2022-03-03-瑞士信贷集团-将电源从覆铜板转移到印刷电路板_98页_5mb

The report from Credit Suisse dated March 2022, titled "China Components Sector - Shifting power from CCL to PCB," analyzes the electronics industry's PCB market, emphasizing a shift from CCL to PCB dynamics. Key growth drivers include automotive applications and technologies like substrate, HDI, and FPC, with significant content increases in electric vehicles. Chinese mainland PCB companies are expected to gain market share, especially in high-end segments due to domestic substitution and technological advancements. CCL prices are forecast to fall further in 2022, leading to margin improvements for PCB makers. The report issues selective stock recommendations for companies involved in PCB and IC substrates, highlighting their exposure to promising tracks and potential upside. The analysis maintains a positive outlook for certain sectors but includes risks such as market downturns, material price volatility, and geopolitical factors. Valuation estimates place target prices based on forward P/E multiples, deferring to detailed financial metrics for precise valuation.