#下联: The summer water is like jade flowing silently#
Its business can be roughly divided into four steps:
1) R&D technology; 2.) Procurement of raw materials; 3) put into production; 4) Sales.
The technology in the field of PCB is developing in the direction of high-level, high-precision, high-density, etc., which is manifested in light, thin, short, small, and complete functions, which requires the function of the circuit board to become more and more powerful
Among them, the most commonly used new boards are: HDI board (high-density interconnection), IC packaging substrate
The mainland exports a large number of PCB circuit boards every year are still concentrated in low-end products, but high-end still needs to be imported, and the quantity is huge.
A typical example of this is FPC (Flexible Circuit Board)
Mainly in order to meet the thinness and multi-function of mobile phones, the original steel plate can only be replaced by flexible circuit boards
In this case study, Shennan Circuit is based on the traditional PCB multilayer board and develops high-end IC packaging substrates
In 2015-2017, Shennan Circuit's R&D expenses were: 199 million yuan, 231 million yuan, and 293 million yuan, accounting for 5.64%, 5.02%, and 5.15% of operating income
There is no capitalization. By the end of 2017, 268 patents had been authorized, including 244 invention patents
In terms of R&D, Shennan Circuit has the highest investment and is more cautious in accounting
At present, in general, the low-end PCB replacement speed is slow, but the profit margin is limited.
Listed PCB companies currently have three R&D directions:
1) FPC, mainly used in mobile phones;
2) HDI, which is used in consumer electronics
3) IC packaging substrate, which is used in the packaging of integrated circuits.
The important raw materials of PCB manufacturing enterprises include copper clad laminates, prepregs, copper foils, copper balls, gold salts, etc. Among them, copper clad laminates account for about 20%-40% of the entire PCB production cost, which has the greatest impact on the cost of PCB
The performance of the copper clad laminate directly determines the performance of the PCB board, and different downstream application scenarios have different requirements for the copper clad laminate
60.63% of the revenue of Shennan Circuit's business comes from the communication field, which is currently facing the iteration from 4G to 5G, which puts forward higher requirements for the transmission volume and speed of data
High-frequency PCB is required, and there are two ways to high-frequency PCB in terms of current technology:
1) Improve the PCB processing process;
2) Use high-frequency copper clad laminates;
The first method is slow, costly, and difficult to implement, so the choice of most enterprises in the industry is to directly choose high-frequency CCL (copper clad laminates).
At present, the world's well-known high-frequency CCL suppliers include the three major Rogers, Taconic, and Isola in the United States
South Korea (Doosan), Taiwan (Lianmao, Taiguang Electronics, Taiyao), Chinese mainland (Shengyi Technology, Shanghai Nanya, etc.)
At present, Shengyi Technology ranks second in the market share of the world's copper clad laminate field, although its main business is still traditional board, but now it has a full range of CCL (including rigid, flexible and special materials)
Predict the follow-up and listen to the next breakdown
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