FPC系列之智能手机篇.pdf

| 2019 10 08 FPC FPC PCB 50% FPC 2018 56% FPC FPC 38% 28% 17% FPC 20% FPC FPC 5G FPC 2017 2018 5G 5G FPC FPC iPhone 4 10 FPC iPhone XS 24 FPC FPC PCB FPC FPC FPC LCM FPC 1800-2000 OLED OLED FPC FPC Vivo FPC FPC FPC FPC FPC S0680518120002 zhengzhenxianggszq 1 2019-10-07 2 AR/VR 5G 2019-09-25 3 DRAM Mate30 2019-09-22 2019 10 08 P.2 . 3 FPC . 3 FPC . 5 FPC . 6 1.1 5G+ . 6 1.2 . 7 1.3 FPC . 9 1.4 . 11 . 12 . 13 1 PCB . 3 2 PCB . 3 3 2018 FPC . 4 4 2018 FPC . 4 5 2017 FPC 15 FPC . 5 6 2017 FPC . 5 7 . 6 8 . 7 9 5G . 7 10 FPC . 8 11 iPhone iPhone 11 Pro Max . 8 12 Mate 30 Pro 20 Pro . 8 13 Mate 30 Pro . 9 14 iPhone XS Max . 9 15 Vivo NEX 3 . 9 16 Mate 30 Pro . 10 17 . 10 18 . 11 19 NDT . 11 20 LCM FPC . 12 21 . 12 2019 10 08 P.3 FPC PCB 1. PCB PCB 2. PCB FPC 3. RF-PCB 1 PCB PCB FPC RF-PCB PCB 50% PCB FPC 2 PCB Prismark 8% 31% 35% 38% 40% 40% 44% 46% 47% 50% 51% 53% 53% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2022F 至 至 2019 10 08 P.4 FPC FPC 56% FPC 15% FPC / 56% 16% / 37% 28% 17% 3 2018 FPC 4 2018 FPC FPC 15 PCB 50% FPC 7% 2017 FPC 170 56% 15% 6% 7% 16% 16% 17% 28% 37% 2% 2019 10 08 P.5 5 2017 FPC 15 FPC / 2015 2016 2017 38 34.02 33.3 21.5 20.37 29 16.73 11.42 11.3 9.02 8.68 11 8.5 7 10 6.37 5.22 9.7 5.62 5.92 8.6 3.54 4.53 6.1 3.14 3.21 6 4.88 4.32 4.3 4.78 3.98 4 STEMCO 1.94 2.02 2.5 2.33 1.88 2.4 1.41 1.58 2.2 1.67 1.6 1.8 129.43 115.75 142.2 6.01% 5.87% 8.34% 32.53% 33.94% 39.52% FPC Prismark 2017 FPC FPC 29% 19% 22% 6 2017 FPC Prismark 29% 22% PC 13% 19% 4% 13% 2019 10 08 P.6 5G 5G FPC FPC FPC FPC FPC FPC 1.1 5G+ 2017 2018 2018 14.05 2017 14.69 7 IDC -5.0% -4.5% -4.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 1000 1050 1100 1150 1200 1250 1300 1350 1400 1450 1500 2016 2017 2018 YoY 2019 10 08 P.7 8 IDC 5G 5G 5G 9 5G Strategy Analytics 1.2 FPC FPC FPC FPC -8% -6% -4% -2% 0% 2% 4% 250 270 290 310 330 350 370 390 410 430 450 16Q1 16Q2 16Q3 16Q4 17Q1 17Q2 17Q3 17Q4 18Q1 18Q2 18Q3 18Q4 19Q1 19Q2 YoY 0 200 400 600 800 1000 1200 1400 1600 2018E 2019E 2020E 2021E 2022E 2023E 2024E 2025E 5G 2019-2015 201% 2019 10 08 P.8 10 FPC FPC FPC iPhone 4 10 iPhone 5S 13 Huawei P20 Pro 10 iPhone 7 14-16 Samsung Galaxy S8 13 iPhone 7S 15-17 vivo NEX 14 iPhone 8 16-18 Google Pixel 3 11 iPhone X 20-22 iPhone Xs 24 iFixit FPC FPC FPC FPC FPC PCB PCB FPC FPC 11 iPhone iPhone 11 Pro Max 12 Mate 30 Pro 20 Pro iFixit iFixit iPhone 11 Pro Max Mate 30 Pro Mate 20 Pro 5G FPC FPC