pcb(印刷电路板)行业研究报告

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1、2007年07月26日行业报告PCB(印刷电路板)行业研究报告电子元器件研究员段迎晟(0755)22622386Duanys@pasc.com.cn——在最具成长性市场中寻找优秀公司ò印刷电路板（Printedcircuitboard，简称PCB）是组装电子零件用的基板，全球产值每年达450亿美元，在电子行业中仅次于半导体行业，而中国的增长速度远高于行业平均速度。如今电子产品日新月异，价格战改变了供应链的结构，中国兼具成本和市场优势。PCB行业由于受成本和下游产业转移的影响，正逐渐转移到中国，在世界范围内中国是最具成长性的PCB市场。

2、ò低端PCB（4层以下）进入壁垒相对不高，竞争比较充分，集中度较低，受下游整机降价的压力，产品价格经常面临下游厂商压价的挤压。而高端PCB（HDI等）技术、设备、工艺等要求很高，进入壁垒较高，扩产周期较长，在中国处于供不应求的状态。ò中国PCB厂商产能快速扩张，产值不断增大，产品向高端发展，中国的PCB厂商还有很大的成长空间。òCCL（覆铜板）和下游整机产品隔着PCB板，价格传递没有这么直接，集中度比较高，议价能力比PCB高，但产品用途单一导致对PCB的依赖很强；由于低端产品和特殊的PCB板材的需求，导致成本低、和针对特定细分市场的规

3、模小厂商的有生存空间，行业整合的难度较大。òCCL大厂商推行规模领先战略，有较大的扩产动作，强者恒强的格局维持，产能的释放集中在2007～2008年，但2008年上半年是传统淡季，价格战难以避免。从长期看集中是一种趋势，但短期利润损失的阵痛难免。ò原材料涨价使上游厂商毛利丰厚，加上中国政府加强对环境的保护，加速了下游行业的整合，提高进入门槛，迫使竞争力弱的企业退出行业。òPCB的发展使玻纤厂商纷纷加大高档的电子纱生产，电子纱产业向薄纱方向发展，有窑炉厂in－house趋势。电子布的生产规模取决于窑炉的大小，投资较大，集中度更高。ò技术

4、创新能力、新兴产业需求及高端大客户需求的跟踪和保障能力是PCB厂商获取高额利润的关键。重点公司最新股价EPS（元）PE（倍）PB评级（元）06A07E08E06A07E08E（倍）生益科技14.00.450.550.6531.1125.4521.547.67推荐超声电子9.250.230.390.5140.2223.7218.143.80推荐天津普林18.190.280.330.4764.9655.1238.7013.87推荐粤富华13.480.380.400.7535.4733.7017.974.59推荐请务必阅读正文之后的免责条款

5、目录一、PCB的产业链和竞争力分析··································································3(一)PCB产业链分析································································································3(二)PCB产业竞争力分析·································································

6、·························4二、中国PCB行业现状分析········································································6(一)中国PCB产值分析·····························································································7(二)中国PCB产能分析········································

7、·····················································8(三)中国PCB产品结构分析·····················································································9(四)中国PCB产业集中度和地理位置分析······························································11(五)中国PCB应用领域分析··················

8、·································································12(六)中国PCB行业的SWOT分析··························