2020年3月23日星期一

2020年3月12日星期四

Summary of passive component A-share listed companies


 Among the domestic passive component companies in 2018, Zhenhua Technology, a leader in resistance and tantalum capacitors, had a revenue of 5.3 billion yuan, Fenghua Hi-tech, a ceramic capacitor leader, 4.6 billion yuan in revenue, Sunlord Electronics, an inductive leader, 2.4 billion yuan, aluminum electrolytic capacitor leader Aihua Group and Jianghai  Share income is around 2 billion yuan.  As a basic component, the business model of the passive component industry is relatively good.  Leading companies have higher profitability, with gross margins of 30% -50% and net profit margins of 15% -20%.

Inductance: In the context of 5G and import substitution, domestic leaders have a great opportunity

 Demand for 5G drive inductors is rising in volume, price, and domestic alternatives are accelerating, and domestic leading inductors have entered the fast track of development

 5G boosts the demand for single cell inductors.  In the 5G era, Sub-6GHz and millimeter-wave frequency bands will be added. Adding a new frequency band requires the addition of filters, antenna switches, PA and other radio frequency front-end devices in the corresponding frequency band to support the smooth transmission and reception of signals in this frequency band.  Therefore, in the 5G era, the demand for RF front-end devices such as filters, antenna switches, and PA from a single mobile phone will further increase compared to 4G, which will directly increase the amount of inductors for supporting components, including the RF inductance of the matching circuit.  RF devices provide DC-DC power conversion power inductors.

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