Key points of investment
Incident: June 30, 2023 Maiwei reached a purchase with Tianma for the massive transfer of Micro LED equipment and moved in on December 26.
Cooperate closely with Tianma to jointly develop large-scale laser transfer, peeling & bonding equipment, etc. The equipment brought in is a Micro LED massive transfer device. It is independently developed, designed, and manufactured by Maiwei Co., Ltd. It uses laser massive transfer technology, uses specially shaped square uniform light spots, combined with high-speed high-precision galvanometer scanning, to achieve high-efficiency and high-quality processing, and transfer micron-level Micro LED grains to the target substrate in batches. In the early product verification stage, the two sides worked hand in hand to optimize equipment structure design and laser process technology based on their respective fields of expertise. The Tianma New Display Technology Research Institute improved the process window in terms of chip and rubber development, and finally successfully achieved large-scale three-color splicing transfer verification, and there were no obvious dust particles (particles) after transfer, and the landing accuracy and deflection angle reached the leading level in the industry.
Massive transfer equipment is the core barrier to the industrialization of Micro LED, and lasers are the mainstream technology route. Micro LED is a new type of display technology. Compared with traditional LCD and OLED displays, it has the characteristics of high brightness, high resolution, high contrast, wide color gamut, low power consumption, and long life. Applications include in-vehicle displays, smart wearables (AR/VR/MR), etc., but the size of Micro LED is usually less than 100 μm. Traditional transfer technology is difficult to meet the requirements in terms of transfer efficiency and accuracy, and massive transfer technology has emerged. Massive transfer technology mainly includes four categories: accurate pickup and transfer, self-assembly transfer, self-aligning roller transfer, and peel transfer. Among them, laser peel transfer technology has obvious advantages. It can transfer grains quickly and on a large scale from the original substrate, and is expected to become the mainstream mass transfer technology. If we only consider the potential demand for smartphones, tablets, and televisions, we expect that with a micro LED penetration rate of 1%, 10%, 30%, 50%, 70%, and 100%, respectively, the value of a single device is 18 million yuan, and China's potential market demand for massive laser transfer equipment will reach 39, 390, 1171, 1952, 2732, and 390.3 billion yuan, respectively.
In addition to the massive transfer of Micro LED, Maxwell is also collaborating with Tianma New Display Technology Research Institute in the fields of laser peeling, laser bonding equipment and processes, and is committed to jointly pioneering a new era of micro LED technology based on TFT (thin film transistor) technology.
Maiwei actively lays out display & semiconductor packaging equipment. (1) Display (OLED&MLED): Since 2017, it has been the layout of the display industry, launching OLED G6 Half laser cutting equipment, OLED bending laser cutting equipment, etc.; in 2020, the company extended its business to the new display field, launched a full set of equipment such as wafer invisibility, chip removal, and laser bonding for Mini LED, and launched a full range of equipment such as wafer bonding, laser peeling, laser giant rotation, laser bonding and repair for Micro LED, providing complete line process solutions for the MLED industry. (2) Semiconductor packaging: The company launched the localization of equipment such as laser grooving, laser modification cutting, knife wheel cutting, and grinding of semiconductor wafers, and focused on semiconductor pan-cutting and 2.5D/3D advanced packaging to provide overall packaging process solutions.
Profit forecast and investment rating: The company opens up room for HJT line equipment leaders to benefit from the accelerated expansion of HJT battery production and long-term pan-semiconductor sector layout. We maintain the company's 2023-2025 net profit of 1,082/19.56/3,038 billion yuan, corresponding to the current share price PE of 28/15/10 times, and maintain a “buy” rating.
Risk warning: Downstream production expansion falls short of expectations, and new product expansion falls short of expectations.