5G, The Next Ten -year Track Of China PCB

5G technology changes, radio frequency is the most significant, both PCB offensive and defensive. The upcoming wave of 5G construction in 2019 will open a new space for the upstream industry. Considering the frequency improvement and delay decrease, 5G not only is different from 4G in the system architecture design, but also puts forward new requirements for wireless radio frequency materials. Filters, antennas, vibrations, PCB and other links have changed. The market ignores the advantages of PCB relative to other radio frequency links. We believe that PCB has been relatively mature, builds technology and capacity protection, and is similar to fiber optic cables. Although the amount of communication equipment is large, the communication equipment vendors are not directly involved in the industry competition pattern. Relatively stable, at the same time, the increasingly stringent environmental protection policy in the country has made the competitive advantage gradually concentrate on head manufacturers. The gross profit margin of Shanghai and Television and Shennan has been evidenced by the past five years.

The 5G base station doubles, and the changes in wireless architecture have driven PCB volume and prices.我们判断,5G 基站数将达到4G 的1.3-1.5倍,整体数量增加的同时,由于多天线(MIMO)技术的采用,5G 对小型化、集成化要求更高,在射频单元(AAU)中, The part that was originally connected through the feeder was gradually switched to PCB, and in the future, with the development of high-frequency bands and millimeter wave bands, the value of PCB accounted for communication system equipment is expected to increase from 2%to 5%-6%. Comprehensive estimates, the global overall market size of the 5G base station PCB board is 116.5 billion yuan, which is 5.5 times that of the 4G period; the global market size of 5G construction is 26.9 billion, and the domestic market size is 16.1 billion.

PCB upstream high -frequency high -speed copper -covering materials are the core, and the import substitution space is large. The market believes that the growth of PCB mainly depends on the "quantity". In the early 5G, the requirements for PCB are not high for the mid -frequency band of 2.6G and 3.5G, but we believe that the application of high -frequency and high -speed boards will be used throughout the application of high -frequency and high -speed boards for use in the use of high -frequency and high -speed boards for use in the use of high -frequency and high -speed plates. The entire mid -to -high -frequency and millimeter wave phase, 5G low latency, high reliability, low power consumption characteristics put forward higher requirements for copper cover plates. The global leader in the world is specifically targeted at 5G MIMO antennas and high future highs. Frequent and millimeter waves launched the corresponding copper cover.

The leader rises by the trend, the global vision is preferred, the Shennan circuit, Shanghai Power Co., Ltd., Dongshan Precision, and Rogers. The PCB industry has undergone a large wave of sandwiches. In a relatively stable competitive landscape, we have a global vision. Looking at the short-term, the leading company has the expansion of production capacity from the bottom up, which is expected to release production capacity in 2019-2020. The growth of the third quarter of this year has now been brought out. In the long run, the PCB supplier pattern of Huawei, ZTE, and Ericsson has already been in the long-term PCB supplier pattern. It is more stable and only needs to be released by the demand for 5G high -end products.