电子行业深度报告：5G、云计算催生PCB高景气，头部厂商充分受益会员免费优质

/ 5GPCBPCBPCB2019PCB613.112024758.462019-2024PCB4.3%5GPCBEPSPE2020E2021E2022E2020E2021E2022E163.463.794.685.1643.1034.9531.7024.450.881.091.3127.9022.3618.6030.730.871.091.30235.1828.2623.77-10%8%26%44%62%80%2019/72019/82019/92019/102019/112019/122020/12020/22020/32020/42020/52020/6%1M3M12M16.29%23.34%69.96%8.05%9.17%62.21%277539463686940.253.6222740916%53.825G2019-12-175G2019-12-172019-12-095G2019-12-02S055051806000401058034600zhshij@yeah.netS055011908004418810995372chengyaqi@nesc.cn00PCB/2020-06-29

2 / 33 1.PCB ...................................... 51.1.PCB ........................................................................................ 51.2.PCB ............................................................................. 72.5G+PCB ...................... 92.1.5GPCB ...................................................................................... 92.2.PCB .................................................................................. 153.PCB . 193.1.+PCB .................................................. 193.2.++PCB ......................................... 223.3./................................... 244. ..................................................................................................... 294.1................................................................................. 294.2.+ ............................................................................................ 294.3.CCLPCB .................................. 305. ..................................................................................................... 30

3 / 33 1PCB ................................................................................................................................. 5 2PCB .......................................................................................................................... 5 3PCB ........................................................................................................... 6 4PCB................................................................................................................ 7 5PCB....................................................................................................................... 7 6PCB........................................................................................................ 9 75G............................................................................................................................. 9 84G.................................................................................................................... 10 9: .................................................................................................... 12 105G .................................................................................................................. 13 113G/4G 5G ......................................................................................... 13 124G5G ............................................................................................................... 13 13 ........................................................................................... 15 14DOU................................................................................................ 15 15(TB)............................................................................................... 15 16(MB)....................................................................................... 15172016-2022 ................................................................................................. 16182016-2022 ................................................................................................. 16 19................................................................................. 16 202007-2017............................................................................................. 17 212007-2018............................................................................................. 17 22ICT ................................................................................................. 17 232017q1-2020q1 ................................................................................................ 17 24............................................................................................................. 18 25...................................................................................................... 18 26Intel........................................................... 19 27PCB ....................................................................................................... 20 28PCB ..................................................................................................................... 20 29PCB .................................................................................................................. 20 30PCB ...................................................................................................................... 21 31PCB .........