Smart Phone Hot Selling PCB Factory Next Year

Recently, international copper prices have plummeted to 7,000 US dollars per metric ton. Because copper accounts for 25-35% of PCB manufacturers' production costs, it helps PCB manufacturers reduce production costs. In addition, smart phones and tablet PCs are still in hot demand next year, and related parts and components account for a large proportion of revenue, and it is expected that there will still be relatively good operating performance in 2012.

Observing the fundamentals, the profitability of Tongmao (6213), Taiwan Optoelectronics (2383) and Taiyao (6274) copper foil substrates in the third quarter increased by more than in the previous quarter, and that of the soft board factory Taichung (6269) EPS 5.07 yuan, Asahi Soft (3390) reached 3.4 yuan, etc., and the fourth quarter and next year's performance is not pessimistic.

PCB upstream copper foil substrate factory this year due to the international price of copper washed up and down, greatly increase the difficulty of cost control, in order to improve the financial structure, invariably go to environmental protection substrate, halogen-free substrate development. In the first three quarters of this year's financial report, Taiwan Optoelectronics successfully took the upsurge of demand for smart phones and tablet computers. In the first three quarters, the combined gross profit rate reached 16.69%, ranking the highest in the industry. The combined gross margin of the first three quarters was 12.64%, but also Compared with 15.51% in the same period of last year, the pressure from rising costs was not small. After-tax net profit was 941 million yuan, 25% less year-on-year, and EPS 3.14 yuan.

Looking forward to next year, the demand for soft board is still strong. Observe that general-purpose mobile phones use first-order HDI (1 HDI + 2 traditional boards + 1 HDI), and smart phones use 2 (2 HDI + 2 traditional boards + 2 HDI) or 3 Hierarchical HDI (3-layer HDI + 2-layer legacy board + 3-layer HDI), HDI lines for mobile phones are quite dense. Due to the complex functions of smart phones and the use of many components, it is necessary to use flexible boards to connect the lines of the main board and components. Therefore, the outlook for soft boards is still promising.

Observing the profit of the soft board factory in the first three quarters, Taichung County's EPS reached a ranking of 5.07 yuan, Asahisoft was runner-up with 3.4 yuan, and Jialianyi (6153) was 2.9 yuan. Among them, the third quarter revenue of Taichung County and Asahisoft Profits were all rewritten to historical highs. Yijia (2402) made a profit and ended the loss for three consecutive quarters.

Jia Lianyi’s 11-month holiday in early October caused monthly revenue to decline, and then it rebounded again in November. In December, the stock inventory slipped. Due to the large number of new products in the fourth quarter, the gross profit margin will still be affected if the yield rate has not yet stabilized. However, the depreciation of the Taiwan dollar and the sharp drop in the copper price may offset some of the negative impacts. The corporation’s estimated fourth-quarter revenue was 3.04 billion yuan, a 5% quarter-on-quarter decrease, a post-tax surplus of 370 million yuan, and a surplus of 1.15 yuan per share.

The old products in the fourth quarter of Taichung County continued to face downward pressure on prices, and there was no new product. The average selling price and gross profit margin would fall. However, the yield rate of new products gradually increased and the value of Taiwan dollar depreciated. The expected decline rate is limited. The company estimates its revenue in the fourth quarter of 1.89 billion yuan, after-tax surplus of 310 million yuan, and earnings per share of 1.76 yuan. In addition, the new plant in mainland China will complete mass production at the end of the first quarter of 2012, with a 30% increase in production capacity for subsequent growth. Add energy.