Automatic driving not arrived, PCB ahead


The popularization of automotive electronics will promote the simultaneous increase in the quantity and price of automotive PCBs (printed circuit boards). In recent years, there has been a clear trend towards electrification and electronics in automobiles, and PCBs are almost ubiquitous in automotive electronic systems.
The PCB consumption of Alternative fuel vehicle is nearly 4 times that of traditional fuel vehicles, and the price of a single vehicle PCB exceeds 1200 yuan. At present, the on-board charger, DC-DC converter, inverter and Battery management system dedicated to Alternative fuel vehicle need to use a large number of PCBs. The penetration rate and total volume of domestic Alternative fuel vehicle are in the forefront of the world, and the high growth rate will be maintained in the next few years. Relevant PCB suppliers will significantly benefit;
Intelligent driving components such as millimeter wave radar will increase the demand for high-end PCBs. Due to the high circuit frequency of 24  77GHz, millimeter wave radar requires much higher materials, dielectric properties, and accuracy for PCBs and upstream copper clad plates than ordinary PCBs, resulting in a unit price of 3-10 times that of ordinary PCBs. With the continuous penetration of intelligent driving devices, the market for high-end PCBs will usher in an explosion.
Conservatively estimated, the domestic automotive PCB market capacity will reach 24.1 billion yuan in 2025, and the global market will reach 58.3 billion yuan. The CAGR from 2018 to 2025 will be around 12%. The revenue growth rate of China's leading PCB manufacturers will be faster than that of the market.
The automotive business has become the main business of several A-share listed PCB manufacturers and contributed a significant portion of their revenue growth in recent years. In 2018, the global automotive PCB market share of the top six A-share listed companies in the automotive business was about 12%, a significant increase from 10% in 2017. Since the beginning of the new century, the PCB industry has gradually moved eastward, and the share of domestic production in the world has increased from 17% to over 50%. China is an important downstream production location for PCBs, and the global share of PCB manufacturers' automotive business is expected to continue to increase.
Domestic PCB manufacturers have seen significant technological advancements in recent years. Represented by Shanghai Electric Corporation (002463. SZ), the domestic leader in automotive panels actively participates in international cooperation, introduces advanced technology, and the high-frequency PCB used in millimeter wave radar has achieved mass production; At the same time, many PCB manufacturers have realized the coverage of downstream power batteries, charging and other automotive electronic systems for Alternative fuel vehicle.

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