy, trade policy and other macroeconomic policies are adversely changed or adjusted, the operating performance of domestic enterprises may be adversely affected. From the perspective of product segmentation, multilayer boards account for 47.6% of China's PCB products, HDI boards account for 16.6%, single and double sided boards account for 15.5%, flexible boards account for 15%, and packaging substrates account for 5.3%.
Source: Prismark, Guanzhi Domestic Consulting
六、New number of PCB related enterprises in China
The focus of the global PCB industry has gradually shifted from Europe and the United States to Asia. At present, a new pattern dominated by Asia (especially the Chinese Mainland) has been formed. There are many kinds of manufacturing enterprises in the PCB industry, and the market competition is fierce, but the trend of "large-scale and centralized" is increasingly emerging. If the Company fails to fully seize the market opportunities and adapt to the market demand and competition in terms of product development, marketing strategy, etc., the Company's market competitive advantage may be weakened, and the Company may face the risk of declining market share or being surpassed by competitors. From 2015 to 2021, the number of newly added PCB related enterprises in China showed a trend of rising first and then declining. In 2021, the number of newly added PCB related enterprises in the industry was 118.
Source: Enterprise investigation and domestic consultation
七、China's key PCB enterprises
1、Shenghong Technology's revenue and growth
After more than ten years of development, Shenghong Science and Technology Co., Ltd. is determined to forge ahead and keep expanding. At present, it has developed into a national high-tech enterprise specializing in the R&D, production and sales of printed circuit boards. In recent years, relying on a good external market environment, the company has enjoyed good business development. The operating revenue of the Company increased rapidly from RMB 1.818 billion in 2016 to RMB 7.432 billion in 2021, with a year-on-year growth of 32.71% in 2021.
Source: Corporate Bulletin, Guanzhi Domestic Consulting
2、Operating income structure of Shenghong Technology
The company adheres to the strategic layout of high-quality customers and high-end products. Under the continuous influence of global digital development and epidemic, the demand for products such as laptops and panels continues to grow, and high-end graphics cards are upgraded iteratively, driving the company's order growth. The new energy vehicle industry has developed with a high degree of vision, leading the growth of PCB demand in the automotive electronics field. The company has continued to deepen cooperation with internationally renowned electric vehicle enterprises, tap into customer needs, further improve the proportion of the company's product procurement, and drive performance growth. From the perspective of revenue composition, in 2021, the operating revenue from PCB manufacturing will account for 93.6% of the company's total revenue.
Source: Corporate Bulletin, Guanzhi Domestic Consulting
The revenue of Shenghong Technology mainly benefits from the upgrading of product structure and the continuous expansion of high-quality customers. The company adheres to the strategic layout of high-quality customers and high-end products. Under the continuous influence of global digital development and epidemic, the demand for products such as laptops and panels continues to grow, and high-end video cards are upgraded iteratively, driving the company's order growth. The new energy vehicle industry has developed with a high degree of vision, leading the growth of PCB demand in the automotive electronics field. The company has continued to deepen cooperation with internationally renowned electric vehicle enterprises, tap into customer needs, further improve the proportion of the company's product procurement, and drive performance growth. Significant progress has been made in new customer development, helping to increase orders. The company successfully introduced many high-quality customers at home and abroad, such as communication, servers, chips, etc., which laid a solid foundation for the transformation of the company's product structure and injected vitality into the sustainable growth of the enterprise. The technology and quality are both driven to escort the growth of the enterprise. The company adheres to the technology leadership, and the engineering automation coverage has entered the first echelon of the industry; Establish a high-speed SI capability system to support high-end customer development of communication and servers. Adhere to quality first, curb high scrap rate, and tolerate "zero" significant impedance
