PCB+ comprehensive solution provider, IGBT AMB ceramic liner volume is just around the corner. The company focused on the PCB industry for 28 years, and began to transform around "PCB+" in 2020, relying on the process accumulation of ceramic PCB and strong and weak electricity integrated special board, endogenous "ceramic lining board, passive components, new energy automobile electronic assembly" three major innovative business, based on its own ceramic substrate copper clad process and graphics processing process advantages, the company's innovative business of automotive specification-level IGBT AMB ceramic lining customers quickly introduced. With the growing demand for power semiconductors in the new energy market, GUII expects the global AMB ceramic liner market to grow from nearly US $400 million in 2020 to nearly US $1.6 billion in 2026. At present, the domestic market still mainly depends on imports. The company's IGBT ceramic board project began research and development in 2016 and formally formed a production line in 2020. Its AMB technology has a domestic leading advantage, and self-brazing solder has high reliability, which can meet the performance requirements of aerospace.
Strong and weak electricity integration special PCB board helps new energy vehicle integration + modular assembly. At present, the penetration of all-in-one electric drive system and high voltage platform of new energy vehicles is accelerating. In order to adapt to the trend of high voltage and integration, the corresponding electronic assembly supply chain is adjusted accordingly. Relying on the advantages of thick copper plate process, the company designs the high voltage / high current power part and low voltage control part on a PCB board, which effectively solves the problem of high integration, and was formally applied in the field of new energy vehicles in 2015, leading the preparation of industry standards. In terms of the market, the company signed a new energy strategic cooperation agreement with BYD for 18 years and received XPeng Inc. 's "designated Development Notification" in March 22. At present, the unit price of the company's mass-produced modular products is 100,300 yuan. With the improvement of the permeability of the special board with the integration of strong and weak electricity, the value of the bike is expected to increase to about 2000 yuan.
HDI process and production capacity lead, accelerate the layout of IC carrier board. The company takes HDI board as the core in the field of PCB, has mastered the production technology of HDI products of any order and realized mass production, and realized differential competition in PCB industry. It is estimated that when Jiangsu Bomin Phase II project is put into production in the second half of the year, the company's HDI monthly production capacity will reach 150,000 square meters. Benefiting from the advantages of HDI technology and technology, the company began to prepare and invest in the IC board project from 18 years.
In May this year, the company signed a strategic cooperation agreement with Hefei Economic Development District Management Committee on the IC carrier board industry base project with a total investment of about 6 billion yuan, which plans to engage in the production of high-end high-density packaging carrier board products, including memory chips, MEMS chips, high-speed communications market and MiniLED, etc.
Non-public offerings were accepted and new production capacity expanded in an orderly manner. The company announced on June 24 that it intends to raise no more than 1.5 billion yuan in a non-public offering for the "New Generation Electronic Information Industry Investment and expansion Project (Phase I)". At present, its issuance application has been accepted by the Securities Regulatory Commission. The fund-raising project is expected to be put into operation in the third year and fully reach production in the sixth year. After reaching production, the annual production capacity of the new PCB will increase by 1.72 million square meters, and the new production capacity will be expanded in an orderly manner.
Investment suggestion: target price 17.96-19.16 yuan, give buy rating. We estimate that the 22-24 net profit of the company will be RMB 306, 421, 000 and 24 years). We estimate that the company's net profit for 22-24 years will be RMB 572 million (RMB 572 million). With reference to the relative valuation of comparable companies in 22 years, we will give the target price of RMB 17.96-19.16 yuan and buy rating.
Risk hint: research and development expansion is not as expected, PCB industry competition intensifies, raw material prices rise.
