Communication PCB Industry In-depth Report

From the perspective of industry, the 5G industry has entered a high boom cycle and is one of the most determined investment-selective industries in 2019. We continued to track the 5G industry chain from 2018, and released dozens of tracking reports, and also seized some investment opportunities. From the perspective of current industry evolution, the 5G market is about to enter a high investment period. Because of the industrial attributes and the future penetration of all corners, the world is occupying the 5G commanding heights. This is the root cause of the Huawei incident. In the past year, with the development of 5G investment and technology, some changes have taken place in the 5G industry chain. In order to further grasp the investment opportunities, we will reorganize the 5G industry chain to find the most beneficial segments. First, the field of performance and the core listed companies.

1. Industry Introduction

PCB is called "the mother of electronic system products", is a very basic material of electronic products, has a broad market demand, downstream applications cover communications, computers, consumer electronics, industrial control medical, automotive electronics, aerospace and many other fields.

In the field of communication PCB, it is widely used in wireless networks, transmission networks, data communications, and fixed network broadband. Related products include backplanes, high-speed multilayer boards, high-frequency microwave boards, and multi-function metal substrates.


2. Industry status

According to relevant data, the global communication PCB market reached 20.065 billion US dollars in 2018, accounting for about 30% of the total PCB output value. In recent years, in the 4G era, the global base station PCB market space is about 5-9 billion yuan, accounting for in the communication PCB. The ratio is about 5-10%.

3. Development prospects from 4G to 5G industry

According to the relevant calculations of brokers, the use of PCB by a single 5G base station is about 3.21m2, which is 1.76 times that of 4G base station usage (1.825m2). At the same time, because of the higher frequency of 5G communication, the performance demand for PCB is greater, so 5G The unit price of the PCB for the base station is higher than that for the 4G base station. In general, the value of the PCB for a single base station in the 5G era is about 3 times that of the 4G era.

In addition, because the spectrum of 5G is higher, the coverage of the base station is smaller. According to the calculation, the domestic 5G base station will be 1.2-1.5 times that of the 4G base station, and more small base stations are needed, so the base station brought by 5G The total number will be much more than 4G. It is expected that the new 5G macro base station in the peak period of 5G construction in 2023 will be 1.5 times the peak of the 15G construction in 15 years. Based on comprehensive calculations, we believe that the market size of the communication PCB industry for base stations in the next few years will be about 5-20 billion yuan. Compared with the market of 5 billion to 9 billion in the 4G era, the base station PCB industry has undoubtedly exploded in recent years.

4. Industry investment advice

The application of communication PCB mainly includes four parts: wireless network (communication base station), transmission network, data communication and fixed network broadband. The market lacks some data for some applications except wireless network, so this report is mainly from wireless network. That is, the base station uses the PCB to start with a point to analyze the development prospects of the communication PCB industry in the next few years. In the other three applications, in addition to the fixed-line broadband has entered a mature period, the future growth rate is general, the transmission network industry PCB will also increase with the construction of 5G, the data communication PCB is mainly based on the completion of 5G network construction. As a more promising application in the 5G industry (5G generates massive data, data center demand increases), the future industry demand can not be underestimated.