5G、云计算催生PCB高景气，头部厂商充分受益.pdf

Table_MainInfo Table_Title / 5G PCB Table_Summary PCB PCB2019 PCB 613.11 2024758.46 2019-2024 PCB 4.3% 5GPCBTable_CompanyFinance EPS PE 2020E 2021E 2022E 2020E 2021E 2022E 163.46 3.79 4.68 5.16 43.10 34.95 31.70 24.45 0.88 1.09 1.31 27.90 22.36 18.60 30.73 0.87 1.09 1.302 35.18 28.26 23.77 Table_Invest Table_PicQuote -10%8%26%44%62%80%2019/72019/82019/92019/102019/112019/122020/12020/22020/32020/42020/52020/6Table_Trend % 1M 3M 12M 16.29% 23.34% 69.96% 8.05% 9.17% 62.21% Table_IndustryMarket 277 53946 36869 40.25 3.62 22740 916 % 53.82 Table_Report 5G2019-12-17 5G2019-12-17 2019-12-09 5G2019-12-02 Table_Author S0550518060004 01058034600 zhshijyeah S0550119080044 18810995372 chengyaqinesc 0 0 PCB/ 2020-06-29 2 / 33Table_PageTop 1. PCB . 51.1. PCB . 51.2. PCB . 72. 5G + PCB . 92.1. 5G PCB . 92.2. PCB . 153. PCB . 193.1. + PCB . 193.2. + + PCB . 223.3. / . 244. . 294.1. . 294.2. + . 294.3. CCL PCB . 305. . 303 / 33Table_PageTop 1 PCB . 52 PCB . 53 PCB . 64 PCB . 75 PCB . 76 PCB . 97 5G . 98 4G . 109: . 1210 5G . 1311 3G/4G 5G . 1312 4G 5G . 1313 . 1514 DOU . 1515 (TB). 1516 (MB). 1517 2016-2022 . 1618 2016-2022 . 1619 . 1620 2007-2017 . 1721 2007-2018 . 1722 ICT . 1723 2017q1-2020q1 . 1724 . 1825 . 1826 Intel . 1927 PCB . 2028 PCB . 2029 PCB . 2030 PCB . 2131 PCB . 2332 PCB . 2433 PCB . 2434 PCB . 251 PCB . 52 2019-2024 PCB . 83 2019-2024 PCB . 84 4G/5G . 105 5G . 106 5G .117 5G . 128 5G . 124 / 33Table_PageTop 9 4G 5G . 1310 5G PCB . 1411 5G PCB . 1412 2019 2020 2024 . 1813 . 1814 PCB . 1915 . 1916 PCB . 2017 2019-2024 PCB . 2218 2018 PCB . 2220 2019-2024 PCB . 2421 PCB / . 2522 PCB . 2523 PCB . 2624 % % . 2725 . 2726 . 285 / 33Table_PageTop 1. PCB 1.1. PCB PCB“ ” PCB1 PCB 2 PCB TTM Prismark PCBHDIHDI 1 PCB / / 3OZ 3OZ 6 / 33Table_PageTop HDI 0.15mm 0.25mm130 / 117 / 20m/20m 2-3 15m /15m 10m /10m / PCB3 PCB Prismark PCBPCB7 / 33Table_PageTop 5 PCB 5 20 20 50 50 4 PCB 1.2. PCB 2019 PCB 613.112024 758.46 2019-2024 PCB4.3% PCB -1980-1992 1992-2002 /2002-20092009-2016 5GPCB 5 PCB Prismark 8 / 33Table_PageTop 2 2019-2024 PCB 2019 % 2024E 2019-2024E% PC 9,157 0.2 10,203 2.2 / 4,871 3.1 6,765 6.4 3,688 -6.3 4,055 1.9 13,247 -3.1 17,066 5.2 4,670 6.2 6,187 5.8 2,612 7.1 3,835 8 9,239 -3.6 11,286 4.1 7,001 -8.1 8,736 4.5 2,700 -7.1 3,152 3.1 1,300 3.2 1,495 2.8 / 2,725 4.2 3,067 2.4 61,311 -1.7 75,846 4.3 Prismark PCB2019 / HDI80.92 238.77 90.08 121.95 81.36 13.2% 32.95% 14.69%19.89% 13.27%PCB HDIIC PCB Prismark 2024 /HDI 92.70 290.74 119.71143.85 111.46 2.76% 4.02% 5.85% 3.36%6.49% HDI PCB 3 2019-2024 PCB 2018 2019 2019/20182024E 2019-2024E/ 86.60 80.92 -6.56% 92.70 2.76% 245.65 238.77 -2.80% 290.74 4.02% HDI 92.22 90.08 -2.32% 119.71 5.85% 123.95 121.95 -1.61% 143.85 3.36% 75.54 81.36 7.74% 111.46 6.49% 623.96 613.11 -1.74% 758.46 4.35% Prismark 9 / 33Table_PageTop 6 PCB Prismark 2. 5G + PCB 2.1. 7 5G 5G 4G 5G 450MHz - 10 / 33Table_PageTop 6000MHz 24250MHz - 52600MHz, 4G5G 100-300 4G 500 -1000 5G4G 4 4G/5G 4G 1880-1900MHz 2320-2370MHz 2575-2635MHz 11-16cm 500 -1000 5G FR1:450MHz - 6000MHz 6-10cm 100-300 FR2:24250MHz - 52600MHz 10mm 2013 4G 20194G 609 2015-2018 CAGR 31.93%309 141 1594G 8 4G 5G 25G 2020 524 14 5 3113 11.5 5 5G