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Depth-Company-Shengyi Technology (600183): 5G Leading Copper Laminate Leads New Growth Opportunities

Depth * Company * Shengyi Technology (600183): 5G Leading Copper Laminate Leads New Growth Opportunities

The scale construction of 5G networks will significantly increase the demand for high-frequency copper clad laminates, and due to the external environment, there is a strong demand for localization of the supply chain of downstream customers.

The company is the world’s second-largest copper-clad laminate manufacturer. At the same time, for many years, the high-speed board production technology is expected to benefit. It is covered for the first time and given an “overweight” rating.

  Main points of the support level Domestic-funded copper-clad laminates have obvious technological scale advantages.

Since its establishment, the company has been focusing on the field of copper clad laminates. After more than 30 years of development and accumulation, it has grown into a leading domestic copper clad laminate. The capacity of copper clad laminates has expanded from 600,000 square meters 厦门夜网 at the beginning of the plant to 88.6 million in 2018Square meters, ranking second in the world each year in 2018.

  For 5G commercial use, the demand for high-frequency and high-speed copper-clad laminates has increased significantly.

Due to the higher frequency of 5G, the number of high-speed copper-clad laminates inserted into the base station architecture increases, and the deployment density of 5G base stations is higher, so the demand for high-speed copper-clad laminates increases.

The company’s in-depth layout in the field of high-frequency and high-speed copper-clad laminates will definitely benefit from 5G construction.

Against the backdrop of uncertainties in the external environment, the demand for localization of the supply chain of downstream customers has emerged. The company, as a leader in domestic 南宁桑拿 copper clad laminates, can help.

  The Nantong plant was put into production and involved in a vacancy in production capacity.

The company laid out high-frequency and high-speed products earlier, and in the high-frequency field, it has both PTFE and hydrocarbon products.

At present, high-speed boards are mainly produced in Guangdong Shengyi, and the main production base of high-frequency boards is Nantong Plant.

In November 2018, the Nantong plant successfully completed trial production. The commissioning of the Nantong plant ensured the supply of high-frequency boards.

  It is estimated that the company’s EPS for 2019-2021 will be 0.

52, 0.

62, 0.

78 yuan, the current sustainable corresponding PE is 29X, 24X, 19X.

Considering that the company is the world’s leading copper-clad laminate company, 5G uses high-frequency high-speed boards to inject new growth momentum and cover for the first time, giving it an “overweight” rating.

  The main risks faced by ratings are that the construction of 5G networks is not up to expectations; the expansion of new production capacity is not up to expectations.