Fangbang (688020)： New product of electromagnetic shielding film leading to growth space
Fangbang (688020): New product of electromagnetic shielding film leading to growth space
Report Summary: The company is the world’s leading manufacturer of electromagnetic shielding films. The company was established in Guangzhou in 2010. In 2012, it launched the HSF6000 series electromagnetic shielding films with independent intellectual property rights.Collective ownership. At present, the company is one of the three largest electromagnetic shielding film manufacturers in the world, and the market share is reorganized.
60% increase in FPC usage + increase in electromagnetic shielding film penetration rate, helping the electromagnetic shielding film market to expand rapidly.
With the continuous innovation of 5G terminals, the rapid volume of wearable devices, the penetration of automotive electronics, and the rapid expansion of the FPC market.
The number of SG terminal antennas increases but the antenna size shrinks, and the simultaneous operation of LTE and SG NR transceivers will make the electromagnetic interference problem more obvious and the electromagnetic shielding film permeability will increase.
It is expected that the global production area of electromagnetic shielding film will increase from 19.89 million square meters in 2019 to 30.59 million square meters in 2024, with an annual composite material of 8.
In addition, the SG signal peak is more easily attenuated. The low insertion attenuation requirements for electromagnetic shielding films have been recognized by well-known FPC customers, and domestic substitution has been steadily advancing.
In 2014, the company launched the HSF-USB3 series metal micro-needle electromagnetic shielding film. This product has higher shielding performance and can reduce signal transmission attenuation. It conforms to the development trend of 5G and uses competitiveness. At present, the company’s electromagnetic shielding film has been applied.In Samsung, Huawei, OPPO.
Vivo, Xiaomi and other brands of terminal products, and accumulated including Qisheng, BHCO.
Young Poong Group, Hongxin Electronics, Jingwang Electronics and other well-known FPC customer resources at home and abroad.
Raised investment projects to expand the production capacity of electromagnetic shielding film and gradually increase market share.
The new products are positioned as PCB / FPC upstream materials, and the performance is 杭州桑拿网 expected to be continuously released. The company expands its product lines horizontally and expands its business to the fields of ultra-thin flexible copper clad laminates and ultra-thin steel foils. These two products belong to high-end electronic materials, have good competitive advantages, and haveHigher-level technical barriers, the company’s supplements in new products will be realized at the profit end one after another.
Investment advice and rating: We forecast the company’s operating income in 2019/2020/20213.
8.8 billion yuan, corresponding to an EPS of 1.
25 yuan, the current sustainable PE is 59.
Covered for the first time and given a “Buy” rating.
Risk warning: industry competition intensifies, new product promotion is less than expected, and 杭州夜网论坛 capacity release is less than expected