Deep ploughing the field of precision laser processing and actively laying out the field of new energy
The company has always focused on the field of laser fine micromachining, attaches great importance to independent technology research and development, and accumulates many core customers such as Hayes, Semiconductor Manufacturing International Corporation, Huarun Wei, Silan Micro, Senxin shares, Changdian Technology and other well-known customers. According to the statistics of the China Laser Industry Development report 2021, 21000 nanosecond ultraviolet lasers were shipped in 2020, 2100 picosecond ultrafast lasers were shipped, and Delong Laser shipped 683 nanosecond ultraviolet lasers in 2020. the market share is 3.25%, picosecond ultrafast laser shipments are 235 units, market share is 11.19%. The company's products are widely used in silicon carbide, gallium nitride and other third-generation semiconductor materials wafer slicing, MEMS chip cutting, Mini LED and 5G antenna cutting, processing and so on. In addition, the company is actively involved in the field of new energy, setting up a new energy division, laying out new energy applications such as lithium battery, photovoltaic and other new energy applications, including: (1) lithium battery, hydrogen fuel cell and all kinds of new battery materials related laser applications; (2) power system energy storage, base station energy storage and home energy storage and other related laser applications (3) perovskite thin film solar cell production equipment and screen printing and other laser applications, at present, the company has realized P0 layer laser marking equipment, P1, P2, P3 laser marking equipment, P4 laser edge cleaning equipment and a series of automation equipment, the equipment has been put into customer production line use, take the lead to achieve 100 megawatt large-scale mass production, and contact with other customers, is expected to get larger orders.
Micro LED laser has made a huge breakthrough and is expected to open the second growth pole.
Benefiting from the company's R & D investment and business layout in Mini/Micro LED-related fields, the company has achieved a continuous increase in equipment revenue in the field of LED, and its main products are MiniLED wafer laser cutting and fragment equipment, Micro LED laser peeling equipment, Micro LED laser repair equipment and so on. The company's laser stripping technology uses deep ultraviolet laser to act on the interface of gallium nitride crystal and sapphire substrate, resulting in the decomposition and gasification of gallium nitride materials and the separation of gallium nitride grains from sapphire substrate. This technology is mainly aimed at the requirements of mass transfer of Micro LED wafers on sapphire substrates, and the company has developed laser peeling equipment for Micro LED wafer stripping of sapphire substrates. The main customers include Huacan Optoelectronics, Konka Optoelectronics and so on. "massive transfer technology" and "massive detection and repair technology" are the key technologies that need to be solved in the process of MicroLED industrialization. At present, the company's Micro LED laser massive transfer technology has made a breakthrough, is expected to achieve large-scale mass production.
Profit forecast
It is predicted that the income of the company from 2022 to 2024 is 6.14,8.41,1.159 billion yuan respectively, and the EPS is 0.57,1.2,1.72 yuan respectively. The current stock price corresponding to PE is 110,52,36 times, covering for the first time and giving a "buy" investment rating.
Risk hint
The downside risk of the prosperity of the industry, the risk that the progress of product research and development is not as expected, the risk of intensified competition in the industry, the risk of overseas policy changes, and so on.