Electrification + intelligent networking has created new opportunities for autom

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• Date: 2023-04-24
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1. Application and space: PCB downstream scenarios are rich, and the application space in the field of automotive electronics is like a sea of stars.
PCB Printed circuit board is an important electronic component and a support for electronic components, and its downstream applications include communication
(35%), automobiles (16%), etc. The automotive electronics PCB track is expected to release a broad space for development.
The application scenarios are rich, and the market space is expected to grow rapidly. Automotive PCBs are used in control systems, audio-visual systems, GPS
Modules, etc. With the continuous improvement of automotive electronics, the demand for automotive PCB applications will continue to increase. Specifically
Look, as of July 2019, the value of a single PCB for a low-end, mid-range, and premium car is $30-40,
50-70 US dollars and 100-150 US dollars, driven by the new four modernizations of automobiles in the future, the value of single bicycles is expected to increase significantly
The improvement will drive the overall market scale to continue to grow. VMR predicts that the global scale will reach 12.48 billion US dollars in 2028.
The compound growth rate from 2020 to 2028 is 5.30%, of which the Asia-Pacific region is expected to become the regional market with the highest growth rate.
2. Development trend: The new four modernizations of automobiles have promoted a significant increase in the demand for PCBs, and the stabilization of upstream prices has driven the development of the industry.
On the demand side: the cost of automotive electronics continues to increase, and the demand for PCBs is increasing. Historically, automotive electronics accounted for
Vehicle costs continue to increase, and the trend will continue. The proportion of automotive electronics in new energy vehicles reaches 65%, which is
Oil trucks have been significantly improved. The continuous improvement of automotive electronics applications will drive the growth of its basic components - PCB demand.
①Intelligence: intelligent driving + intelligent cockpit. In terms of intelligent driving, the current ADAS penetration rate is gradually increasing, and its
Most of the medium sensor solutions are 1V1R, but it is expected that the promotion of autonomous driving above L3 level will drive the number of sensors to increase.
liters (L5 requires 32), significantly driving the increase in the number of sensor PCBs. In addition, the application of 77GHz millimeter wave
The use will increase the requirements for PCB, and further promote the increase in the value of bicycle PCB. Our Forecast 2021-2025
The annual ADAS sensor PCB market will grow at a compound growth rate of 35.9%, reaching 46.09 billion yuan.
In terms of cockpit, the current car cockpit instruments and screens are showing a trend of multi-screen and large size: Zuo Si Automotive Research expects the average
The number of screens will increase from 1.62 in 2019 to 2.66 in 2025, and will advance to more than 14 inches; liquid
The assembly volume of LCD instruments will increase by 44.5% year-on-year in the first three quarters of 2021, and the 10.0-12-inch LCD instruments will also
will become mainstream. Automotive displays contain PCBs, and the increase in the number of applications will drive up the demand for PCBs.
②Networking: According to IHS forecast, the penetration rate of global connected car ownership will reach 24% in 2022, and networking will gradually become
As standard equipment for cars, the penetration rate of T-Box is expected to rise rapidly from 50% in 2020 to 85% in 2025. while T-Box/
The in-vehicle communication module is developed based on PCB, and it is estimated that the scale of PCB related to Internet of Vehicles will reach 922 million yuan in 2025.
③Electrification: New energy vehicles are developing rapidly. According to the China Travel Association, sales of new energy vehicles in China will increase year-on-year in 2021.
169% longer. In the new energy electronic control system, PCB is mainly used in VCU, MCU and BMS. Currently obvious
The application scenario seen is that FPC replaces traditional wiring harness, which has the advantages of high integration and automatic assembly. Nuggets
Power battery PACK application. At the same time, FPC manufacturers extend CCS products and expand application scenarios in the battery field. root
According to our calculations, the total FPC+CCS market size will reach 35.527 billion yuan in 2025, and the 10 billion market will start.
Supply side: PCB upstream copper clad laminates account for about 30% of the overall cost, further looking at the prices of copper and epoxy resin
Affects PCB cost. The K column chart of LME copper price and epoxy resin price in March shows that raw material prices have stabilized or
It is expected to ease the pressure on PCB manufacturers. In addition, domestic PCB manufacturers have expanded production to cope with future
The demand is increasing, and the overall development of the industry is thriving.
3. Structure and barriers: The moat of automotive PCB is obvious, the industry concentration is low, and domestic manufacturers continue to make efforts to catch up.
In terms of threshold, car-grade automotive electronics have strict requirements, and the main certification standards include AEC-Q100, IPC-6011,
IATF 16949, etc., also have relevant industry standards for PCB products, and the technical level of products forms a moat.
From the perspective of industry structure, the concentration of the industry is low, and the overseas manufacturer CMK is the leader, with a share of only 8.2% in 2020. It is estimated that
Domestic manufacturers such as Shanghai Electric Power Co., Ltd. have a share of less than 5% (Shanghai Electric Power Co., Ltd. 3.5%).
Domestic manufacturers have continued to make efforts in recent years to seize development opportunities. On the R&D side, the R&D investment of domestic manufacturers continued to grow, accounting for
The revenue ratio is also showing a rapid increase as a whole. The improvement of R & D capabilities supports manufacturers to expand to high-end PCB products
Profitability is expected to increase. In addition, various manufacturers are actively expanding downstream customers, and have won many
Many well-known car companies and Tier1 customers.
It is recommended to pay attention to the company:
①Shanghai Electric Co., Ltd.: The company continues to operate steadily and is a veteran PCB company. Subsidiaries Huli Microelectronics and Huangshi Hushiye
The performance growth is considerable, the overall capital investment is continuously carried out, the equipment is improved and the production capacity is increased, the emission situation is good, and the
Expansion space. In addition, the product structure is continuously optimized to improve profitability, while maintaining the yield rate to maintain growth.
②Shiyun Circuit: a leading company in automotive PCB, the downstream Tesla empowers rapid growth, and acquires Naidian Technology to create an alliance
With the same effect, rapid growth is expected after the pressure on raw material prices eases.
③Sihui Fushi: A rising star in the PCB industry, continuing to break through major customers, with Nissan and Honda as representatives in the field of automotive electronics
It cooperates with other fuel car companies and new energy car companies represented by Xiaopeng. Focus on small batch boards, with outstanding profitability.