This kind of PCB demand grows in all directions

Shenzhen xinmaolong precision circuit Co,.LtdRelease Time:2022-01-15

Under the development trend of electrification, intelligence and networking in the automotive industry, the proportion of automotive electronics in the vehicle continues to rise.

Electrification and intelligence resonate, and the demand for automotive PCBs grows in all directions: Under the development trend of electrification, intelligence, and networking in the automotive industry, the proportion of automotive electronics in the vehicle continues to rise, and PCB boards are used as integrated circuits and various electronic components. As an important carrier and support for devices, the demand has increased accordingly. The three major power control systems (BMS, VCU and MCU) of new energy vehicles directly generate a large amount of incremental PCB demand; at the same time, with the accelerated penetration of ADAS and the gradual implementation of automatic driving, the amount of single-type sensors will increase significantly, and multi-sensor fusion is imperative , The hardware configuration of the perception layer is continuously upgraded, which drives the increase in PCB usage. According to the statistics of Zosi Automobile Research Institute, taking Tesla Model 3 as an example, the total value of its PCB exceeds 2,500 yuan, which is 6.25 times that of ordinary fuel vehicles.

The structural upgrade of vehicle PCB demand has brought about the effect of rising volume and price: With the promotion of electrification and intelligence, PCBs continue to develop in the direction of high density, high integration, high speed and high frequency, high heat dissipation, and thinning. The increasing demand for high-end products such as rigid-flex boards, HDI boards, FPC boards, and high-speed and high-frequency boards has further pushed up the value of bicycles. The value of the PCB of traditional fuel vehicles is about 400 yuan, the value increment brought by new energy vehicles is more than 2,000 yuan, and the ADAS systems such as millimeter-wave radar and cameras have increased by about 500 yuan. We estimate that the global automotive PCB market in 21 years will be about 50.9 billion yuan. Yuan, will exceed 90 billion yuan in 25 years, 21-25E CAGR 16%, the growth rate far exceeds the overall PCB market.

Upstream raw material prices stabilized, and automotive PCB companies ushered in profit recovery: CCL is the core raw material of PCB, accounting for about 40% of the total cost of PCB, while the raw materials of CCL mainly include copper foil, glass fiber cloth and epoxy resin. . In this cycle, PCB companies are greatly affected by the price increase of upstream bulk commodities, and CCL companies have multiple rounds of price increases in 2020-21H1. Since the second half of the year, the price of copper has stabilized, and the prices of glass fiber and epoxy resin have begun to drop slightly. With the stabilization of upstream raw material prices and the release of CCL production capacity, the price of CCL is expected to fall. At the same time, PCB companies gradually pass on costs to the downstream, and profitability ushered in Fix inflection points.

China is the world's largest PCB producer, benefiting from the trend of localization of terminals and ushering in the opportunity to upgrade product structure: China has become the world's largest PCB production base, and its output value has grown the fastest, becoming the main driving force for the development of the global PCB industry, and will continue to grow in the future. lead growth. my country has formed a relatively complete PCB industry chain, and has the world's largest automotive consumer market. The rapid development of smart electric vehicles provides sufficient depth for my country's automotive PCB industry. Domestic PCB companies are expected to rely on strong process control and cost control. Capability, closer to customers, flexible response, industrial chain support and other advantages, benefiting from the supply chain reshaping opportunities brought by the localization of terminals, it shines in the field of automotive PCB, and continues to make breakthroughs in the high-end field, ushering in product structure upgrade opportunities.

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