The company launched the “Double Improvement of Quality Return” action plan to help the high-quality development of photovoltaics/displays/semiconductors. The measures include 1) focusing on the main business and striving to become the world's leading “high-end equipment manufacturer in the pan-semiconductor field”; 2) innovative development to build a world-class new energy equipment technology base; 3) high-quality development to improve the level of standardized operation; 4) not forgetting the original intention and sharing business results with investors; 5) Continuously improving the quality of information disclosure and adhering to investors' needs. We maintained net profit of 13.6/24.7/3.68 billion yuan for 23-25, and a 23-25 CAGR of 62.2%. The 23-year average PEG for comparable companies was 0.58x (Wind agreed). The company was given PEG 0.58x for 23 years, with a target price of 175.69 yuan (previous value of 190.84 yuan) to maintain the “purchase”.
Quality improvement: The scope of the main business continues to expand, and the company's top three measures to improve the standard operation level are related to quality improvement. The company is based on the three major technology platforms of vacuum/laser/precision equipment and targets the three major industries of photovoltaic/display/semiconductor. The company's photovoltaic business has moved from screen printing to leading HJT line equipment. “Complete solar cell screen printing equipment” was rated as the national manufacturing industry's single champion product, and “HJT2.0 heterojunction battery PECVD mass production equipment” won the first major technical equipment certification by the National Energy Administration, gradually building a world-class new energy equipment technology base. In addition to photovoltaics, the company is actively deploying core equipment in the pan-semiconductor field. Recently, Micro LED large-scale transfer equipment and semiconductor wafer grinding and polishing all-in-one machines have been sent to leading domestic display and packaging manufacturers respectively. The company's business capability circle continues to expand, and is committed to reducing the cost and efficiency of domestic alternative photovoltaic power generation with high-end equipment. Internally, Maiwei has continuously consolidated the foundation of corporate governance, built a complete internal control system, and provided internal guarantees for market expansion.
Improving returns: Firmly establishing a sense of return to shareholders and continuously improving the quality of information disclosure The company's last two measures are related to improving returns. Since its listing, the company has insisted on paying cash dividends every year. The dividend payment rate has exceeded 20%, reaching more than 30% in 2022, and will continue to implement a “long-term, stable, and sustainable” shareholder value return mechanism in the future by sharing development results with investors through share repurchases, etc. In terms of credit disclosure, the company will continue to promote the normalization of performance briefings, actively participate in various online and offline investor relations activities, and maintain active communication with investors through interactive easy access, investor hotline, email, etc., to prevent the risk of the company's stock speculation.
The company attaches importance to research and development, and is optimistic about the competitiveness of the company's HJT complete line equipment and the pan-semiconductor business of the company's HJT business covers the entire HJT process equipment such as cleaning/PECVD/PVD/screen printing. According to the company's disclosure, in 20-22, the company received more than 31 GW of orders for HJT equipment, accounting for nearly 80% of all market tenders. The company's pan-semiconductor business covers 2.5D/3D advanced packaging, Micro/Mini LED and OLED flat panel displays. The main products include semiconductor laser modified cutting/wafer grinding/polishing all-in-one machine/microLED massive transfer/flat panel display laser cutting and other equipment. The company's 22-year R&D rate reached 11.78%, with 1,262 R&D personnel, accounting for 20.53% of total employees. The high investment in R&D has provided continuous impetus for rapid iteration of the company's core equipment and business expansion, helping the company achieve both quality and return improvements.
Risk warning: the competitive landscape intensifies; customer production expands or overseas demand falls short of expectations; equipment acceptance is slowing down.