[Table MainInfo][Table Title] 2020-02-19...

[Table_MainInfo] [Table_Title]

/

[Table_Summary] 2010 2012

HSF6000

19.60%

FPC +

5G

FPC 5G

LTE 5G NR

2019

1989 2024 3055 8.96%

5G

FPC 2014

HSF-USB3

5G

OPPO Vivo

BHCO. LTD Young Poong Group

FPC

PCB/FPC

2019/2020/2021

3.33/5.85/10.88 EPS 1.83/3.30/6.25 PE

59.58/33.09/17.46X

[Table_Finance] 2017A 2018A 2019E 2020E 2021E

226 275 333 585 1,088

(+/-)% 18.90% 21.42% 21.19% 75.81% 85.93%

96 117 146 264 500

(+/-)% 20.52% 21.67% 25.04% 80.07% 89.47%

1.20 1.46 1.83 3.30 6.25

0.00 0.00 59.58 33.09 17.46

0.00 0.00 15.01 10.33 6.49

(%) 27.73% 28.24% 25.20% 31.21% 37.16%

(%) 0.00% 0.00% 0.00% 0.00% 0.00%

( ) 60 60 80 80 80

[Table_Invest]

[Table_Market] 2020/2/17

6 132

109.10

12 74.74 141.95

8,728

80

A 80

B /H 0/0

2

[Table_PicQuote]

-24%

-12%

0%

12%

24%

36%

2019/7 2019/10 2020/1

[Table_Trend] % 1M 3M 12M

2% 34% 0%

4% 29% -22%

[Table_Report]

Mate 30 Pro 5G 5G

20191230

5G

20191217

5G

20191217

20191209

[Table_Author]

S0550518060004

01058034600 [email protected]

S0550119080044

18810995372 [email protected]

0 0

688020

2020-02-19

2 / 31

[Table_PageTop]

1. ............................................................ 5

1.1. ................................................................................................... 5

1.2. ....................................................................................... 6

1.3. ........................................................................... 9

1.4. ..................................................................................................... 10

2. FPC 5G FPC .................................................. 11

2.1. PCB ............................................................................... 11

2.2. + FPC ................................................................................. 12

2.3. 5G + + FPC ................................................. 13

3. FPC ................... 16

3.1. FPC ................................................................................... 16

3.2. 5G ....................................................................................................... 18

3.3. 5G .................................................................. 20

3.4. ............................................................................................. 22

4. ............................................................. 23

4.1. FCCL FPC FCCL .................................................... 23

4.2. ............................................. 25

4.3. PCB ....................................................... 26

5. ............................................................................................... 28

5.1. ......................................................................................................................................... 28

5.2. ......................................................................................................................................... 28

6. .......................................................................................................... 28

3 / 31

[Table_PageTop]

1 ................................................................................................................................................................................. 5

2 ................................................................................................................................................................................. 6

3 ........................................................................................................................................................................ 7

4 .................................................................................................................................................................... 7

5 ........................................................................................................................................................................ 9

6 .......................................................................................................................................................................... 10

7 ............................................................................................................................................................. 10

8 ......................................................................................................................................................... 10

9 ......................................................................................................................................................... 10

10 ............................................................................................................................................................................. 11

11 ............................................................................................................................................................................. 11

12 2018 ........................................................................................................................... 11

13 FPC .................................................................................................................................................................. 12

14 PCB ........................................................................................................................................... 12

15 FPC ................................................................................................................................................................... 12

16 FPC .................................................................................................................................................... 13

17 iPhone FPC ...................................................................................................................................... 14

18 FPC ....................................................................................................................................... 14

19 iPhone X FPC ............................................................................................................................................... 14

20 Apple Watch Series 4 FPC ....................................................................................................................... 15

21 AirPods Pro FPC ......................................................................................................................................... 15

22 FPC .................................................................................................................................................................. 15

23 ........................................................................................................................................................................ 16

24 ................................................................................................................................ 19

25 ............................................................................................................................................. 21

26 ......................................................................................................................................... 21

27 .................................................................................................................................................. 21

28 ............................................................................................................................................................................. 22

29 ..................................................................................................................................... 22

30 .................................................................................................................................................................... 24

31 FCCL ..................................................................................................................................................... 24

4 / 31

[Table_PageTop]

32 PCB ............................................................................................................................................................................ 27

33 ...................................................................................................................................................................................... 28

1 ....................................................................................................................................................................... 6

2 ....................................................................................................................................................................... 6

3 2018 .............................................................................................................................. 7

4 ................................................................................................................................................. 8

5 ........................................................................................................................................ 8

6 IPO ............................................................................................................................................................. 9

7 2018-2023 PCB FPC ........................................................................................... 13

8 ........................................................................................................................................................ 18

9 ...................................................................................................... 19

10 .............................................................................................................................................................. 20

11 ................................................................................................................................................................... 22

12 ................................................................................................................................................................... 23

13 ................................................................................................................................................. 23

14 2013-2018 .................................................................................... 25

15 .................................................................................. 25

5 / 31

[Table_PageTop]

1.

1.1.

2010 2012 HSF6000

2014

HSF-USB3 OPPO VIVO

5G 2019 7 22

1

3.78%

8.81% 12.59% 2.93%

3.35% 1.76% 8.04%

18.19% 38.82% 2015

1.58 1.05

12.5% 8.33%

76% 2020 7 22 1746.25

21.83%

6 / 31

[Table_PageTop]

2

Wind

1

2020-07-22 1746.25 21.83% 95.67%

2021-07-22 80.00 1.00% 4.38%

2022-07-22 4253.75 53.17% 233.04%

,

1.2.

HSF-6000 HSF-USB3

2018 364.50

1859.98 19.6%

310.78 929.99 33.42%

2

(FCCL)

3L-FCCL 2L-FCCL

7 / 31

[Table_PageTop]

IC FPC

FPC FPC

,

3 2018

364.50 998.09 1859.98

% 19.60% 53.7% 100%

,

( )

FPC

2019 2260.84

32.53% 9.79% 2.10pct 2020 2021

3 4

, Wind , Wind

8 / 31

[Table_PageTop]

4

2012 2013 2014 2018

HSF-6000

HSF-USB3

2019 2020 2021 -

1.

2. FPC

3.

1.

2.

3.

4.

-

,

2016-2018

63.72%/64.37%/75.79%

97.43%

70 / 100 / FCCL

2020 60 /

2020 100

/

5

2016 2017 2018

385.00 467.16 497.83

245.33 300.72 377.31

237.29 292.19 364.50

63.72% 64.37% 75.79%

96.72% 97.16% 96.60%

,

9 / 31

[Table_PageTop]

6 IPO

61084.68

2020

60 /

15002.54.

30 /

HSF-USB3

22315.5

-

8000

500

3000

500

500 FPC

500

3000

,

5

98% HSF6000

HSF-USB3 USB3 6000

2014

2018 HSF-USB3

HSF-6000 60.9% 37.9% 1.2%

5

, Wind

1.3.

10 / 31

[Table_PageTop]

6 7

, ,

2018 71.67%

1.5pct

2018 44.76% 0.45pct

2019 68.38% 4.66pct

2019 47.41% 0.5pct

8 9

, Wind , Wind

1.4.

FPC

OPPO VIVO BHCO. LTD

Young Poong Group FPC 2018

BHCO. LTD

11 / 31

[Table_PageTop]

10 11

12 2018

2. FPC 5G FPC

2.1. PCB

FPC PCB Prismark 2018 FPC 128

2022 FPC 149 3.5% CAGR

FPC PCB 20% 2022 FPC

PCB 21.6%

12 / 31

[Table_PageTop]

13 FPC 14 PCB

Prismark Prismark

FPC PCB FPC CR5

70% 2017

FPC FPC 25%

15 FPC

Prismark

2.2. + FPC

FPC Prismark 2009

-2016 FPC FPC 2016

FPC 42.5% FPC

Prismark 2018-2023 FPC 2.8%

3.5% 2.6%

13 / 31

[Table_PageTop]

16 FPC

Prismark

7 2018-2023 PCB FPC

2018-2023 FPC PCB

-0.8% 1.0%

0.9% 1.2%

1.1% 1.4%

2.6% 4.4%

3.5% 3.7%

2.8% 3.7%

Prismark

+ PCB/FPC

1 / PCB/FPC

2

/

3 PCB/FPC

PCB/FPC

PCB/FPC

PCB/FPC

2.3. 5G + + FPC

FPC FPC

FPC

iPhone FPC iPhone 4 FPC 10 iPhone

XS FPC 24 iPhone 4 16

iPhone XS 40 FPC 10-15

14 / 31

[Table_PageTop]

iPhone XS FPC 1/2

FPC FPC

17 iPhone FPC 18 FPC

iFixit iFixit

19 iPhone X FPC

iFixit

AR/VR FPC IDC 2018

1.72 7760

5132 3771 2019-2023 CAGR 9% IDC

2018 AR/VR 590 2023 AR/VR 6860

2019-2023 CAGR 67% Apple Watch Series 4 10-15 FPC

AirPods 5-7 FPC AR/VR

FPC

15 / 31

[Table_PageTop]

20 Apple Watch Series 4 FPC 21 AirPods Pro FPC

iFixit iFixit

FPC Prismark 2009 PCB

15 PCB 3.7% 2017 8.8% 52

PCB 2017-2022 4.1%

3.2% NTI PCB

PCB 30-70 PCB 100-150

PCB 2013 16-24 2016 62 CAGR

45.81% FPC PCB 15% FPC

LED BMS

FPC

Tesla Model3 BMS FPC 100

22 FPC

16 / 31

[Table_PageTop]

3. FPC

3.1. FPC

23

3

17 / 31

[Table_PageTop]

9

,

FPC

FPC

FPC 2002

FPC / 2007

2012

7

2000

2009

18 / 31

[Table_PageTop]

2014

,

dB

dB = 20 x log

/ 30dB

3.2. 5G

5G FPC 5G Sub-6

GHz Massive MIMO

5G 5G

1/4

5G

Sub 6 LTE 5G NR LTE NR

8

1/4

2G 0.8-1GHz 1.8GHz 20-30cm 5-7.5cm

3G 1.8-2.2Ghz 13-16cm 3-5cm

4G 1.8-2.7GHz 11-16cm 2.5-4cm

5G 3-5GHz 6-10cm 1.5-2.5cm

20-30GHz 10mm 2.5mm

19 / 31

[Table_PageTop]

wifi 2.4GHz 12.5cm 3cm

5GHz 6cm 1.5cm

2.4GHz 12.5cm 3cm

,

5G 5G

3GHz- 6GHz, C-Band (C )

5G

FPC +

2019 1989 2024 3055

8.96% 2019 1024

2024 1803 11.97%

9

2019E 2020E 2021E 2022E 2023E 2024E

FPC 5122 5348 5744 6154 6325 6555

20.00% 21.50% 23.00% 24.50% 26.00% 27.50%

1024.40 1024.40 1149.82 1321.12 1507.73 1802.63

FPC 9945.63 10090.57 10539.45 10989.29 11000.00 11110.17

20.00% 21.50% 23.00% 24.50% 26.00% 27.50%

1989.13 2169.47 2424.07 2692.38 2860.00 3055.30

, Wind

24

Wind

20 / 31

[Table_PageTop]

3.3. 5G HSF

HSF6000 2012

HSF-USB3

2014

FPC

10

HSF6000

HSF6000-2 15 60dB

HSF6000-3 10

HSF-USB3

HSF8000-2 12

HSF8000-3 10

HSF8000-2S 25

HSF8000-8 8

HSF-USB3 15

HSF-USB3-C 15

HSF-PI

HSF-PI-45 45

60dB

>

HSF-PI-22 22

,

1

USB3

HFF-USB3

USB3 5G / 2.5GHz HSF-USB3-C

USB3-C 10G / 5GHz

2

FPC

USB3

21 / 31

[Table_PageTop]

/ /

“

”

25

USB3 2018

2.71 20.86% USB3

2018 1.67 78.28%

72.87% 6000 2018 1.04

20.38% 70.92%

26 27

Wind , Wind

2018

56% 17% 26%

2018

22 / 31

[Table_PageTop]

28 29

, ,

3.4.

2018 26%

53.70%

19.60% SC

11

2018

64%

SC

27,135.03

94,818.79

74.44 / 75-105 / 60-80 /

→ →

→ → →

/ → →

19.60% 53.70% -

,

23 / 31

[Table_PageTop]

12

2016 2874.90 2017 2914.28 2018

1-6 1157.34

FPC

2016 26144.06 2017 25823.31 2018

26445.96 2018 684.67

2

2L-FCCL

FCCL

,

13

dB

1 HSF8000-2 12 61.9-68.5

SF-PC5600 15 52.2-55.6

2 HSF-KDT-02 - 60.66-69.8

SF-PC5900 8 52.0-56.5

/ 5G HSF-USB3-C 15 80.3-83.7

SF-PC3300 17 80.7-88.2

,

4.

4.1. FCCL FPC FCCL

FCCL

FPC

3L-FCCL

2L-FCCL 3L-FCCL

2L-FCCL

3L-FCCL 2L-FCCL 2 L-FCCL

3L-FCCL

FPC COF 3 L-FCCL

FPC

24 / 31

[Table_PageTop]

30

2017 FCCL 4.0 2022 FCCL 5.5

CAGR 6.6% 2017 FCCL 3.1 2022

FCCL 3.9 CAGR 4.7% FCCL

FCCL 36%

22% 21% 15%

Arisawa Taiflex DuPont

Nippon Steel Mitsui Chemical

Nitto Denko

Sumitomo Metal Mining Toray

31 FCCL

25 / 31

[Table_PageTop]

20 50

80 FCCL 1987

FCCL 1995

2018

FCCL 6190 5852 29.24

FCCL 30

14 2013-2018

% % %

2018 6190 3.0 5852 -16.3 29.24 8.5

2017 6010 10.0 5949 9.4 26.94 5.3

2016 5464 4.0 5437 6.7 25.57 20.1

2015 5254 -1.7 5094 29.1 25.29 12.9

2014 5345 24.0 3947 11.9 18.86 -2.8

2013 4230 3540 19.41

CCLA

4.2.

/ /

15

/

PET/PI

PI

PI

PI

26 / 31

[Table_PageTop]

PH

FPC

2L-FCCL PI

TPI /

9 m 1kg/cm

0.7kg/cm 0.5kg/cm

2018

Interflex PCB

PCB

TTM

FPC

2018

12.83 IPO

2020 60

/

4.3. PCB

PCB 3C

27 / 31

[Table_PageTop]

I/O

PCB

32 PCB

PCB

CCL PCB IC PCB

PCB

9 PCB IC PCB

HDI SLP

100w / 2020 Q4

28 / 31

[Table_PageTop]

33

5.

5.1.

1 2019 2020 2021

30% 50% 70% 2

3

5G USB3 4

1 2020 2021

10% 30% 2

1 2020 2021 20%

60% 2

2018

5.2.

19/20/21 3.33/5.85/10.88 EPS 1.83/3.30/6.25

PE 59.58/33.09/17.46X

6.

29 / 31

[Table_PageTop]

[Table_Forcast] 2018A 2019E 2020E 2021E 2018A 2019E 2020E 2021E

143 281 385 613 123 153 276 523

0 0 0 0 9 3 3 1

161 187 341 628 8 2 5 8

18 16 27 48 0 0 0 0

39 40 41 43 0 0 0 0

362 524 794 1,332 0 -3 0 0

0 0 0 0 -14 -19 -148 -272

0 0 0 0 -1 0 0 0

47 65 90 112 125 136 136 260

2 2 2 2 -58 -18 -32 -32

0 0 0 0 -50 20 0 0

91 107 131 154 114 143 388 756

453 631 925 1,485

0 0 0 0 2018A 2019E 2020E 2021E

9 11 18 31

0 0 0 0 1.46 1.83 3.30 6.25

0 0 0 0 5.19 7.27 10.56 16.81

22 28 46 83 1.57 1.71 1.70 3.25

0 0 0 0

0 0 0 0 21.42% 21.19% 75.81% 85.93%

0 0 0 0 21.67% 25.04% 80.07% 89.47%

22 28 46 83

415 581 845 1,345 71.67% 71.27% 73.63% 74.92%

15 22 34 57 42.65% 44.00% 45.07% 45.93%

453 631 925 1,485

213.81 205.34 212.85 210.51

2018A 2019E 2020E 2021E 72.41 59.50 63.67 63.74

275 333 585 1,088

78 96 154 273 4.94% 4.41% 4.97% 5.59%

4 5 8 15 16.20 18.81 17.28 16.05

9 3 3 1 15.38 18.22 16.67 15.45

11 13 23 43

20 25 44 81 3.95% 3.95% 3.98% 3.96%

-4 -6 -10 -15

7.27% 7.62% 7.47% 7.49%

0 0 0 0 -1.60% -1.91% -1.71% -1.38%

0 3 0 0

143 178 320 606 0.00% 0.00% 0.00% 0.00%

-1 0 0 0 0.00% 0.00% 0.00% 0.00%

142 178 320 606

19 24 44 83 P/E 0.00 59.58 33.09 17.46

123 153 276 523 P/B 0.00 15.01 10.33 6.49

117 146 264 500 P/S 23.83 26.22 14.91 8.02

6 7 12 23 28.24% 25.20% 31.21% 37.16%

30 / 31

[Table_PageTop]

“ ”

R3 A B

AA ABS

“ ”

6 15%

6 5% 15%

6 -5% 5%

6 5% 15%

6 15%

6

6

6

31 / 31

[Table_PageTop]

http://www.nesc.cn 400-600-0686

6666 130119

28 D 100033

729 200127

1006 22A 518038

122 15 510630

021-20361121 13564972909 [email protected]

021-20361229 17717370432 [email protected]

021-20361258 18221628116 [email protected]

021-20361267 13262728598 [email protected]

021-20361258 13120758587 [email protected]

021-20361121 18516562656 [email protected]

021-20361112 18801903156 [email protected]

021-20361133 18516728369 [email protected]

021-20361133 13122617959 [email protected]

010-58034553 18515018255 [email protected]

010-58034557 18501954588 [email protected]

010-58034555 13701194494 [email protected]

010-58034563 18501944669 [email protected]

010-58034561 18600646766 [email protected]

010-63210813 18153683452 [email protected]

0755-33975865 18938029743 [email protected]

0755-33975865 15989508876 [email protected]

0755-33975865 18682251183 [email protected]

0755-33975865 18516772531 [email protected]

0755-33975865 18620093160 [email protected]

0755-33975865 18664323108 [email protected]

[Table MainInfo][Table Title] 2020-02-19...

Documents

Transcript of [Table MainInfo][Table Title] 2020-02-19...