Recent international copper prices plunged to $ 7,000 per tonne, due to the cost of copper, accounting for 25-35% of PCB manufacturers, PCB manufacturers therefore help reduce cost pressures. In addition, smart phones and tablet PCs next year the demand is still hot, related components manufacturers account for a high proportion of revenues expected in 2012 is still relatively good operating performance.
Observed fundamentals, copper foil substrate ITEQ (6213), Taiwan optoelectronics (2383), Taiwan Yao (6274) third-quarter profit more than doubled compared with the previous quarter surge, soft mill Taiwan County (6269) EPS of 5.07 Yuan, Asahi Soft (3390) to 3.4 yuan, and, in the fourth quarter and next year, performance is not pessimistic.
PCB copper foil substrate plant upstream material for the international price of copper on the red this year under the wash, the difficulty of large-scale increase in cost control, to improve the financial structure, invariably have to environmental substrates, the development of halogen-free substrate. The first three quarters of this year's earnings point of view, the success of Taiwan optical catch smart phones, tablet computers demand boom, the first three quarters combined gross margin of 16.69%, ranking the highest in the industry, ITEQ combined gross margin for the first three quarters of 12.64%, but 15.51% lower than last year, increased by the cost pressure is not small, after-tax net profit of 941 million yuan, the annual reduction 25%, EPS3.14 yuan.
For next year, demand is still strong soft board, observe the general feature phone with the first-order HDI (1 layer HDI +2 +1 level of traditional board level HDI), smart phones using the second order (2-layer HDI + 2 + 2 layers of traditional board layer HDI) or 3 phase HDI (3-layer HDI +2 +3 layer of traditional board level HDI), HDI line phone with quite intensive. As the complexity of smart phone features, used many components, the need to flex the motherboard and components to connect the line, so the outlook remains optimistic about the soft board.
Watch the first three quarters of soft mill profitability, EPS of 5.07 yuan County, Taiwan ranks the highest, Asahi Soft as the runner-up to 3.4 yuan, Ka Luen Yick (6153) 2.9 million, of which Taiwan county with the third quarter revenue and by Asahi Soft high profits are rewritten, Yi Jia (2402) was a successful turnaround, even three quarters of termination of loss-making situation.
Ka Luen Yick in early October for the November holiday, the monthly revenue will decline, picked up again in November and December due to inventory decline. As many number of new products in the fourth quarter, the yield had stabilized, the gross profit margin will be affected, but the NT depreciation and copper prices plunged, can offset some negative impact. Corporate estimated fourth quarter revenue 3.04 billion yuan, quarter by 5% after-tax surplus of 370 million, earnings per share of 1.15 yuan.
The fourth quarter of the Prefecture of Taiwan products continue to face downward pressure on prices the old, and no new products, average selling prices and gross margins will decline, but gradually improved and new products yield NT depreciation, is expected to decline is limited. Estimated revenue of 1.89 billion yuan in the fourth quarter corporate after-tax surplus of 3.1 billion, earnings per share of 1.76 yuan, while the mainland in the new plant will be completed by the end of the first quarter of 2012 production, 30% of production capacity, adding momentum to grow up .