Motilal Oswal Financial Services

Sector Update | 28 November 2024

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Electronic manufacturing: Long runway of growth

We participated in the CII electronics summit to understand the: 1) investment

opportunity in the electronics and semiconductor market, 2) opportunities and

challenges in component manufacturing, 3) scope of growth in automotive

electronics, 4) capital market landscape of electronics manufacturing, and 5)

emerging technologies. Various companies are already working on component

manufacturing and expect support from the government in terms of favorable

policies on components. Our interaction with most players on mid- and small-sized

component manufacturers indicates that the investment climate is quite positive

and the sector is in for long-term sustainable growth across electronics and

components. We remain positive on the EMS sector.

OUR RECENT REPORTS

Large addressable market for electronics

The total electronics production in India is expected to clock a CAGR of 26% from

CY23-30, reaching USD500b (finished goods USD350b and components USD150b).

India is positioned to become a preferred manufacturing destination for investments

seeking a credible and sustainable environment. Over the years, India has witnessed

an increase in product assembly activities, led by unprecedented demand in EMS

activities in the mobile phones, automotive, industrial, and telecom segments. A

range of components is required to meet the increased demand for EMS finished

goods. These components have common uses across user products and offer 10%-

40% value-addition opportunities. These priority components and PCBAs are

expected to reach USD139b by CY30. According to Niti Aayog, India must focus on six

core areas to boost electronics manufacturing: 1) developing a component

manufacturing ecosystem, 2) addressing scale and complexity in components, 3)

fostering R&D and design capabilities, 4) improving infrastructure, 5) optimizing duty

structures, and 6) enhancing the ease of doing business. This multi-pronged strategy

will ensure sustainable growth for electronic manufacturing and global

competitiveness.

Opportunities and challenges in component manufacturing

Companies

Dixon

Amber

Kaynes Tech.

Syrma SGS Tech.

Data Pattern

Cyient DLM

Avalon Tech

Mcap

(INR b)

938

202

374

103

138

Rating

BUY

Neutral

BUY

Our interaction with companies present at the summit indicates that several

component players are witnessing strong demand momentum, such as those

specializing in capacitors, Gorilla glass (used in many flagship smartphones),

cameras, material engineering solutions, other passive electronic components, and

those working on automotive electronics. The industry is also expecting some

incentives or a PLI policy on components. Some high-priority components, such as

cameras, batteries, displays, enclosures, PCB, and PCBA, are currently heavily

imported and require a big push in the form of fiscal support to offset the cost

disability. Among our coverage companies, Dixon has already increased the ODM

share across segments and is now setting up a display manufacturing facility. Amber

is expanding the capacity of Ascent Circuits, which is engaged in PCB manufacturing.

Teena Virmani - Research Analyst

(Teena.Virmani@MotilalOswal.com)

Research Analyst: Prerit Ashok Jain

(Prerit.Jain@MotilalOswal.com) |

Harsh Tewaney

(Harsh.Tewaney@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

EMS

Automotive electronics will be another big area of growth

The automotive electronics market is currently estimated at USD10.6b, with nearly

86% being used for domestic markets and the remaining for exports. This is

expected to grow to USD74b by FY32. The electronic content in a vehicle is currently

20%, which is likely to move up to 40-50% with an increased use of power

electronics. Import dependence is currently 70%. With changing preferences in the

automobile sector, there is an increasing focus on safety, electronic systems,

automatic parking, and power steering systems, which require more electronics.

Along with this, the demand for EVs and battery management systems, among

others, is rapidly growing. Among our coverage companies, Amber Enterprises is

already working on automotive electronics; Dixon is planning to foray into EV

electronics; Kaynes, Avalon, and Syrma are already present in automotive

electronics. With a higher addressable market over the next few years, we expect

these companies to benefit.

Capital market landscape for the electronics sector

Apart from a high growth path for the next decade, electronic companies offer

unique characteristics that differentiate them from other industries. These include 1)

moving from just assemblers to full-service ODM players, 2) continuous innovation

according to client requirements, 3) exploring the scope of component

manufacturing such as displays and semiconductors, and 4) the ability to benefit

from increased ESG and sustainability led investments. These characteristics make it

easier for companies to explore capital markets for future funding requirements.

Companies only have to work toward creating a strong vendor base for RM supplies,

reducing import dependence, and achieving scale in order to attract better capital

flows.

Need for technology and R&D investments in the sector

India’s electronic industry lags behind competing countries in indigenous designs –

both at product and component levels. In India, electronic components such as

cameras, batteries, PCBs, enclosures, and passive devices are currently dependent

on designs provided by global suppliers, while PCBs, displays, and sensors are among

components that await suitable technological know-how for large-scale

manufacturing in India. In order to support the manufacture of domestic electronics

and electronic components, the GOI has granted exemption from CRO requirements

for imports meant for R&D/testing, which helps pave the way for product

development and strengthen domestic capability. The government has also

implemented initiatives such as PLI, PMP, SPECS, EMC, and Semicon India to boost

investments in the electronics and EMS industries and is working on a policy for PLI

for components.

28 November 2024

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Exhibit 1: Depth of India’s presence across the value chain and future initiatives needed

HIGH

SEGMENTS

Mobile

PRODUCTS

Smartphones

FINAL ASSEMBLY /

SUB-ASSEMBLY

Assembly for mobile has

taken off; ~2b cumulative

shipments between 2014

and 2022

Sub-assembly: Battery pack,

charger largely localized;

camera module, display

assembly ~25% localization

Multiple EMS (e.g.

Dixon/Amber)/OEMs (e.g.

Samsung) carry out finished

product assembly/sub-

assembly; display is the

largest component sub-

assembled in India for TVs

>80% of laptops consumed

domestically are imported

>40% of total imports are

from China

~65% import dependent, i.e.

most OEMs import sub-

assemblies

MEDIUM

COMPONENT MFG

Production of mechanical

and composites (casing,

cable, box content, etc)

E.g. Tata Electronics for

iPhone casing (10-15% BoM)

Open cells (~60% BoM) are

primarily imported

Through-hole components,

electro-mechanical

components are

manufactured

Primarily import-dependent

Limited design capabilities

with players such as Dixon

Home-grown OEMs such as

Blue Star and Godrej

Appliances have established

some design and engineering

capabilities

Minimal presence (VVDN

Technologies, CDAC)

Ongoing design efforts by a

consortium led by TCS

Leading home-grown OEMs

such as Tata Motors and

M&M have established

product design and

engineering capabilities but

have limited capabilities in

electronics

Minimal to no presence

LOW

DESIGN

Minimal to no presence

Consumer

Electronics

TVs

Air conditioners

Refrigerators

IT Hardware

Telecom

Laptops

Servers

4G/5G RAN; Baseband

units (incl CU, DU);

Antenna/RRU; xPON

FTTH; Others

Powertrain body and

convenience connectivity

Automotive

Low-tech components such

as wire harness and

connectors are

manufactured (~10% BoM)

Hearables &

Wearables

Smart watches,

headphones, wristbands,

glasses, rings, etc

Largely box-assembly (No

PCBA today); e.g. Dixon for

boAt

Primarily import-dependent

Source: ICEA, Company, MOFSL

28 November 2024

EMS

Exhibit 2: Current landscape of component manufacturing in mobile in India

KEY COMPONENTS

PCB

Display (glass, touch

controller, display)

CURRENT LANDSCAPE



Indian players can

manufacture up to four-layer

PCBs;

however, most phones require eight+ layer

PCBs, for which they are dependent on imports



Foreign players (e.g. Samsung, CSOT) have started

manufacturing

LCD displays;

premium

smartphones use

hi-tech OLED/AMOLED



100% imported as

no fabs/ATMP

in India today



OUTLOOK

Import dependence to continue; will require tech

transfer in high-quality PCBs (multi-layer, HDI, flex

PCBs)

Samsung sub-assembling mobile displays in India;

Vedanta - Twin Star - Innolux (TO) to start

manufacturing displays; Optiemus & Corning

partnership for glass manufacture; Dixon setting

up capex by tying up with HVCs

Global players TSMC and MediaTek lead the

market;

four projects approved

(Tata Electronics -

PSMC, Tata Electronics for ATMP, Micron, and

Renesas)

As local assembly achieves scale, companies could

be expected to

backward integrate

and

manufacture these

Apple-Sunny Opotech, Syska-Biometric-Suyin

partnerships, Holitech, Qtech engaged in camera

module assembly in India; OEM-ODM-EMS

partnerships to drive the manufacturing of

components in the coming years

CATL in talks to expand in India; Excide entered

into an agreement with SVOLT energy;

cells

expected to be produced in India in three to five

years

Salcomp (charger) & Luxshare (cables)

to expand

in India; Jabil & Tata Electronics to manufacture

casing

Source: Niti Aayog, ICEA, Company, MOFSL



Processor memory



Passives

Camera module



SMT-grade passives for smartphones are largely

imported; small presence of global players (e.g.

TDK, Wurth)

Camera assembly

with few players operating at

limited scale;

high dependence on

imports for

components

(lens, sensor, etc)

Battery cells

mostly

imported

from China/Korea;

some domestic players engaged in battery

assembly

High localization

(>80%) in

Charger, USB Cable,

Gift Box; Medium localization

(~20%) in

Die Cut

Parts, Mechanics; ~100% imports for Vibration

Motor, Mic, and Receiver



Battery module



Mechanical composites

& others



Exhibit 3: Electronics production expected to clock a CAGR of 26% (USDb)

Domestic Production

Exports

500.0

300.0

101.0

120.0

28.6

FY26E

FY30E

Source: Industry, MOFSL

250.0

FY23

28 November 2024

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Exhibit 4: High-priority component/sub-assemblies opportunity by FY30 (USDb)

Source: Industry, MOFSL

Exhibit 5: Share of high-priority components or modules in the overall BoM share of individual segments (%)

Product

Tablets

Notebooks

Desktops

Monitors

TWS

Wrist Band, Smartwatch

Mobile Phones

Camera Module

2.5

Battery Module

Display Assembly

Enclosure

PCB

Source: Industry, MOFSL

Exhibit 6: Cost disabilities faced by Indian manufacturers compared to China and Vietnam

Component/Sub-Assembly

Flex PCBA

Mechanics

Display Assembly

Lithium Ion Cells

Camera Module

Cost Disabilities for India (Compared to China and Vietnam)

8 - 10%

10 - 12%

13 - 15%

9 - 12%

Source: Industry, MOFSL

Exhibit 7: Indian auto-electronic market by product categories (USDb)

FY22

26.5

18.6

10.3

2.9

Power electronics

4.4

Safety controls

0.9

Communication &

entertainment

0.9

Body electronics

Source: Industry, MOFSL

8.2

FY32E

Investment in securities market are subject to market risks. Read all the related documents carefully before investing

28 November 2024

EMS

NOTES

28 November 2024

EMS

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

> - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

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