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苏大维格(300331)深度报告:专注微纳光学制造 METAL MESH引爆新增长点

方正證券 ·  Aug 5, 2015 00:00  · Researches

Core focus: The blue ocean of the medium and large touch screen market is about to open. The company's Metal Mesh technology is currently the best touch solution. The company continues to expand its promotion efforts, and the company is likely to greatly improve its performance beyond expectations. Metal Mesh technology is currently the optimal touch solution for medium to large touch screens: capacitive screens are the best solution for large touch screens, but traditional ITO capacitive screens are not suitable for medium to large touch screens. ITO has too much square resistance in medium to large touch screens, and the market needs alternative technology. Metal Mesh technology has obvious advantages among many alternative technologies, and has the characteristics of low impedance, low cost, good transparency, and high flexibility. Compared with nano-silver wire, domestic metal mesh has complete intellectual property rights and is fully capable of independent development, so there is no need to rely on foreign technology for industrial development. Comprehensive analysis of Sudavig Metal Mesh: Technology: The company's metal mesh uses unique production technology, and the company's core equipment is all developed by itself, laying a good foundation for product quality improvement, follow-up technology, and promotion of product industrialization. Product: The company has fully mastered the full range of Metal Mesh 7-55 inch production. Under the same circumstances, the cost is much lower than that of products of the same size. Promotion: The company made great efforts to make up for shortcomings in product promotion, building sales teams and expanding sales channels in parallel with mergers and acquisitions companies. In 2015, Metal Mesh's sales team had 5 times more staff than in 2013. Space: Demand for medium to large touch screens is mainly in the field of mass consumer electronics and the field of oversized touch screens, mainly smart homes and smart devices. Preliminary estimates suggest that it will open up a market space of 100 billion dollars, and it is estimated that sales revenue will increase 20 times over the next three years. Other business: The revenue growth rate of traditional laser packaging materials is stable. It is mainly used in tobacco, alcohol and cosmetic packaging. Its core competitiveness is that it has independent research and development equipment, and has original design and production capabilities for laser packaging production. Anti-counterfeiting materials for public safety mainly include anti-counterfeiting films for driver's licenses and driving permits, which may be further extended to the field of special films for motor vehicles in the future. The company is currently the sole supplier of anti-counterfeiting materials for motor vehicle driver's licenses and driving permits. Light guide film products have basically entered most domestic mobile phone manufacturers, including Xiaomi, Coolpad, ZTE, Hisense, etc., and are currently expanding into the field of medium to large LCD light guide panels. Reserve technology: naked eye 3D, Active Matrix anti-counterfeiting technology, and mask plate technology. Profit forecast: We forecast that the company's revenue for 2015-2017 will be 471 million, 592 million and 720 million yuan respectively, corresponding earnings per share of 0.36 yuan, 0.51 yuan, and 0.69 yuan. As the market develops, there is a possibility that orders and performance will exceed expectations. Given that the company is leading the industry in both technology and industrialization in the field of metal mesh, and that Metal Mesh has huge potential market space, the company was recommended for the first time. Risk warning: The company's marketization is still not strong enough. Better and industrializable alternative technologies have emerged in the field of medium to large touch screens.

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