CCL plant moves westward without moving forward in the slow recovery of PCB
In 2013, affected by the sluggish overall PCB industry, CCL Optoelectronics (2383) and Lianmao Electronics (6213), the upstream copper foil substrate (CCL) plants of PCB, showed a trend of declining profits. However, CCL plants, which were originally planned to follow PCB plants to the west in a large scale, have been determined to stop; However, Lianmao Electronics did not propose new progress.
By the end of 2013, the CCL capacity of Taiwan Optoelectronics had been expanded to the level of 2.8 million pieces per month across the Taiwan Straits. It is estimated that in 2014, it will mainly focus on adjusting the product structure to high value-added products. This year, there is no plan to expand the capacity again. The director of Taiwan Optoelectronics pointed out that, in terms of current market demand, there is a high demand for halogen-free plates for tablet computers and mobile phones and thick copper plates for servers. In terms of the current capacity configuration of Taiwan Optoelectronics, the monthly capacity of Chinese Mainland in East China is 1.3 million, that of South China is 1 million, and that of Taiwan is 500000. This year, the capacity will maintain this level, while capital expenditure will also maintain the focus on basic equipment upgrading.
The director of Taiwan Optoelectronics pointed out that at present, Taiwan Optoelectronics has suspended all plans to set up factories in the western region of Chinese Mainland. For the demand of CCL, a PCB factory set up in the western region, all production, transportation and supply from mainland China are the main demand; For now, if the demand in the future grows further, we will take a step forward to set up a shipping warehouse to meet the demand.
In 2013, Taiwan Optoelectronics reported revenue of 1.687 billion yuan, gross operating profit of 2.545 billion yuan, gross profit margin of 15.08%, net operating profit of 1.019 billion yuan, pre tax earnings of 1.033 billion yuan, post tax earnings of 836 million yuan, and post tax earnings of 2.69 yuan per share; Its gross profit margin in 2013 was 15.08%, which was 16.7% lower than that in 2012, while its after tax surplus was 836 million yuan, which was 26.03% lower than that in 2012 of 1.13 billion yuan.
Taiwan Optoelectronics Co., Ltd. dominated Taiwan CCL Factory with halogen-free plate production and marketing in the industry, and took it as an important niche product, accounting for 60% of the revenue last year; In 2013, Taiwan Optoelectronics actively sought to enter the market of high TG boards for servers and base platforms in accordance with the market trend. Last year, it accounted for 15% of the revenue. It is expected that it will gradually give play to the performance results, which will help to inject revenue and profit this year. At the same time, in 2013, the car board CCL with a long certification period has accounted for 25% of the revenue.
However, the 2013 financial report of Lianmao Electronics has not yet been released, while the 2013 self settled pre tax surplus of Lianmao Electronics was 1.458 billion yuan, a decline of 2.28% compared with the 2012 annual financial report of 1.492 billion yuan, and the pre tax earnings per share was 4.49 yuan.
Lianmao Electronic's self closing revenue last year was 19.739 billion yuan, an increase of 2.16% compared with 19.321 billion yuan in 2012's annual financial report, but its pre tax surplus was 1.458 billion yuan, a decline of 2.28% compared with 1.492 billion yuan in 2012's annual financial report.
Jianding Technology (3044) is an important customer of CCL products produced by Lianmao Electronics. During Jianding Technology's construction of 400000 foot PCB factory in Xiantao City, Hubei Province, Lianmao Electronics also expressed its intention to enter the supply chain by setting up a factory in Xiantao. At present, Jianding Technology's 400000 foot monthly capacity of Xiantao Factory has been opened, and will invest funds to expand 400000 feet of capacity. At the same time, Lianmao Electronics has not proposed new progress for entering Xiantao City to set up a factory. In an interview earlier, the director of Lianmao Electronics said that if there is any new progress in the investment in Hubei Xiantao Factory, it will be further announced and explained to the public.
At present, Zhichao (8213) and Jingcheng (6191) are the most active PCB plants that have entered Sichuan in the west. Both of them will expand their production capacity to 1.5 million feet per month in 2014. However, CCL manufacturers point out that the NB industry is still a weak industry in the electronic industry chain, and the added value of CCL used in NB boards is not high, so it is not necessary to follow the investment in Sichuan.