2023-10-15 04:43:10
Dynamic, whose automotive sheet accounts for 70% of its revenue (3715-TW), the stock price has doubled since August, which not only reflects the growth trend of global automotive sheet demand, but also further reflects Dynamic’s success in developing the automotive sheet field. At the same time, under the growth trend of market demand, including Hannstar Bo (5469-TW), Zhen Ding (4958-TW) and Zhichao (8213-TW) all rushed in one following another.
Listed cabinet PCB factories include Jianding (3044-TW), Keiho (2355-TW), high skill (5439-TW), Dynamic and Yaohua (2367-TW), are both important automotive sheet suppliers. At the same time, companies including Hannstar Bode, Zhichao and Zhiding are constantly seeking to seize the growing pie in the automotive sheet market through mergers and acquisitions, production expansion and other models.
Among them, Zhiding acquired Yongfengyu (1907-TW), a subsidiary of Xianfeng Communications, has entered the automotive ADAS system board field; Zhiding leverages its own soft board production capabilities to seek further opportunities to enter the long board of electric vehicle power supply; Zhichao has expanded beyond its original two major production spindles of photovoltaic panels and NB In recent years, it has also entered into automotive panels through the acquisition of Kaohsiung Hitachi Chemical, and even its new North Vietnam plant, which will enter trial mass production at the end of this month, also focuses on automotive panels and photovoltaic panels, showing that Chichao is actively seeking to establish a third growth branch for automotive panels. foot.
Huaxin Advanced Group has also noticed the development trend of the automotive plate market. Its subsidiary Hannstar Bo (5469-TW), Jingcheng still accounts for 40% in NB and PC applications, Netcom, server and game console applications all account for more than 10%, and automotive boards only account for 3%. Huaxin Advanced has not yet focused on the production of mobile phone boards. The company’s overall plan is to expand and develop automotive panels, and Jingcheng Technology is also building a new factory in Malaysia.
According to TrendForce research, benefiting from the continued increase in global electric vehicle penetration and automotive electronics, the output value of automotive boards is expected to increase by 14% annually in 2023, reaching US$10.5 billion, accounting for 10% of the overall PCB output value compared with last year. 11% increased to 13%; by 2026, the output value of automotive PCB is expected to grow to US$14.5 billion, accounting for 15% of the overall PCB output value. The compound growth rate of automotive PCB output value from 2022 to 2026 is estimated to be approximately 12%.
Dynamic, whose recent stock price performance has attracted much attention, reported revenue of 7.339 billion yuan in the first half of 2023, with a gross profit margin of 19.9%, an annual increase of 3.2 percentage points, and an following-tax net profit of 332 million yuan, a year-on-year decrease of 2.07%. The net profit per share reached 1.2 yuan.
Dynamic’s second quarter automotive sheet revenue accounted for 70%, an increase of 1 percentage point from the first quarter. Looking forward to the second half of the year, Dynamic pointed out that the revenue target will be the same as or increase compared with the first half of the year, and the gross profit margin can still be improved by the improvement of the product mix. Optimized and high-end new products have gradually entered mass production and continued to improve. It is estimated that full-year revenue will be flat or slightly lower than in 2022, but profits are expected to grow.
At the same time, Dynamic’s revenue plan for 2024 is that 70% of revenue will focus on automotive applications, of which electric vehicles account for 20% of automotive panels. Dynamic’s Hubei Huangshi Second Factory has added HDI board production capacity. The current capacity utilization rate is also 85-90%. The production yield rate is also continuing to improve. AI server application card boards and DDR5 memory module boards are also in progress. Under certification.
The Thai factory invested by Dynamic will contribute revenue in 2025. The Thai factory is designed to be a highly intelligent and automated smart factory. The technology categories are high-multilayer boards and HDI. Technical products including high-frequency and high-speed materials are used in servers. , Internet communications, storage devices and automobiles.
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