[Matters]
Recently, Billing Network (https://www.ebnew.com）发布了《京东方重庆第6 Announcement Announcing the Evaluation Results of the AMOLED (Flexible) Production Line Project”, Shenzhen Liande Automation Equipment Co., Ltd. (hereinafter referred to as the “Company”) was the first successful candidate for the project. The winning equipment was vacuum laminating equipment, polarizer, and heat dissipation film applicator. The winning bid price was 136 million yuan. If the company can sign a formal project contract and successfully implement it, it will have a positive impact on the company's future business performance and will not affect the company's operational independence.
[Comment]
The company is mainly engaged in R&D, production, sales and service of automatic module assembly equipment for flat panel displays, semiconductor inversion and sorting equipment, and lithium battery assembly equipment. Among them, automated module assembly equipment for flat panel displays has module automation equipment and full-line automation solutions for new display technologies and products such as LCD, OLED, Micro-OLED, Mini LED and Micro LED, such as polarizer attachment, IC/COF/FPC/PCB hot press binding, TP bonding (including flexible OLED curved surface bonding), backlight and display assembly, various adhesive coatings, fully automatic indentation detection AOI, automatic impedance testing ART, OTP/CTP testing, fully automated screens Test the adhesion of APIs, protective films, and various auxiliary materials. In response to the continuous increase in demand in the NEV market, the company has established a vehicle display equipment division and has established a strategic partnership with Continental, a Tier 1 customer in the industry. Its products have been successfully mass-produced and shipped to the Czech Republic, Romania, Germany, France, the United States, etc., and has a complete after-sales team for professional commissioning and technical support.
COF reloading equipment achieved a breakthrough in localization. In the field of semiconductor equipment, the company focuses on developing, manufacturing and selling packaging and testing equipment for semiconductor back-end processes. Currently, it has mainly successfully developed semiconductor inverters, solid crystal machines, film laminators, and AOI inspection equipment. The main products targeted are COF, SOT, CSP, QFN, etc. The company is quickly implementing ongoing projects and speeding up product breakthroughs and industrialization processes in the semiconductor equipment field. Currently, high-speed high-precision inverted crystal (COF) bonding equipment independently developed and produced has already been ordered and delivered. In the future, it will continue to actively expand the market and expand the customer base and scope of related products in the semiconductor packaging and testing field. A breakthrough in the localization of key technologies for COF flip equipment will greatly improve the accuracy of inverted chip bonding and break the technology monopoly of international companies, further consolidating and consolidating the company's core competitiveness.
The strategic layout in the field of intelligent manufacturing equipment was deepened, and a breakthrough was achieved in lithium battery assembly equipment products. The company's photovoltaic division focuses on module end equipment development and photovoltaic product process technology research and development in the photovoltaic industry. Currently, its business covers module end confluence bar welding equipment, battery string layout equipment, integrated bar code confluence strip smoothing equipment, and a new generation of mainframeless packaging equipment. Confluence bar welding equipment and bar-code confluence strip smoothing integrated equipment have received approval and orders from major customers such as Longji. On the basis of consolidating battery pack module terminal equipment, R&D investment will continue to increase in R&D of equipment such as lithium battery blue film equipment, battery assembly equipment, etc., accelerate technology research and development and market development in the field of lithium battery equipment, actively expand battery and HJT process equipment, integrate all aspects of photovoltaic terminal manufacturing equipment, and move towards unmanned smart factories.
[Investment advice]
The company has been deeply involved in the flat panel display equipment industry for 20 years, and has good product R&D and design capabilities and manufacturing process levels. Product R&D and design capabilities and product quality and performance are at the forefront of the industry. On the other hand, the company successfully entered the semiconductor industry with successfully developed semiconductor flipping equipment and accumulated related sealing and testing technology, and seized strategic opportunities for the rapid development of the lithium battery industry to develop corresponding lithium battery assembly equipment. It is expected that the company's competitiveness and profitability will steadily improve in the future. Therefore, we expect the company's revenue for 2022/2023/2024 to be 897/11.66/1,457 million yuan; the estimated net profit returned to the mother is 0.70/1.04/147 million yuan, EPS is 0.39/0.59/0.82 respectively, and the corresponding PE is 43.02/28.88/20.55 times respectively, giving it an “increase in holdings” rating.
[Risk Reminder]
Risk of uncertainty of the winning order;
Product development progress fell short of expectations;
The customer introduction process fell short of expectations.