The competition among countries lies in the competition of technology. A strong technology means a strong country. This is even more so in the new era facing the future. The era of strong ships and powerful guns has passed, and the high-tech era of dimensional reduction is coming. At present, what the United States fears most is Huawei 's 5G technology, so it suppresses everywhere. Last night, when US Secretary of State Pompeo was still giving a speech at an event in the UK, he also had an innuendo to Chinese telecom manufacturer Huawei. He urged the UK not to invite Chinese companies during the 5G construction process. Today we will learn about the core technology stocks of 5G.
According to the planning of the ITU (International Telecommunication Union) 5G Recommendation, 5G will improve by ten to hundreds of times in terms of speed, delay, connection density, energy efficiency and spectrum efficiency. Based on the above performance, 5G is divided into three categories of networks, namely enhanced mobile broadband (eMBB) massive machine connection (mMTC) and high-reliability and low-latency connection (URLLC). In short, it is faster, more and more reliable, which drives the performance upgrade, increase in the number of major devices and devices such as filter , antennas, and circuit boards, and even complete innovation. The following is a specific analysis:
5G base station PCB board: epoxy substrate upgraded to PTFE as the mainstream new substrate
PCB is mostly used in base stations for antenna modules, communication backplanes, power amplifier , low noise amplifiers, filters, etc. In the 5G era, with the technical requirements of high frequency, high speed and high data volume, many original medium and low frequency communication materials will be eliminated. Due to the irreplaceable nature of the dielectric characteristics and signal transmission speed, the significant increase in the usage of multiple components in the base station in the future is just around the corner.
Shanghai Electric Co., Ltd. and Shenzhen Nan Circuit are among the few manufacturers in China that have the capacity to mass-produce high-end communication PCB products, and can meet the requirements of 5G construction for supply cycles. In the 4G cycle, Shenzhen South Circuit customers are mainly ZTE and Huawei, while Shanghai Electric Power Co., Ltd. is mainly Huawei and Nokia. It is expected that in the field of PCBs for 5G communication equipment, Shenzhen Nan Circuit and Shanghai Electric Power Co., Ltd. will still be direct competitors and will continue to occupy half of the market.
5G base station filter: metal cavity filter to microwave ceramic dielectric filter
filter is a key device for selecting signal transmission frequency in mobile communication. It mainly removes unnecessary frequency components in the signal through the combination of capacitors, inductors, resistors and other components, and retains the required frequency components, thereby ensuring that the signal can be transmitted on a specific frequency band and eliminating mutual interference between frequency bands. The upstream of the
dielectric filter is ceramic powder materials. Overseas companies producing ceramic dielectric filters such as CTS, MuRata, PARTRON, Sawnics, etc. all have their own powder formulas. Currently, the only companies in China that can mass-produce ceramic dielectric filters are Aifu Electronics and Canqin Technology. The two companies also have their own ceramic powder formulas. The Chinese porcelain material has its own powder formula, but it does not produce dielectric filters. The high technical barriers of the FPC board of
material of
mobile terminal have made the core of the LCP antenna industry chain upstream electronic-grade LCP materials, which are mainly monopolized by Japanese and American companies. LCP material suppliers mainly include Murata Manufacturing, Cola Li, Gore-Tex and DuPont in Japan, and Chinese company Walt Co., Ltd. also participated. The technology of manufacturing FCCL from LCP materials is mainly controlled by American and Japanese manufacturers, and Taiwanese manufacturers are also capable of producing it. The main suppliers of FCCL are Rogers in the United States, Murata Production in Japan, Panasonic Electric, Ube Hikari, Nippon Railway, Qisheng, and Taiwan's Taihong and Shinyang. Mainland manufacturers Higashiyama Precision and Shengyi Technology also have the ability to manufacture FCCL. In terms of processing and manufacturing FPC soft boards, Sumitomo Electric from Japan, Karenyi from Taiwan and Toyama Precision from mainland China have rich commercial experience. The final antenna module link has achieved mass production. The United States Ampheno, Taiwan's Zhending and Taijun, and mainland China's Luxshare Precision also have manufacturing capabilities.
5G material link benefit target - Lekai New Materials: Chemical industry is scarce "small but beautiful", monopolizing 8% orders for total iron 90html, 20%+ ROE
is one of the rare "small but beautiful" companies in the chemical new materials sector. The company's net profit is 100 million yuan, and it maintains a 60% gross profit margin for a long time, a 40% net profit margin and 20%+ ROE, a debt-to-asset ratio of 6.79%, and its net operating cash flow/net profit in the past six years has been above 1. At present, the company's main source of revenue and profit is thermally sensitive magnetic tickets (with magnetic paper bodies other than texts). The company's main customers are Railway Corporation, which occupies 90% of the market share (and a small share is given to spare suppliers under the Railway Corporation, etc., and there are no potential entrants), and will still contribute stable cash flow to the company.
1, new product FPC electromagnetic wave shielding film (EMI film): The increasing demand for 5G FPC and the increase in EMI shielding requirements drive the demand for shielding film, mainly fitting the FPC surface to prevent electromagnetic interference. At present, the global FPC market space has reached more than US$15 billion, and the cost of EMI films accounts for 15%-20%, and 80% of the market share is monopolized by a few companies such as Japan's Tuozida. The electromagnetic environment in the 5G era is more complex, and the demand for EMI materials is expected to reach a new level. The company's products have fully entered into the large local soft board manufacturers such as Hongxin/Jingwang. At the same time, the company maintains close contact with Apple core suppliers such as Dongshan/Xinwei (wireless charging shielding), and is expected to make major breakthroughs in large clients in the future. At present, the company's products have passed ZTE certification, and certifications of Huawei, OV, etc. are expected to make progress within the year.
2, new product stress testing membrane: the only domestic supplier, as the main test device of process parts, the pressure flatness of the pressure (which can be understood as a copy paper with extremely high precision). The market is currently exclusively monopolized by Fuji, Japan. Its sales in China are RMB 700 million, but the unit price of the product is as high as 1,500-2,000 yuan/square meter, and the net profit margin is quite considerable. Currently, the company is the only supplier of BOE/Shenzhen Tianma except Japan Fuji, and is expected to contribute 100 million profits in 2021.
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