National specialized special new and new material platform company
A Shi Chuang was founded in 2002, long-term deep ploughing in coating materials, is a national specialized new enterprise and new material platform company, the overall development of optics, glass coating, panels, semiconductors from low-end to high-end path, follow-up photovoltaic targets and composite copper foil will become the main growth point. The company maintains close cooperation with Aifa, AKT and other top PVD equipment manufacturers at home and abroad, and is expected to have an advantage in the research and development of composite copper foil.
Ploughing coating materials for 20 years, HJT targets rise abruptly based on their accumulated strength.
The company's target research and development system is perfect, independent research and development of more than 200 types of high-end coating materials, entered the Apple Inc supply chain in 2013, serving a total of more than 400 customers, including BOE, Fuyao Glass Industry Group, Xinyi Solar, Sunny Optical. The high purity molybdenum target was introduced into the front-line panel factory in 2022 and ITO was mass produced in 2017. with the continuous release of HJT production capacity, we estimate that the global market space for HJT battery targets in 2015-2024 will be 2.09 HJT 10.53 / 1.982 billion yuan, and the three-year CAGR will reach 207.95%. At the same time, the company is expected to achieve rapid growth due to the high growth of the industry, and the company's HJT target production in 2015-24 is expected to be 27x106x276 tons respectively.
Experienced PVD equipment, accelerated verification of composite copper foil
In October 2022, A Shi Chuang formally signed a composite copper foil equipment agreement with Dongwei Technology and Tengsheng Technology to start the production of lithium battery fluid collector composite foil (copper / aluminum foil), which is based on polymer materials such as PET/PP, and precipitates metal films on both sides by PVD and electroplating process. The composite film has the advantages of low cost, high safety and high energy density, which is expected to help to further reduce the cost of lithium batteries. We estimate that the penetration rate of PET copper foil from 2023 to 2025 is 4% 10% and 20% respectively, corresponding to the global PET copper foil market space of 34.79max 116.07 / 30.296 billion yuan, and the company PET copper foil market share is expected to reach more than 3%.
Earnings forecast, valuation and rating
Ashi Chuang is a leader in PVD coating materials. We estimate that the company's revenue from 2022 to 2024 will be RMB 732max (RMB 1.575 million) (the original value is RMB 6.930pm), and the corresponding growth rate is 19.93%, 43.41% and 50.07%, respectively, and the net profit of return to the parent is RMB 0.20,069pm (the original value is RMB 0.290.69pm). The corresponding growth rate is 13.82%, 244.97%, 58.62%, respectively, and the corresponding PE is 0.13, 0.45, 0.72 yuan per share, and the corresponding PE is 210.78, 61.10, 38.52 times, respectively. Considering that the company's CAGR in 2023-2024 was 133.92%, we gave the company a 23-year PEG of 0.6, corresponding to PE of 73.66, and a target price of 33.15 yuan, maintaining the "Buy" rating.
Risk hints: the production process of heterojunction is not as expected, the price of raw materials used in targets fluctuates, the raw materials used in targets change, the verification of composite copper foil is not as expected, and the risk of deviation in industry space measurement.
