Focus on the company's development and continue to improve the governance structure & information disclosure, etc. The company has launched five specific initiatives, (1) focusing on the main business and striving to become the world's leading “high-end equipment manufacturer in the pan-semiconductor field”: the company relies on the three key platform technologies of “vacuum technology, laser technology, and precision equipment technology” to focus on the three high-end equipment fields of “photovoltaics, display, and semiconductors”; (2) innovate and develop to build a world-class new energy equipment technology base: the company will start by breaking through high-end photovoltaic equipment manufacturing technology to further strengthen basic research and key technology research, increase innovation investment, and play the main role in scientific and technological innovation. Develop together, gather first-class industrial clusters, and build a world-class new energy equipment technology base; (3) Develop high-quality and improve the level of standardized operation: continuously consolidate the foundation of corporate governance and build a complete internal control system; (4) Don't forget the original intention and share operating results with investors: insist on annual cash dividends, the dividend payment rate exceeds 20%, and reach more than 30% in 2022, and share development results with investors through share repurchases, etc.; (5) Continuously improve the quality of information disclosure and adhere to investors' needs.
Maiwei has the ability to supply the entire HJT battery equipment line, and Hengzhe Hengqiang. The number of new HJT entrants continued to increase in 2023, and traditional manufacturers began large-scale expansion of production in 2024, because for new players across the border, HJT can lay out HJT when they achieve profit, and leading companies, especially those with a large amount of old TopCon production capacity, will only deploy HJT if the net profit or return on investment per watt is not lower than TopCon. The high market share of Maiwei shares is expected to be maintained. We believe that Maiwei's equipment has a very complete layout of core patents, and continues to maintain a high market share by speeding up technology iteration through feedback from existing production lines.
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, crystal rotation, and laser bonding for MiniLED, and launched a full range of equipment for microLED, such as wafer bonding, laser peeling, laser bonding and repair, to provide a complete line process solution 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 29/16/10 times, maintaining a “buy” rating.
Risk warning: Downstream production expansion falls short of expectations, and new product expansion falls short of expectations.