In recent years, driven by the new energy vehicle policy, the sales volume of new energy vehicles in China has increased significantly. In 2018, the sales volume of new energy vehicles reached 1.256 million, up 67.1 percent year-on-year. Sales of new energy vehicles reached 299,000 in the first quarter of 2019, up 109.7 percent year on year. The spread of automotive electronics will lead to an increase in the volume and price of automotive PCB (printed circuit board). In recent years, the trend of automobile electrification and electronization is obvious, but PCB is almost everywhere in automotive electronic systems.
PCB consumption of new energy vehicles is nearly four times as much as that of traditional fuel vehicles, and the price of PCB for a single vehicle is more than 1,200 yuan. At present, the on-board charger, DC-DC converter, inverter, and battery management system for new energy vehicles all need a large number of PCBs. The penetration rate and total volume of new energy vehicles in China are among the highest in the world, and the high growth rate will be maintained in the next few years. Relevant PCB suppliers will clearly benefit.
The automotive business has become the main business of many A-share listed PCB manufacturers and has contributed A major part of the incremental revenue in recent years. In 2018, the top six automotive businesses among A-share listed companies accounted for about 12% of the global automotive PCB share, A significant increase from 10% in 2017. Since the beginning of the new century, the PCB industry has gradually moved eastward, and the domestic output share of the world has increased from 17% to more than 50%. China is an important producer of PCB downstream, and the global share of AUTOMOTIVE business of PCB manufacturers is expected to continue to increase.
The domestic leading company of automobile board represented by Shanghai Electric Power Co., Ltd. actively participates in international cooperation, introduces advanced technology, and realizes mass production of high-frequency PCB used in millimeter-wave radar. At the same time, a number of PCB manufacturers have realized the coverage of the downstream power battery, charging, and other new energy vehicles electronic systems. Domestic automotive PCB business will play an increasingly important role in the incremental revenue of PCB manufacturers. At the same time, with the rapid development of domestic downstream, domestic PCB enterprises will be able to obtain a certain share from multinational enterprises.
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