China Electronics电子——汽车PCB持续受益于汽车四化;细分赛道重点看好汽车软板:被忽略的新能源电池材料Auto industry revamp drives PCB potential: FPC in focus; new energy battery materials sidelined投资要点/Investment Thesis投资要点/Investment Thesis汽车四化带动汽车板空间扩大:汽车PCB有望实现超越行业平均增速增长,我们预计新能源汽车板2020-2025年市场空间CAGR为51%The automotive PCB segment could achieve growth beyond the industry’s average growth rate, and we expect new energy automotive boards to have a 2020-25E CAGR of 51%.-汽车PCB增长动力来自于:新能源汽车的渗透 & 单车PCB价值量提升 -新能源汽车的渗透:重点看好特斯拉相关产业链 -单车PCB价值量提升:重点看好电池软板相关产业链 -行业格局变化:汽车四化带给国内
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