台股FPCB企业营收高增，建议关注软板及HDI板

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [2] Core Insights - The semiconductor market is expected to rebound in 2024, with global sales projected to reach $588.4 billion, a year-on-year increase of 13.1% [8][23] - The PCB market is forecasted to recover, with a projected value of $73 billion in 2024, reflecting a growth rate of approximately 4.97% [25][27] - The report highlights significant growth in specific PCB segments, particularly high-layer boards and HDI boards, which are expected to grow at CAGRs of 8.8% and 6.2% respectively from 2023 to 2028 [28] Market Review - From April 22 to May 17, the Shanghai Composite Index rose by 3.85%, while the electronic index increased by 6.68%, ranking 9th among 31 major industries [14] - The electronic sector's price-to-earnings (PE) ratio is currently below historical medians, with a TTM PE of 35 times, placing it in the 37.83 percentile historically [19] Semiconductor and PCB Market Forecast - The semiconductor sales in March reached $45.9 billion, showing a year-on-year increase of 15.3%, with China experiencing a higher growth rate of 27.4% [9][31] - The PCB market is expected to grow at a CAGR of 5.4% from 2023 to 2028, with significant contributions from the server and automotive sectors [25][28] Raw Material Tracking - Copper prices have been on the rise, recorded at $10,398 per ton as of May 17, reflecting a 6.7% increase from April 19 [58] - The price of epoxy resin remains low, recorded at 12,800 yuan per ton, showing a slight increase of 1.6% since March 21 [58] Taiwan PCB Industry Tracking - In April, Taiwan's PCB manufacturers reported a revenue increase of 13.2% for hard boards and 34.3% for soft boards year-on-year [10] - Companies like Jinxiang Electric and Xinxing reported revenue growth of 24% and 12% respectively, indicating strong performance in high-layer and HDI boards [10] Investment Recommendations - The report suggests focusing on high-growth segments within the PCB industry, particularly those with higher technical barriers, such as data communication boards and automotive boards [10] - Companies recommended for investment include Huadian Technology, Shenghong Technology, and Shennan Circuit [10]