Core views:
The company supplied a large amount of Micro LED transfer equipment to Tianma. According to the company's official account on December 27, the first equipment move-in ceremony of Tianma New Display Technology Research Institute (Xiamen) Co., Ltd. was held on December 26 in Xiamen City, Fujian Province. The equipment brought in was a micro LED massive transfer device, independently developed, designed and manufactured by Maiwei Co., Ltd. It uses laser massive transfer technology, uses specially shaped square homogenized light spots, combined with high-speed high-precision galvanometer scanning, can achieve high-efficiency and high-quality processing, and transfer micron-level Micro LED grains to the target substrate in batches. Helping customers achieve the goals of micro LED industrialization.
Micro LED mass transfer equipment is one of the core equipment and high-value equipment in the Micro LED manufacturing process. Micro LED mass transfer equipment is the key to affecting Micro LED yield and manufacturing costs. In the early product verification stage, the company and customers worked together based on their respective fields of expertise to finally successfully achieve extensive three-color splicing transfer verification. On June 30 this year, the two parties reached a purchase order for this equipment.
The pan-semiconductor layout is gradually taking shape. In addition to the massive transfer of micro LEDs, the company is also collaborating with Tianma in the field of laser peeling, laser bonding equipment and processes, and the pan-semiconductor layout continues to expand in depth. In addition to traditional photovoltaic screen printing production lines and overall solutions for heterojunction high-efficiency battery manufacturing, the company has also laid out panel equipment such as OLED flexible screen laser equipment, MLED full-line automation equipment solutions, and semiconductor wafer-level packaging equipment.
Profit forecasting and investment advice. The company's revenue for 23-25 is estimated to be 63.32/110.31/14.715 billion yuan, and net profit due to mother for the same period was 11.58/17.94/2,466 billion yuan, respectively, corresponding PE 31/20/14 times. Considering comparable company valuations, the company's performance growth rate, and the company's industry position, we gave the company 45 times PE in 23 years, a reasonable value of 186.98 yuan/share for the corresponding company, maintaining a “buy” rating.
Risk warning. Risk warning. The PV industry's installed capacity falls short of expectations; HJT progress falls short of expectations; breakthroughs in new products fall short of expectations; the risk of increased competition and declining market share.