Accelerate the import substitution of high-end PCB chemicals

- Sep 28, 2016-

1 PCB: electronic products, the mother, the market is expected to recover.

Printed circuit board (PCB) is called the mother of electronic products because of its universality ". Since the mid 1950s has been widely adopted, after decades of continuous development, PCB has become a global industry. According to Prismark statistics, in 2015 the global PCB industry output value of $55 billion 300 million. 2015 by the world's major electronic industries such as personal computers, smart phones slowdown, inventory adjustment and other factors, the global PCB industry output fell by 3.7%. Looking to the future, Prismark is expected to 2016-2020 global PCB industry will resume growth, CAGR is expected to be around 2.3%.

The global PCB industry continued to Chinese transfer cost and downstream industry transfer effect, since the beginning of 2006, Chinese surpassed Japan to become the world's largest PCB producer, in 2015 Chinese PCB accounted for 47% of global output, is expected in the future this trend will continue, but due to the transfer of industry basically completed, expected growth rate will slow down.

2 PCB chemicals: PCB production necessities, high-end field of "import substitution" space is broad.

PCB production process involves hundreds of chemicals, chemicals used in the production process of PCB accounted for 10%-20% of the cost of PCB, although the cost is not high, but the impact of PCB chemicals on PCB production yield is huge. The rapid development of the domestic PCB industry for nearly twenty years, PCB chemicals provides a broad market for domestic PCB, 2013 annual output value of about 156 billion 900 million yuan, PCB chemicals is about 15 billion yuan, according to the main products division, the dry film photoresist of about 4 billion yuan, PCB ink (including solder resist ink, line ink, ink characters) of about 3 billion yuan, PCB wet process chemicals of about 50~55 million.

3 domestic enterprises to force, and gradually break the monopoly of high-end foreign market.

Because of China's PCB chemical industry started late, the accumulation of technology, China's PCB chemical enterprises mainly concentrated in the low-end products, such as dry film, wet process chemicals are still by the monopoly of foreign companies, but with the development of domestic enterprises and enhance the comprehensive strength, the high-end market is gradually breaking the monopoly of foreign companies. PCB ink in the field of domestic enterprises have accounted for about 50% of the market share, dry film area of foreign companies occupy more than 98% market share, but there have been domestic enterprises to achieve technical breakthroughs.

4 investment advice

A shares of the existing five PCB chemicals related to listed companies, respectively, long Guanghua Science and technology science, Forster Kay, Guangxin materials, materials, products of five companies each have different emphases. The main products of Guanghua Science and technology of copper salt, nickel salt, tin salt and PCB compound chemicals PCB, PCB chemicals, 2015 income of 564 million yuan; long science PCB chemicals is mainly copper sulfate, silver nitrate, sodium hydroxide, sulfuric acid, hydrochloric acid and other chemical reagents of various specifications, chemicals in the PCB 2015 income of 677 million yuan; the main products of Guangxin materials PCB ink, 2015 revenue of 250 million yuan; Forster main photovoltaic EVA film, the company is 580 million yuan investment in the construction of an annual output of 216 million square meters of the photosensitive film production line and supporting facilities; Kay's main materials of UV curing optical fiber coating material, the company is the construction of 3500t/a UV curing photoresist project.

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