5g infrastructure plate

"New infrastructure" has been very hot lately, 5G as the "new infrastructure" lead, do not need too much rendering, not only by the high-level tone for "economic development of the new kinetic energy", it in the The A-share market has also been hot for a long time. Today, the financial gentleman to give you an introduction to the 5g infrastructure plate related stocks it!

5G segments of the base station antenna, RF devices, small base station

5G's three key efficiency needs include: spectrum utilization efficiency, energy efficiency and cost efficiency. Specifically, 5G in the spectrum efficiency, energy efficiency and cost efficiency to improve the demand for more than ten times or even a hundred times, the key technology to accelerate the catalyst.

In particular, the user experience rate (bps) has been upgraded from 10Mbit/s in the 4G era to 100Mbit/s, which puts forward a comprehensive upgrade of 5G network coverage capability.

Calculated according to theoretical values, the higher the signal propagation in the higher spectrum, the higher the signal loss, and the higher the number of base stations required needs to be. From the perspective of continuous coverage, the number of base stations for 5G will be 1.5-2 times that of 4G.

By the end of 2017, China had built 3.28 million 4G macro base stations. According to the conservative value of 1.5 times, the number of 5G base stations is at least 5 million.

The number of 5G base stations increased, supporting transmission equipment naturally grows accordingly, equipment vendors in 5G will benefit significantly. At the same time, 5G large-scale antenna array on the base station antenna and base station RF devices have higher demand, antenna feed RF number and performance will be greatly improved.

Since 5G high-frequency signal penetration ability is weak, must be enhanced through the mode of small base station local coverage, small base station will also be expected to achieve the leapfrog development from 0 to 1, network optimization and maintenance for the regional coverage will also be in the 5G construction of the back cycle into the peak investment.

5G segments of the fiber optic cable

5G base station intensive interconnection demand, as well as 5G traffic surge drive network capacity expansion and upgrading, will also significantly boost fiber optic, cable demand.

But for fiber optic cable, the need to remain cautious enough:

According to public reports, so far, some central and western cities, fiber-optic access network has been able to cover administrative villages, fiber-optic users accounted for more than 90% of the users can even. In the face of such news must be sharp enough: economically underdeveloped areas of fiber optic cable already have a high penetration rate, its investment elasticity is obviously limited.

Therefore, Hengtong Optoelectronics, the tracking of such representative enterprises, it is necessary to have more than the market depth of research, or a different perspective - as a way to guard against black swan events.

5G segment of the PCB

Compared with the 4G period, the 5G period of PCB boards show two distinctive features: first, the volume is large, nearly 10 times the space, and the second is the technical requirements of more than one, from the double-layer boards to multi-layer boards.

It should be noted that, although the 5G investment in the greatest certainty is considered to lie in the PCB, but not all A-share subject is authentic:

PCB is broadly divided into two kinds of hard board and soft board (also known as flexible circuit boards, referred to as FPC), the soft boards and hard boards are very different, resulting in soft and hard boards industry chain has a division.

On the hardboard, different products of the hardboard due to the application of different directions will be a big difference, resulting in the board factory has a specialization, almost no eat the entire electronics industry.

For example, Huden mainly does communication boards, automotive board servers. Deep South is also biased towards communications, servers and other high-speed high-frequency. Like Oscan, its products single double-sided boards and four-layer boards accounted for 60% of the revenue, you can be sure that it is done mainly low-end general electronic products.

And the soft board is mainly used in the field of consumer electronics, communications industry applications are relatively small. Flexible board due to its characteristics can be bent, resulting in its very suitable for small size, complex structure of the product. Such as smart phones, display modules, camera modules, hard disk and so on.

So in the choice of 5G subject, must be clear that each individual stock corresponding to the "circle of competence", in accordance with its market segmentation to determine, so as not to choose the wrong subject.

5G segment of the main equipment.

A-share 5G main equipment manufacturers only ZTE Communications, Fiberhome Communications two, are industry technology leader. But on the performance elasticity, obviously less than RF devices and antenna manufacturers.

5G segment of the optical module.

The upstream of the optical module is a supplier of chips and raw materials, optical module manufacturers use the upstream chips and raw materials to complete a variety of optical module packaging, and then handed over to Huawei, ZTE, Fiberhome and other system equipment vendors, and ultimately be applied to telecom carriers or data center networks.

It is expected that the total demand and market size of optical modules in the 5G period will increase significantly relative to 4G. Among them, the total amount of 5G optical modules is about 1.6~4.2 times of 4G, and the 5G market scale is about 2.9~6.8 times of 4G.

Low-speed optical modules, fierce competition, lower gross margins. High-speed optical module related companies are more worthy of attention, mainly in the intermediate Xutron, optical technology.

Above all, from the industry segmentation point of view to consider the investment value and logic of the 5G theme, we believe that we should prefer RF devices (filters) and antennas, followed by optical modules, followed by the main equipment, small base stations, fiber optic cables and so on.

In addition, with the advancement of 5G commercialization, the follow-up will also radiate to the AR (5G terminal one of the core applications, is expected to open a new round of innovation cycle of the smartphone), car networking (5G one of the main application scenarios, the official explicitly proposed to deepen the development of intelligent networked vehicles, 5G network is conducive to lower latency and higher reliability of information transmission) and other deterministic scenarios.