Micro LED mass transfer equipment received an order from Tianma, and the advanced packaging equipment layout was steadily progressing, which was disclosed on the company's WeChat account on December 27, and Micro LED mass transfer equipment was moved into Tianma. In addition, the company has deployed a variety of equipment in the field of advanced panel and semiconductor packaging, and HJT line equipment leaders continue to work hard in the fields of advanced packaging and new displays, opening up room for long-term growth. We maintained net profit of 13.6/24.7/3.68 billion yuan for 23-25, and 23-25 CAGR of 62.2%. The 23-year average PEG for comparable companies was 0.63x (Wind agreed). Give the company 23 years of PEG 0.63x, with a target price of 190.84 yuan (previous value: 197.30 yuan) to maintain the “purchase” of Micro LED as a new type of display technology. Micro LED (micro pitch LED) is a new type of display technology. Compared with traditional LCD and OLED displays, it has characteristics such as high brightness, high resolution, high contrast, wide color gamut, low power consumption, and long life, and can be deposited on various substrates to achieve displays and applications of different sizes and shapes It has a wide range of fields, mainly including in-vehicle displays, smart wearables (such as AR/VR/MR devices), oversized indoor displays, car lights, etc., so it is regarded as the mainstream direction of future display technology, and the market space is large. However, since the size of micro LEDs is usually less than 100 μm, traditional transfer technology is difficult to meet the requirements in terms of transfer efficiency and accuracy, and its equipment can no longer be adapted to the Micro LED transfer process. Micro LED mass transfer equipment is one of the core equipment and high-value equipment in the Micro LED manufacturing process, and is the key to affecting the yield and manufacturing cost of Micro LED.

Maiwei's self-developed massive transfer equipment was moved to Tianma. On June 30, 23, Maiwei and Tianma reached a purchase order for a large amount of equipment with a new display layout. The massive transfer equipment brought in this time was independently developed, designed, and manufactured by Maiwei Co., Ltd., using laser massive transfer technology, using 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-scale Micro LED grains to target substrates in batches. In addition to large-scale transfers, Maiwei is also collaborating with Tianma New Display Technology Research Institute to develop laser peeling, laser bonding equipment and processes. At the same time, Maiwei also lays out equipment such as OLED laser cutting/repair/heterosexual cutting/drilling, as well as Mini LED laser modification cutting/splitting, and Micro LED laser peeling.

The advanced semiconductor packaging layout is going well, and HJT's leading line equipment has moved horizontally to pan-semiconductor equipment based on the three key technology platforms of vacuum, laser, and precision equipment, targeting the three major industries of solar photovoltaics, display, and semiconductor. In the semiconductor field, the company lays out wafer laser modification and cutting equipment, wafer laser slotting equipment, and wafer grinding equipment. With the recovery of the global semiconductor boom and the promotion of domestic substitution in the advanced packaging field, Maiwei's advanced packaging field is expected to become an important new growth point for the company in the future along with new displays.

Risk warning: the competitive landscape intensifies; customer production expands or overseas demand falls short of expectations; equipment acceptance is slowing down.