柔性传感器是一种能够弯曲、拉伸的传感器，它可以贴合在不规则表面，适用于各种复杂的应用场景。电子皮肤是柔性传感器的重要应用领域，通过模仿人类皮肤的触觉感知，电子皮肤能够检测压力、温度等物理变化用于数据反馈或决策处理，可应用于医疗健康监测、智能穿戴设备、人形机器人、工业精密检测等场景。公司作为国内广告喷墨打印材料行业龙头，以涂布工艺为技术出发点不断向下游延伸。依托公司涂布技术基础，公司在柔性传感器方面选择了成本低且可靠的电阻式传感器工艺路线，适合后期大规模生产。公司至今已经拥有10 项传感器领域的技术专利，并衍生出压力、温度、距离传感器三条分支，在行业内形成技术卡位。根据国家知识产权局，公司柔性压力传感器专利明确可用于机器人领域，确立了公司在电子皮肤方面的布局。目前公司所制柔性传感器整体厚度小于等于120 微米，符合电子皮肤需求。Performance rebounded, and net profit returned to mother in the first three quarters was equal to the full year of 2023
Fulai New Materials achieved total operating income of 1.776 billion yuan in the first three quarters of 2024, an increase of 14.21% year on year; realized net profit to mother 0.07 billion yuan, an increase of 22.08% year on year. In recent years, due to the impact of the epidemic and macroeconomic downturn, demand for supermarkets and outdoor billboards in China has declined sharply. As a leading domestic advertising inkjet printing material leader, the downstream advertising business has been severely impacted. The company responded positively through an integrated industrial layout and expansion of the business sector. The company's net profit in the first three quarters of 2024 was at the same level as the full year of 2023. The profit increase was mainly due to the average gross margin of the product rebounding to 15.01%, up 2.17/1.57pct from the 2022/2023 annual report data, respectively. The rebound trend in performance is obvious. It is expected that subsequent new businesses will achieve new growth and drive a further increase in gross margin.
Entering the field of electronic skin with flexible sensors
A flexible sensor is a sensor that can be bent and stretched. It can fit irregular surfaces and is suitable for various complex application scenarios. Electronic skin is an important application area for flexible sensors. By imitating tactile perception of human skin, electronic skin can detect physical changes such as pressure and temperature for data feedback or decision processing, and can be used in scenarios such as medical and health monitoring, smart wearable devices, humanoid robots, and industrial precision inspection. As a leader in the domestic advertising inkjet printing materials industry, the company continues to expand downstream using the coating process as the starting point of technology. Relying on the company's coating technology foundation, the company chose a low-cost and reliable resistive sensor process route for flexible sensors, which is suitable for later large-scale production. So far, the company has 10 technical patents in the field of sensors, and has spawned three branches of pressure, temperature, and distance sensors, forming a technical card position within the industry. According to the State Intellectual Property Office, the company's flexible pressure sensor patent can clearly be used in the field of robotics, establishing the company's layout in terms of electronic skin. Currently, the overall thickness of the flexible sensors manufactured by the company is less than or equal to 120 microns, which meets the requirements of electronic skin.
Entered the pilot production line construction stage and occupied a leading position in the market
With the support of Chief Scientist Dr. Chen Shuting, the company's flexible sensors have completed laboratory-stage design and selection, and will soon begin the industrialization process. We are currently in the pilot production line construction phase, and it is expected that the production line will be completed within three months. The company is cooperating in depth with a number of dexterous handlers and downstream terminal manufacturers to customize the flexible sensors and supporting products needed to develop electronic skin. It is expected that after the pilot production line starts, it can be supplied in small batches or customized product cooperation development application scenarios according to customer needs. In the future, the company will use technology accumulation and patent card positions to occupy a leading position in the market.
Profit forecast
The company is a leader in domestic advertising inkjet printing materials, entering the electronic skin field to open up new growth poles. The company's 2024-2026 EPS is predicted to be 0.51, 0.58, and 0.71 yuan respectively, and the current stock price is 33.9, 30.0, and 24.6 times PE, respectively, giving it a “buy” investment rating.
Risk Alerts
There is a risk that product prices will continue to fall, macroeconomic recovery falls short of expectations, project construction falls short of expectations, and downstream demand is weak.
