This report is read as follows:
The company is the core target of Micro OLED testing equipment. Micro OLED is expected to become the preferred display technology in the high-end MR/VR field because of its technological advantages. MR/VR will open up a new growth space for the company.
Main points of investment:
Maintain the "overweight" rating and raise the target price to 54.80 yuan. The company's Micro OLED testing equipment won the first test line order from end customers, which is industry-leading, increasing the EPS from 2022 to 2024 to 0.93 shock 1.37 shock 1.86 yuan (the original forecast value is 0.93 pound 1.20 pound 1.50 yuan). Considering the company's breakthrough in the business of MR glasses, new energy vehicles and semiconductor test equipment, it will be given 40 times PE in 2023, raising its target price to 54.80 yuan and maintaining its "overweight" rating.
Micro OLED is the gold display device of MR/VR, and the company's testing equipment has been ordered.
Micro OLED, which is based on monocrystalline silicon chip, is the integration of silicon-based CMOS and OLED technology. It has the advantages of low delay, low power consumption, wide high temperature, high reliability and lightweight, and will become the preferred display technology for high-end MR/VR devices. According to the annual report, the company's Micro OLED testing equipment has won the end customer's first test line order, technology and market are industry-leading.
As the core target of Micro OLED testing equipment, the company will open up a broad space for growth.
Electric vehicle testing equipment has broken through the largest electric vehicle factory in the United States, and has been recognized by new forces in China. According to the annual report, the company has become a supplier to the largest electric vehicle manufacturer in the United States, the cooperative relationship is stable, orders are increasing year by year, and have been recognized by new power customers in China. The company has formed mature test solutions such as on-board computer testing, body controller testing, charging gun and charging pile testing, high-voltage battery performance, electric drive controller, intelligent driving warehouse, ADAS-related sensors, etc.
Semiconductor SoC testing machine continues to make breakthroughs and accelerate the process of domestic substitution. The SoC testing machine based on ATE architecture has completed the upgrade of the second generation machine, its T7600 series frequency rate has reached 400MHz, and the first batch of clients for MCU testing have been installed in batches, which is expected to grow.
Risk hint. Customer lead-in is not as expected; MR glasses launch is postponed.