【研报】PCB、电子行业：5G、云计算催生PCB高景气头部厂商充分受益-20200629[33页].pdf

1、 / 5GPCB PCBPCB 2019PCB613.112024 758.462019-2024PCB4.3% 5G PCB EPS PE 2020E 2021E 2022E 2020E 2021E 2022E 163.46 3.79 4.68 5.16 43.10 34.95 31.70 24.45 0.88 1.09 1.31 27.90 22.36 18.60 30.73 0.87 1.09 1.302 35.18 28.26 23.77 -10% 8% 26% 44% 62% 80% 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/

2、1 2020/2 2020/3 2020/4 2020/5 2020/6 % 1M 3M 12M 16.29% 23.34% 69.96% 8.05% 9.17% 62.21% 277 53946 36869 40.25 3.62 22740 916 % 53.82 5G 2019-12-17 5G 2019-12-17 2019-12-09 5G 2019-12-02 S0550518060004 01058034600 S0550119080044 18810995372 0 0 PCB/ 2020-06-29 2 / 33 1.PCB . 5 1.1.PCB . 5 1.2.PCB .

3、7 2.5G+PCB . 9 2.1.5GPCB . 9 2.2.PCB . 15 3.PCB . 19 3.1.+PCB . 19 3.2.+PCB . 22 3.3./. 24 4. . 29 4.1. 29 4.2.+ . 29 4.3.CCLPCB . 30 5. . 30 3 / 33 1PCB . 5 2PCB . 5 3PCB . 6 4PCB. 7 5PCB. 7 6PCB. 9 75G. 9 84G. 10 9: . 12 105G . 13 113G/4G 5G . 13 124G5G . 13 13 . 15 14DOU. 15 15(TB). 15 16(MB). 15

4、 172016-2022 . 16 182016-2022 . 16 19. 16 202007-2017. 17 212007-2018. 17 22ICT . 17 232017q1-2020q1 . 17 24. 18 25. 18 26Intel. 19 27PCB . 20 28PCB . 20 29PCB . 20 30PCB . 21 31PCB . 23 32PCB . 24 33PCB . 24 34PCB . 25 1PCB. 5 22019-2024 PCB . 8 32019-2024PCB. 8 44G/5G . 10 55G . 10 65G.11 75G. 12

5、85G . 12 4 / 33 94G5G . 13 105GPCB. 14 115GPCB . 14 12201920202024. 18 13. 18 14PCB . 19 15 . 19 16PCB . 20 172019-2024 PCB . 22 182018PCB. 22 202019-2024 PCB . 24 21PCB/ . 25 22PCB . 25 23PCB . 26 24% . 27 25 . 27 26 . 28 5 / 33 1. PCB 1.1. PCBPCB “”PCB 1PCB 2PCB TTM Prismark PCB HDI HDI 1PCB / / 3

6、OZ3OZ 6 / 33 HDI 0.15mm0.25mm 130/117/ / 20m/20m 2-3 15m /15m10m /10m / PCB 3PCB Prismark PCB PCB 7 / 33 5 PCB 520205050 4PCB 1.2. PCB2019PCB613.11 2024758.462019-2024PCB 4.3%PCB- 1980-19921992-2002/ 2002-2009 2009-20165G PCB 5PCB Prismark 8 / 33 22019-2024 PCB 2019 % 2024E 2019-2024E % PC 9,157 0.2