"Fengkou Research Report · Company" can only cross the cycle by innovation. This subdivided small leading laser with a lot of technical laser is self -made. At present, it has been cut into the customer industry chain of Apple XR, lithium battery Ningde+BYD, and photovoltaic.

① Only innovation can cross the cycle. This segmentation of the little dragon head deeply cultivates the technical difficulty in the field of self -made fields. At present, the client industry chain such as Apple XR, Lithium Electric Ningde+BYD, and Photovoltaic. The wind rises, this new military technology connecting virtual and reality has become the cornerstone of national defense informatization. It is a rare area that has entered the period of volume. Related targets have opened performance.

"Fengkou Research Report" Today Introduction

1. Company 1: ① The company deeply cultivates the core laser technology, and high -power continuous laser at the domestic advanced level to solve the problem of "card neck" in key material components; Waiting for head -power battery companies to accelerate the introduction of domestic laser equipment, the company in March 2022 or Ningde Times designated in the first year of the laser lithium battery processing and application of domestic replacement; ③ Caitong Securities Zhang Yimin expects the company to return The net profit of the mother was 1.1/2.7/506 million yuan, an increase of 20.81%/144.69%/87.52%year -on -year. The first coverage was given to "increase holdings" rating. Essence

2. Company 2: ① Simulation chip as a bridge connecting reality and digital virtuals, is widely used in aviation, aerospace and other fields, and is the cornerstone of national defense information construction; "And strict quality requirements, so entering the barriers is high, and it is difficult for new entrants to participate in competition. The phase control array is a array consisting of the radio frequency front end. The T/R component is the core of the phase control array radar. Its core function has been implemented by chips. It is expected that the market size will reach 10.2 billion yuan by 2025. Driven by the improvement of the infiltration rate of the military informatization, the simulation chip alternative, and the penetration rate of phase control arrays, the related target of phase control arrays in the radio frequency industry chain has begun performance. Fields, fast growth can be expected; ⑤ risk factors: new models of weapons and equipment are not as good as expected.

Theme one

Only innovation can cross the cycle. This small leading small leading laser with a lot of technology is self -made. At present, it has cut into the client industry chain of Apple XR, lithium battery Ningde+BYD, and photovoltaic.

Under the weak background, the target with its own growth attributes, smooth industrial logic, and reasonable valuation is expected to be favored by funds.

Caitong Securities Zhang Yimin's latest covers Jepput (688025). Unlike Laser laser application standards such as Laser and Haiming, the company is a laser supplier such as upstream MOPA, deeply cultivating core laser technology, and high -power continuous laser in the country advanced domestic advanced domestic advanced domestic laser. Level, solve the problem of "stuck neck" of key material components. The current laser applications have continued to outbreak in the fields of XR, lithium battery, photovoltaic, and passive components, and the company's growth capacity is expected.

Zhang Yimin expects the company's net profit to return to the mother in 2022/2023/2024 is 1.10/2.70/506 million yuan, an increase of 20.81%/144.69%/87.52%year -on -year.

Deeply cultivate the core laser technology of the upstream, with the ability of self -developed laser,

Jepte adheres to the industrial positioning of "Laser Light Source+" and deeply cultivates the core laser light source technology of the upstream. It is the first commercial manufacturer of "pulse wide pulse increased power pulse fiber laser (MOPA)" in China. Core products include laser, laser/optical intelligent equipment, optical fiber devices, laser include 4 product lines, and laser/optical intelligent equipment include 6 product lines.

The company's self -developed MOPA laser is the world's leading worldwide. The country has taken the lead in mass production to break the IPG and the rapid monopoly, and the high -power continuous laser ranks at the domestic advanced level. Laser/optical equipment has a wide range of downstream applications, and spectral detection equipment has long -term cooperation with Apple.

The downstream XR, lithium battery, photovoltaic and other fields have continued to outbreak

XR field:

In 2021, the global XR header showed 11.67 million units, an increase of 64%year -on -year. Among them, the optical system is the key to the XR head showing immersion. The Pancake scheme will become the mainstream due to its thin and light characteristics.

The company is an optical equipment manufacturer that has entered the Apple supply chain earlier in China, and continues to cooperate with customers in terms of optical testing equipment. In the first half of 2022, thanks to the good reputation of optical testing within the consumer electronics industry's head customers, the company's XR testing equipment received a large customer order and became an exclusive supplier of related products.

Lithium battery:

Laser technology can be used in the process of cutting, welding, cleaning, and marking of power batteries. The 4680 large cylindrical battery is an important development direction, and the full -ear process brings cutting and welding demand to improve. In addition, stacking technology penetration and improvement, polar ear cutting welded+division of dosage increases the market space increase to laser equipment.

At present, head -power battery companies such as Ningde, BYD, and AVIC Lithium Power are accelerating the introduction of domestic laser equipment, and domestically produced high -quality laser brands, including Geiput, ushered in development opportunities.

Jepte self -developed MOPA laser technology is the world's leading world. In March 2022, the company announced that it was designated by Ningde Times. Essence At present, the company's laser and equipment successfully introduced lead battery manufacturers such as customers B and Ningde Times to open the first year of domestic replacement for lithium battery processing of laser.

Photovoltaic:

Laser technology can be used in various types of photovoltaic batteries, and applications such as cutting, doping, and grooves are involved in multi -technical routes.

The company has developed MOPA pulse laser for Perc slot, silicon wafer cutting, battery cracks, and photovoltaic glass drilling for PERC slot, silicon wafer cutting, battery cracks, and photovoltaic glass drilling.

In August 2021, the company has been delivered to the first set of mold cutting equipment and developed a new generation of mold cutting and clearance equipment. With the continuous growth of the new photovoltaic installation machine and the improvement of laser processing technology space.

Recent high -end manufacturing series in this column:

On September 9th, "Low -valued value stocks have the driving force for reorganization, the top three consumer electronics leaders in the world will be added to automotive electronics. Analysts predict that net profit growth next year is 40%+" September 9th "The key links of construction still rely on foreign manufacturers. Analysts are optimistic that the company is the leading enterprise in the industry and is expected to conform to the rise of local enterprises and help customers promote localization alternative and production." The core parts of the supercritical unit ", the high -end market share of the 3 billion market value" dark horse "has reached 85%, and the new capacity of 40,000 tons will release the" sitting "market space of about 13 billion yuan" in the next 40,000 tons "on September 7" Based on the platform-type "small and beautiful" platform, it has newly deployed photovoltaic electroprey-plated copper and laser transfer, AR-HUD and other fields such as AR-HUD. Analysts estimate that the performance next year is expected to increase by 2.5 times. "

Theme two

The tens of billions of tracks have taken the wind. This kind of new military technology connecting virtual and reality has become the cornerstone of national defense informatization. It is a rare field that has entered the duration period. Related targets have started performance.

With the iterative update of weapons and equipment and the acceleration of autonomous controlling and controllable, new fields such as "new technology, new materials, and new processes" may not only change industrial trends, but also bring new investment opportunities.

In September 12, this column "Informatization accelerates, this new military technology has taken from assistant to the main force in Russia and Ukraine's conflict. Analysts are cited in the article" The view of CITIC Securities Fu Jishuo believes that the tendency to unmanned in the informationization war is obvious, and it has moved from auxiliary to the main force.

CITIC Securities Fu Yishuo is optimistic about the "new field" of the military industry as the core attention point of the industry, and deeply covers military simulation chips. As a bridge connecting reality and digital virtual, simulated chips are widely used in aviation, aerospace and other fields. Construction cornerstone.

With the deepening of my country's informatization construction, radio equipment such as communication, radar, and electronic confrontation are accelerating the installation, and the phase control array technology has begun to apply quickly.

The phase control array is a array consisting of the radio frequency front end. The T/R component is the core of the phase control array radar. Its core function has been implemented by chip, which can be divided into amplifier chips and control -type chips.

Fu Yanshuo believes that under the pull of the information construction of the army, the local alternative of the simulation chip, and the penetration rate of the phase control array technology, the related target of the phased array in the radio frequency industry chain has opened the performance. The segmented field of the period can grow rapidly.

Key companies include: Guobo Electronics, Zhenjie Technology, Thunderbolt Weili, and Xunchang Technology.

Military simulation chips have high technical barriers, and the competitive pattern is stable

The simulation chip is a bridge connecting reality and digital virtual virtual. Compared with digital circuits, the simulation circuit has the characteristics of high technical barriers, wide application fields, and long product usage cycles.

In recent years, with the development of semiconductor industry and industrial policy support, military simulation integrated circuits and international advanced levels are gradually narrowing.

Because the military industry has a certain number of entry thresholds, it is necessary to have the "three military certificates" and strict quality requirements.

The tens of billions of tracks are rising by wind, and the market size of radio frequency and T/R components is expected to increase rapidly

The phase control array is a array consisting of the radio frequency front end. The main wave beam synthesized by the principle of beam is finger to fast and accurate.

The T/R component is the core of the phase control array radar. In the system, the value accounted for over 50%. The core functions have been implemented by chips and can be divided into amplifier chips and control -type chips.

According to the Industry Information Network, the size of the military radar market in 2025 is about 56.5 billion yuan, and the market size of the T/R component will reach 10.2 billion yuan, corresponding to the compound growth rate of 21.1%in 2020-25.

Fu Yishuo pointed out that with the continuous volume of the new models, the related targets in the radio frequency industry chain have opened the performance, and it is one of the rare fields that have entered the volume period in the new technology track.

Company 1: Jepte (688025) Company 2: Military simulation chip (Guobo Electronics, Zhenbi Technology, Qianchang Technology) Recently in this column Military Industry Series:

On September 12, "Informatization Speed, this new military technology has moved from auxiliary to the main force in Russia and Ukraine's conflict. For the high barriers of military carrier/bomb carrier, this private enterprise covers many large military leaders, and the order of hand in hand is 50%from the same period last year. Analysts see that the company's industry scale may reach tens of billions of yuan. "August 7th "The supply and demand gap between the military equipment and materials or 30%, this" scarce "leader realizes the" volume and price increase "of the product" rising "global order growth exceeds expectations, and the output of production after the release of production capacity is expected to double the growth. Analysts watch 50%+valuation. Repair space on August 3 "Fully covered the full -temperature military stealth coating consumables, this scarce dragon leader has entered the styling batch production stage, the order is doubled last year, and the area of ​​the plant area is 5 times high. Zeng August 3rd "Missed the new shares of this military industry, the company's 55th China Electricity Department, and has become the largest new type of radar component R & D and production platform for various military industry groups in China."

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