Core viewpoints
1. The company is a leading enterprise in the domestic microelectronic welding materials industry. at present, it has an annual production capacity of 1160 tons / 1000 tons / 712 tons, and the production capacity of the investment project will increase to 2604 tons / 1000 tons / 1612 tons. The production capacity of tin paste and tin wire will be doubled.
2. with the double blessing of computing power and photovoltaic, the demand space of tin solder is opened. After the elimination of Q1 and Q2 in 2023, the global semiconductor market is expected to usher in a new round of warming, computer technology is changing with each passing day, consumer electronics are rebounding at the bottom, superimposed photovoltaic continues to be high, and tin solder consumption has a good prospect.
Abstract
Microelectronic welding materials industry leader, solder paste domestic market share ranks first in the deep ploughing industry for more than 20 years, the company has become a leading enterprise in the domestic microelectronic welding materials industry. With its leading production technology, strong R & D and innovation strength and solid industrialization ability, the company has broken the situation of long-term foreign technological monopoly in many fields, and the technology, quality, production capacity and services of all kinds of products are gradually in the forefront of the world. The company's products are widely used in a wide range of fields. at present, it has established long-term and stable cooperative relations with many customers at home and abroad and accumulated a good market reputation.
Computing power and photovoltaic double blessing, tin solder demand space open
After the elimination of Q1 and Q2 in 2023, the global semiconductor market is expected to usher in a new round of recovery. With the rapid development of computer technology, AI will lead to a rapid increase in the consumption of computing resources, benefiting the core of computing chips. Consumer electronics bottomed out and rebounded, superimposed photovoltaic continued high prosperity, tin solder consumption prospects are good.
Capacity release will resonate with the semiconductor cycle, customer certification to build a competitive barrier SMT reflow soldering technology has become the current industry mainstream process and future development trend, the main raw material solder paste fully benefit. The company's tin paste and tin wire production capacity is timely expanded, and the output release will resonate with the semiconductor cycle. Product certification, formula research and development build competition barriers, there is still a huge space to increase the market share; continue to narrow the technology gap with the international leading enterprises, the business is expected to go to sea in the future. Seize new opportunities, new energy, 5G-related products demand is also ushered in rapid growth.
Investment suggestion: the estimated return net profit of the company is 127 million yuan / 139 million yuan / 161 million yuan respectively, corresponding to the current stock price 2023 shock 2024 shock 2025 PE valuation of 25.17 picks 23.00 pounds 19.89 times, taking into account the company's position in the tin solder industry and growth, give the company a "buy" rating.