晶盛机电(300316):发布N型光伏超导磁场长晶炉 引领光伏技术加速迭代

Jingsheng Electromechanical (300316): Released N-type photovoltaic superconducting magnetic field long-crystal furnace to lead the acceleration of photovoltaic technology iteration

浙商證券 ·  05/24  · Researches

Three new products released: fifth-generation long-crystal furnace+sorting and assembly machine+tungsten wire; leading the industry's technological frontiers. According to the company's official WeChat account, the company held a new photovoltaic product launch in Shangyu on May 22 1) Fifth generation photovoltaic long-crystal furnace: helping N-type long-crystal furnaces improve efficiency and enhance customized attributes. Superconducting magnetic field technology (previously used in semiconductors) will be introduced on a large scale to open the low-oxygen N-type crystal growth process window, achieve stable growth of ultra-low oxygen monocrystalline silicon less than 5 ppm, completely eliminate concentric circles and improve the life span of fewer children, and broaden the range of effective resistivity.

At the same time, fifth-generation monocrystalline furnaces provide customers with a stand-alone open secondary platform for single crystal furnaces. Users can independently program processes and logic, tap data value, and build differentiated competitiveness.

2) All-in-one sorting and packing machine: efficient, less manpower. The company's new generation of integrated equipment integrating AI high-speed inspection, sorting and automatic packaging has achieved the goal of reducing manpower from one machine for two to six, and is a full-system solution for data traceability. Helping silicon wafer intelligent factories.

3) Tungsten wire: It has broken through the limits of carbon steel wire and has the possibility of continuous thinning. The company uses self-developed core equipment to match advanced production processes to reduce costs and empower customers and create value.

4) It is expected that 2023 will be a year where the company will blossom more and new business will accelerate: expect the company's photovoltaic equipment (silicon wafer+battery+module) +consumables (crucible, diamond wire), semiconductor equipment (silicon wafer+wafers and packaging), and silicon carbide materials (6+8 inch substrate), leading to an increase in the company's orders+performance.

Pan-semiconductor “equipment+materials” leader, platform-based layout space continues to open 1) Photovoltaic equipment: The company is a leader in photovoltaic long-crystal furnaces, and has accelerated expansion into the fields of photovoltaic cell+module equipment, quartz crucibles (leading the leader), and diamond wire consumables, opening the second largest growth curve in the photovoltaic business.

2) Semiconductor equipment: large silicon chip equipment - The company has achieved full coverage of 8-inch equipment in crystal growth, slicing, polishing, CVD, etc., and equipment such as 12-inch long crystals, slicing, grinding, polishing, thinning, etc. have been sold in batches, and the products have reached the international advanced level. Power semiconductor equipment - The company's orders for monolithic 6-inch silicon carbide epitaxial equipment grew rapidly and successfully developed industry-leading 6-inch two-chip silicon carbide epitaxial equipment.

3) Silicon carbide: Technical side: The company's 8-inch N-type SiC substrates will be produced in small batches. Client: The company has formed a purchase intention with customer A (company announcement), and priority will be given to providing them with a total of no less than 230,000 silicon carbide substrates from 2022 to 2025. Production capacity side: The company plans to build an annual production capacity of 400,000 conductive and insulating silicon carbide substrates of more than 6 inches in Yinchuan, Ningxia. A research and development test line for growing, slicing, and polishing 6-8 inch silicon carbide crystals has also been built. Gradually achieve autonomous control of large-size silicon carbide crystal growth+processing technology.

4) Sapphire: The company has grown the world's leading 700kg sapphire crystal, gradually increasing the large-scale mass production grade from 300kg to 450kg. Promote the increase in production capacity of the subsidiary Ningxia Xinjingsheng and strengthen its scale advantage.

Investment advice: Optimistic about the company's future performance in the fields of photovoltaics, semiconductors, silicon carbide, and sapphires, the company's net profit for 2023-2025 is 47.5/58.3/70.3 billion yuan, an increase of 63%/23%/21% over the previous year, and the corresponding PE is 20/16/13 times. Maintain a “buy” rating.

Risk warning: The progress of semiconductor equipment research and development has fallen short of expectations; the expansion of downstream photovoltaic production falls short of expectations.

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