PCB industry November 2011 monthly report: The upstream raw materials are expected to stop falling, and the downstream high-end PCB boom is high

North American PCB orders shipment ratio (BB) was flat: In October, the North American PCB order shipment ratio (industry leading indicator) was 0.99, which was flat compared with the previous month. It shows that the downstream demand is still not strong and the overall prosperity of the industry is still not high. Among them, the hard board BB value was 0.99, which was flat compared with the previous month. The soft board BB value was reduced to 0.95, which was 0.97 last month. Soft board shipments and orders fell.

The number of new orders for computers and electronic products in the United States rose slightly: The US EMS shipment index has been in a downward avenue since June of this year and continued to decline in September. Semiconductor shipments fell in September and PCB shipments rose. The number of new orders for computers and electronics continues to rise, but it is still low.

In October, the upstream camp of Taiwan Plant was recovered, and the downstream hard plate fell: Following the weak downstream demand, raw material prices fell. The industry said that although the market sentiment is still not significantly warming, but the downstream inventory level is low, the upstream material manufacturers brewing up Price, even if this wave fails to do so, will also help stabilize the price. Overall, the downstream hard board manufacturers saw a drop in revenue, but the HDI board is still a growth-determined product. Yaohua and Xinxing all vigorously expanded production. The performance of soft board manufacturers reached new heights. Despite the difficult economic recovery and the overall dullness of PCB, the soft board was significantly better than other electronics industries, with higher order visibility. Together with HDI, it will be the two highlights of the next year.

Industry trends and commentary: Taiwan's PCB output value of Q3 contrarian rose 9.2%, high-end products contributed more; Apple's supply chain New Year’s unending work desire to break season curse.

Industry Investment Ratings and Investment Proposals: According to statistics from the Taiwan Circuit Board Association, the Taiwan PCB industry increased by 9.2% in the third quarter, and the output value reached NT$135.2 billion, which was better than expected. The reason for this is that in the second half of 2011, the new ultrabooks and tablet PCs and smartphones with growth drivers are all high-end PCB products such as HDI, multilayer boards, and soft boards, which are exactly what the Taiwan PCB industry is good at. Maori products. Looking forward to 2012, electronic products will continue to be light and thin. The demand for high-end PCB products such as HDI and FPC will continue to increase, and suppliers offering high-end products will benefit from this trend. Ipad3 component suppliers are expected to break the off-season effect is a good example.