Saiwu Technology: a membrane platform company focusing on technological innovation
Saiwu Technology is mainly engaged in the R & D, production and sales of thin film morphological functional polymer materials with adhesives as the core. The company's predecessor is Macropoly Lab established by Mr. Wu Xiaoping and Dr. Keiichi Uano in Kyoto, Japan.
After the establishment of the company focused on technology research and development, 14 years since the development of KPF backplane, for many years to maintain the backplane shipments first; 18 years of mass production of POE film, 20 years POE film global market share of 17.5% of 22 years developed heterojunction UV photoconversion film, and signed a large 10GW order; in addition to photovoltaic business companies also actively develop new energy power lithium battery materials, semiconductor materials, consumer electronics materials and other non-photovoltaic business through technology research and development.
It is optimistic that under the great opportunity of new photovoltaic technology, the company's POE film business will open a new growth pole in the future, and the company is most optimistic about the company's heterojunction UV optical conversion film alpha 1) POE film: double glass module + N-type battery module to increase the proportion of POE film demand will achieve rapid growth in the future. We estimate that the demand for plastic film in 20-23 will be 40% CAGR and the demand for EPE film will be 24% and 73%. The company has produced POE film in 18 years, with first-mover advantages, strong supply capacity of POE particles, and actively expand film production capacity, planning annual production capacity to 360 million square meters. POE particle supply capacity + capacity expansion, POE film business is expected to open a new growth pole in the future.
2) heterojunction UV light conversion film: the company's self-developed UV light conversion film can increase the power of heterojunction modules by 1.5%, and its barrier is high. The main barrier lies in the light conversion material developed by the company for 8 years-- the trade name is Lubo TM. The company has signed 10GW UV optical conversion film length list with Huasheng, at the same time, with the increase of heterojunction battery proportion, the company heterojunction UV optical conversion film will usher in a wider application space.
Other businesses:
1) backplane: benefiting from the growth in photovoltaic installation demand, we expect the photovoltaic backplane demand CAGR to be 25% in 20-23. The company gradually switched to the self-developed PPF, FPF backplane, PPF, FPF backplane does not need to use PVDF film, product gross profit is higher than KPF, but also get rid of the adverse factors of PVDF resin price fluctuations. With the gradual increase in the proportion of new products, the company's backplane business revenue and gross profit margin are expected to continue to rise.
2) non-photovoltaic business: focus on expanding the segment of power batteries for new energy vehicles. With the increase in shipments of new energy vehicles, the demand for new energy power lithium battery materials sold and studied by the company in 21-25 is 38%, and the business performance is expected to maintain rapid growth in the future; at the same time, the company is also actively carrying out domestic substitution in the field of semiconductor materials and consumer electronics materials, and the company's performance is expected to be thickened.
Investment suggestion: we estimate that the 22-24-year net profit of the company will be 3.2,5.5,1.11 billion yuan respectively, and the PE will be 44,26,13 times respectively. For the first time, it was given 20 times PE in 2024 with a target price of 50 yuan and a "buy" rating.
Risk hints: industry cycle risks and industrial policy changes; photovoltaic installation is not as expected; market competition intensifies; raw material prices fluctuate sharply in the short term; subjective risks are measured; stock prices fluctuate greatly in the near future.
