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电子行业月度点评：覆铜板进口均价同比上涨33%，高端PCB保持景气
Caixin Securities·2024-09-01 07:32

Investment Rating - The report maintains a positive outlook on the PCB industry, suggesting a recovery in the global PCB market in 2024, with specific recommendations for companies in high-growth segments [3]. Core Insights - The report highlights a significant increase in the average import price of copper-clad laminates, which rose by 33% year-on-year to $34,400 per ton, indicating a strong demand driven by advancements in AI and other technologies [2][37]. - The Taiwanese PCB industry continues to show robust revenue growth, with July revenues reaching NT$67.1 billion, a 17% increase year-on-year, supported by strong performance in AI server and FPC-related companies [2][45]. - The semiconductor sales in China have shown a year-on-year increase of 22.9% in June, reflecting a broader recovery in the semiconductor market, which is expected to benefit the PCB sector [14]. Summary by Sections 1. Market Review - The report notes a general decline in the semiconductor index by 10.40% from July 22 to August 26, with the PCB index also down by 10.34%, indicating a market correction [8][10]. 2. Industry Prosperity Tracking - Semiconductor sales in June reached $50 billion globally, with a year-on-year growth of 20.4%, while China's semiconductor sales were $15.1 billion, up 22.9% [14]. - The report indicates a recovery in the smartphone market, with global shipments increasing by 7.6% year-on-year in Q2 2024, which is expected to drive demand for PCBs [26]. 3. Taiwan Semiconductor and PCB Industry Tracking - Taiwan's PCB manufacturers reported a cumulative revenue of NT$412.7 billion for the year, reflecting a 10% increase year-on-year, with both hard and soft board manufacturers showing positive growth [45][46]. - Major companies like TSMC and UMC are benefiting from strong demand for advanced processes, with TSMC's July revenue up 44.7% year-on-year [43]. 4. Company Dynamics - Companies such as Huada Empyrean and Shenghong Technology are highlighted for their strong performance in the PCB sector, with significant revenue growth attributed to AI and high-performance computing demands [3][48].