[matters]
On the evening of January 3, 2023, the company announced that it planned to sign the Investment Agreement with the Management Committee of Hefei Economic Development District, and planned to invest in the Bomin ceramic lining board and IC packaging board industry base project in the economic development zone. The total investment of the project was about 5 billion yuan. It invested in the construction of IGBT ceramic lining board and IC sealing loading board production base, mainly engaged in IGBT ceramic lining board. And packaging board products for memory chips, MEMS chips, high-speed communication market and Mini LED field.
[comments]
Expand the production capacity of AMB ceramic liners and match the output of silicon carbide devices. With the improvement of the permeability of new energy vehicles and the gradual realization of the superimposed 800V high voltage platform, the silicon carbide device market will grow at a high speed, driving the ceramic liner into a high growth cycle. The company's ceramic liner based on AMB process uses self-developed brazing materials, which has obvious leading advantages in the whole process from sintering, pattern etching to surface treatment, and has the ability to take the lead in industrialization in China. At present, the production capacity is 80,000 sheets per month. The products have been carried out model verification and mass production in aviation system, CNR system, Zhenhua Technology, Guodian Nanrui, BYD Semiconductor and other customers. The production capacity is expected to reach 200,000 sheets per month by the end of 2023. The ceramic liner project is expected to have a total investment of 2 billion yuan and is scheduled to start in March 2023 and be completed and put into production in the second quarter of 2024. After all the project is completed, it is expected to increase the production capacity by 300,000 pieces per month. The project will enable the company to better match the industrial chains of new energy vehicles, photovoltaic and energy storage in Hefei and East China, promote the rapid penetration and popularization of silicon carbide devices, and lay a solid foundation for the rapid development of the company's ceramic liners.
Boost the localization process of the packaging board and increase the high-end market share. With the rapid development of PCB in the direction of high precision, high integration and lightweight, the package carrier board has become the fastest growing sub-industry in the PCB industry. The company is based on HDI technology and has the advantage of packaging substrate technology. The company has set up an IC carrier board trial production line with a monthly capacity of 10,000 square meters in Jiangsu Phase II factory, which has been put into production in early August 2022. At present, some customers have achieved small batch supply, while some customers are in the proofing stage. The total investment of this IC board project is expected to be 3 billion yuan. Construction is scheduled to start in January 2024 and will be completed and put into production in December 2025. The project is expected to achieve annual sales of 2.5 billion yuan. The project will further enhance the company's technical level in the R & D and manufacturing of high-end electronic circuit products in the field of integrated circuits. At the same time, it will also lead the company to enhance the strength of the original high-level multi-layer, HDI and other traditional circuit board manufacturing, and enrich the company's product line. Enhance the competitiveness of the high-end market.
[investment advice]
With the active expansion of production and the imminent expansion of AMB ceramic liner business, the expansion of packaging substrate business will further optimize the company's product structure and increase its high-end market share. We maintain our forecast that the company's operating income in 2022, 2023, and 2024 is 36.42, 48.99 / 6.248 billion yuan, respectively, and the estimated net profit of homing is 2.19, 3.48 / 523 million, respectively, and EPS is 0.43, 0.68, 1.02 yuan, respectively, and the corresponding PE is 31-20-13 times, maintaining the "overweight" rating.
[risk Tip]
Downstream demand is lower than expected
Business development is not as expected.
The pace of production expansion is not as fast as expected
Customer import is not as expected.