Electronic copper foil industry falls short of expectations, 2023H1 performance is under pressure
The company achieved a net profit of-44 million yuan in the first half of 2023, a decrease of 35.69% compared with the same period in 2022.
1) the company's copper foil business products are mainly ordinary standard electronic copper foil. Affected by the overall supply and demand of the electronic copper foil industry, the price of the company's standard electronic copper foil products (mainly refers to processing fees) has further declined, and the copper foil production cost of the superimposed company is relatively high, resulting in a decline in copper foil business profits compared with the same period last year.
2) in the first half of 2023, the sales volume of the company's high-end shielding film products (USB series) increased significantly (exceeding the level of 2022), but the consumer electronics industry remained in the doldrums and global smartphone sales declined further compared with the same period last year, resulting in a year-on-year decline in overall shielding film sales and a certain decline in the sales price of ordinary shielding film compared with the same period last year, resulting in a 18.96 million yuan drop in gross profit of shielding film business compared with the same period last year. 3) with the production and R & D base of the company's headquarters and Zhuhai Dachuang production and R & D base put into use, the depreciation of fixed assets has increased compared with the same period last year.
Electromagnetic shielding film breaks the monopoly, the field of copper foil reaches the world's advanced level in the field of electromagnetic shielding film, the company has an important market and industry position, and its market share ranks first in China and second in the world. The company's electromagnetic shielding film products fill the gap in the field of high-end electromagnetic shielding film in China and break the monopoly of overseas enterprises. The company's electromagnetic shielding film can be divided into two series: HSF6000 and HSF-USB3. Among them, HSF-USB3 series is a new type of electromagnetic shielding film launched in 2014, which has a unique microneedle structure developed by ourselves, which can further improve the shielding effectiveness, while greatly reducing the signal transmission loss and reducing the incompleteness of the transmitted signal. The company's electromagnetic shielding film products fill the gap in the field of high-end electromagnetic shielding film in our country, break the monopoly of overseas enterprises, and are widely used in well-known terminal brand products such as Huawei, XIAOMI, OPPO, VIVO, Samsung and so on.
The company's copper foil products mainly include strippable ultra-thin copper foil with carrier and standard electronic copper foil. In the field of ultra-thin copper foil, the belt carrier produced by the company can peel off ultra-thin copper foil. at present, the global mass production supplier of this product is mainly Mitsui metal from Japan. The thickness, surface roughness, peel strength and tensile strength of the ultra-thin copper foil independently developed and produced by the company have reached the advanced level in the world.
Profit forecast
It is predicted that the income of the company from 2023 to 2025 is 3.71,6.29,1.06 billion yuan respectively, and the EPS is-0.65,0.64,1.25 yuan respectively, and the current stock price corresponding to PE is-84,85,44 times respectively. The company's electromagnetic shielding film business and ultra-thin copper foil business prospects are bright, we are optimistic about the company's medium-and long-term development, give "buy" investment rating.
Risk hint
Intellectual property risk, core technology disclosure risk, single product structure risk.