City pass HDI price reduction PCB plant affected by the impact of profit

Recently, it was reported that HDI may be 10% priceless without warning. In the foreign investment circle, Citigroup believes that it will have a negative impact on the profitability of printed circuit board (PCB) plant Xinxing (3037-TW), but Goldman Sachs and Credit Suisse Think it has little effect. With mixed long-short view, Xinxing's stock price fluctuates violently.

"Economic Daily" reported that Citigroup Global Semiconductor analyst Xu Zhenzhi believes that due to Apple (AAPL-US) iPhone hot sales, PCB demand soared, various companies are expanding HDI board production capacity, which may be the main reason for the price drop of HDI board. Citigroup predicts that Xinxing profit will not be as expected, will maintain Xinxing rating as "sell", target price will drop to 38 yuan, EPS is expected to be revised down to 3.8 yuan.

However, Goldman Sachs believes that the fact that the price of HDI board is not falling has not yet been seen. In addition, the international copper price will be adjusted back to 10% in the short term, which will benefit the cost of PCB factory in the third quarter. Credit Suisse pointed out that the average selling price of Xinxing's HDI board not only declined, but also increased in some model prices. Xinxing's fundamental performance will also improve under the product mix optimization and economies of scale.

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