开拓半导体设备领域，公司打开第二增长曲线。2020 年公司开始布局半导体设备，公司半导体封装相关产品成功导入长电科技、华天科技、三安光电等国内主流封测厂商；根据公司公众号，2024 年1 月公司成功将首台自主研发的半导体晶圆研抛一体设备顺利发至国内头部封测企业华天科技，并签订晶圆研抛一体设备、扩片设备等设备供应订单。Core views:
Maiwei's stock price fluctuations are highly correlated with the PV industry index. By reviewing the stock price of Maiwei Co., Ltd., the stock price of Maiwei is compared with the PV index (using Shenwan's PV index). Since its launch in 2018, the company was the leader in screen printing and later as a representative of new photovoltaic technology. Since its launch in 2018, although various photovoltaic technologies, including HJT/TopCon/xBC and perovskite, etc., have varied relationships, the overall changing trend of Maiwei's stock price is basically consistent with changes in the PV industry index.
Continue to focus on the HJT circuit. The company earlier determined HJT as the main research direction, and continued to promote technological progress in the industry, promoted the technological advancement of HJT technology 0-1, and proposed a “three reduction and one increase” cost reduction and efficiency plan: silver reduction, barrier reduction, consumption reduction, and life span; in early 2024, the company upgraded the single-wire annual production capacity of double-sided microcrystalline heterojunction high-efficiency battery line equipment to GW level, effectively reducing operating costs per unit of labor, equipment area, energy consumption, etc., further accelerating HJT cost reduction and efficiency. With the gradual maturity of various technologies, it is expected to welcome HJT in recent years. The peak period to expand production to promote technological progress and further improvement of cost performance in the photovoltaic industry.
Exploring the semiconductor equipment sector, the company opened a second growth curve. In 2020, the company began to lay out semiconductor equipment, and the company's semiconductor packaging-related products were successfully introduced to mainstream domestic sealing and testing manufacturers such as Changdian Technology, Huatian Technology, and San'an Optoelectronics; according to the company's official account, in January 2024, the company successfully delivered the first self-developed integrated semiconductor wafer research and polishing equipment to Huatian Technology, a leading domestic sealing and testing company, and signed a supply order for integrated wafer grinding and polishing equipment, etc.
Profit forecasting and investment advice. Maiwei's 2024-2026 EPS is expected to be 4.47/6.04/7.72 yuan/share. Referring to the valuation level of comparable companies, considering the certainty of downstream expansion and the company's continued breakthroughs in HJT equipment and processes, the company will usher in a phase of rapid revenue growth. Combined with the company's layout in pan-semiconductors, we have given a PE valuation of 25 times over 24 years, corresponding to a reasonable value of 111.74 yuan/share, and continue to maintain the “buy” rating.
Risk warning. The risk of bad debts, the risk of uncertain technological progress, the risk of increased industry competition, the risk of downstream demand fluctuations, and the risk of trade friction.
