Automotive electronics market has become the new blue ocean printed circuit board (PCB) populations. Morgan Stanley Securities pointed out, PCB population of Tripod (3044) cut into the car successful electronic carrier board, the car ran out of the next three years with a PCB compound annual growth rate of 25% success, driven by profit trend upward, Ming, annual net income per share (EPS) will continue rising to 6.42,6.93 yuan.
Morgan Stanley said technology industry analyst Shi Xiaojuan, Tripod gradually improve in the car with PCB and PCB server market share, growth in the next two years can make a profit 8-17%, with revenues accounting for PCB from the car, from 6% in 2011, doubled to 12% in 2013. Therefore, given Tripod "Outperform" investment rating unchanged and maintain a target price of 76.8 yuan.
Although the use of PCB leading factory Jing Qi Cheng Peng car compared with Taiwan, Tripod vehicle PCB there is a great room for improvement, Shi Xiaojuan think, auto parts supply chain related products to Asia has become a trend, Taiwan PCB-related car plant , with long-term benefit of space.
Morgan Stanley Securities predicts, when in 2014, the share price than the estimated net Tripod 1.2 times, 9.9 times earnings ratio, return on equity (ROE) 13.2%, more than Jing Peng more attractive investment.
Leading manufacturers Jing Peng owns the vehicle PCB operating profit rate of 10%, as well as holding more manufacturers customers advantage.
Part of the Taiwan plant actively cut vehicle PCB, precisely in view of weakening growth momentum smartphones, PCB plant if too dependent on smart phone business, plus notebook (NB), PC industry continues to remain weak, future earnings growth fear greatly eroded.
By Yan Xing example, Merrill Lynch, said technology industry analyst Su Zhiping, high-end smart phones growing strength weakened, HDI version for flip chip and chip size carrier board (FC-CSP) have an impact, the occasion of the situation, Yan Xing any layer HDI version will slow down sales in the third quarter, coupled with the decline in the FC-CSP market share, the net income per share this year, Yan Xing estimates dropped to 2.1 yuan, to maintain the "sell" investment rating.