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LONGTENG ELECTRONICS

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LONGTENG ELECTRONICS

LONGTENG ELECTRONICS

LONGTENG ELECTRONICS

News Details

Profit-taking leads to a pullback in the PCB sector

Category: Industry News

Release Date: 2020-10-13

Summary: PCB stocks, which had aggressively advanced on diverse themes, faced profit-taking selling pressure today. Jia Lian Yi and Hanyu Bo, which hit new highs in the early session, turned from gains to losses after midday. Recently strong performers Huatuo, Zhen Ding-KY, Jin Ju, Yaohua, and Taihong also weakened together. Themes such as 5G, wireless Bluetooth earphones, and the launch of new Apple devices have garnered institutional support for PCB stocks. With active buying from investment trusts and foreign institutional investors, Jia Lian Yi and Hanyu Bo hit new highs again during the session. However, after the price surge, profit-taking selling pressure emerged, causing Hanyu Bo and Jia Lian Yi to turn negative. This intensified the selling pressure on Huatuo, Jin Ju, and others, which were already weak in the morning, pushing their prices lower during the session. From a fundamental perspective, benefiting from the start of Apple’s new device shipments, Huatuo and Yaohua recorded consolidated revenues of 5.582 billion and 2.077 billion NTD in August, respectively, both the highest single-month figures since December 2017. Zhen Ding-KY and Taijun posted consolidated revenues of 11.817 billion and 2.625 billion NTD in August, respectively, marking their highest single-month revenues since November last year. Taihong Technology’s consolidated operating revenue in August was 732 million NTD, down 2.31% from the previous month and down 21.39% year-on-year. Its electronic materials business revenue was 712 million NTD, down 2.29% from the previous month and down 18.56% year-on-year. The cumulative consolidated revenue for the first eight months was 4.931 billion NTD, down 21.46% year-on-year. Taihong stated that the third quarter is a traditional peak season, with shipments of high-frequency products slightly exceeding those of the second quarter, and third-quarter performance is expected to be better than the second quarter. Jin Ju has been deeply cultivating the high-frequency and high-speed field over the past two years, gaining certification from many customers and major manufacturers in the differentiated copper foil market. It is understood that in the server field, Jin Ju has secured exclusive copper foil supply for AMD’s Rome chips, with shipments starting in September. It is estimated that as CPU shipments grow, the proportion will increase month by month, potentially reaching volume by the second quarter of next year. Intel’s Whitley chips are also undergoing certification testing and are expected to start shipping in the first quarter of next year. Jin Ju stated that currently, servers account for about 5% of the company’s revenue. A good contribution is expected in the second half of this year, with the largest volume anticipated the year after next. The goal is for servers to account for 25% to 30% of revenue. Currently, Jin Ju’s capacity utilization is full. October’s consolidated revenue is expected to narrow the gap with last year. There is a high chance that the year-on-year growth rate for consolidated revenue in November and December will turn positive. Coupled with lower copper prices compared to last year and continued strong demand and enthusiasm for servers, the company is expected to return to peak operations starting in the fourth quarter, demonstrating strong growth momentum.

　　PCB stocks with diverse themes faced profit-taking selling pressure today. Jia Lianyi and Hanyu Bo, which hit new highs in the early session, turned from gains to losses after midday. Recently strong performers Huatuo, Zhen Ding-KY, Jinju, Yaohua, and Taihong also weakened together.

　　Themes such as 5G, wireless Bluetooth earphones, and the launch of new Apple devices have garnered institutional support for PCB stocks. With active buying from investment trusts and foreign institutional investors, Jia Lianyi and Hanyu Bo hit new highs again during the session today. However, after the price surge, they also faced profit-taking selling pressure, turning from gains to losses, which intensified the selling pressure on already weak stocks like Huatuo and Jinju, causing their prices to dip during the session.

　　From a fundamental perspective, benefiting from the start of Apple’s new device shipments, Huatuo and Yaohua’s consolidated revenues for August were NT$5.582 billion and NT$2.077 billion respectively, both the highest single-month figures since December 2017; Zhen Ding-KY and Taijun’s August consolidated revenues were NT$11.817 billion and NT$2.625 billion respectively, the highest single-month figures since November last year.

　　Taihong Technology’s consolidated operating revenue for August was NT$732 million, down 2.31% from the previous month and down 21.39% year-on-year. Among this, electronic materials business revenue was NT$712 million, down 2.29% from the previous month and down 18.56% year-on-year. The cumulative consolidated revenue for the first eight months was NT$4.931 billion, down 21.46% year-on-year. Taihong stated that the third quarter is the traditional peak season, with shipments of high-frequency products slightly higher than in the second quarter, and third-quarter performance is expected to be better than the second quarter.

　　Jinju has been deeply cultivating the high-frequency and high-speed field over the past two years, gaining recognition from many customers and major manufacturers in the differentiated copper foil market. It is understood that in the server field, Jinju has secured exclusive copper foil supplier status for AMD’s Rome chips, with shipments starting gradually in September. It is estimated that as CPU shipments grow, the proportion will increase month by month, expected to scale up by the second quarter of next year. Intel’s Whitley chips are also undergoing certification testing and are expected to start shipping in the first quarter of next year. Jinju stated that currently servers account for about 5% of the company’s revenue, with significant contributions expected in the second half of this year, and the following year expected to be the largest volume. The goal is for servers to account for 25% to 30% of revenue.

　　Currently, Jinju’s utilization rate is at full capacity. October’s consolidated revenue is expected to narrow the gap with last year, and the year-on-year growth rate for consolidated revenue in November and December has a high chance of turning positive. Coupled with copper prices being lower than last year and the continued strong demand and heat in the server market, the company is expected to return to peak operations starting in the fourth quarter, demonstrating strong growth momentum.

　　

Keywords: Profit-taking leads to a pullback in the PCB sector

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