"Wind Research Report · Company" Photovoltaic Vajrayana's rarity supplier's production capacity has doubled the capacity. The company also has precision products to unique to Apple and get the designated point of the components of BYD New Energy Vehicle. In the second half of 202

The rarity supplier of the photovoltaic King Kong line is doubled from 1 million kilometers/month to 2 million km/month. The battery copper volume is large, and the photovoltaic battery is prepared for samples with printing silk mesh.

Company essence:

① Guoxin Securities Hu Jian is optimistic that the company can stabilize the Vajrayana Bare line with a diameter of 47 μm. The production capacity increases from 1 million kilometers/month to 2 million km/month. The research and development of new products in silk net products is expected to begin trial production in the second half of 2022;

② Part of the company's 3C business product partially provided Apple, including memory alloy headset cable, for the precision alien card spring for AirPods, for the ultra-elastic memory cable of Apple charging cable. At the same time, it is C. There are major breakthroughs in smartphone parts;

③ The company actively deploy the automotive sunroof driver's pipelines and elastic pieces. The current bidding BYD door lock, antenna, new energy vehicle piston, temperature sensor driver and other orders, as well as a 50 million copper volume of the battery of a head car factory. goods;

④ Hu Jian expects the company to return to the mother's net profit at 2022-14 years to 1.8/3.1/4 billion yuan, an increase of 50.8%/66.1%/31.1%year-on-year. Yuan/share;

⑤ Risk reminder: New products are not as good as expected and demand is not as good as expected.

The photovoltaic diamond line is driven by the cutting of photovoltaic silicon wafers. The manufacturers are actively expanding their production, but there are not many companies that can support the production of the diamond line.

Guoxin Securities Hu Jian's latest excavation of the photovoltaic parent line supplier Fuliwang (688678). The company can stabilize the diamond line with a capacity of 47 μm in stabilizing the mass production line. The production capacity increases from 1 million kilometers/month to 2 million kilometers per month. Head customer. At the same time, the company actively promotes the research and development of the 40 μm and below diamond line microfinance wire steel wire steel wire. At present, the equipment has been installed to achieve mass production.

In addition, the company involves consumer electronics and automotive components. The company includes a number of products, including precision alien strokes and memory alloy headset cables, and bids orders such as BYD door locks, antenna, new energy vehicle piston, and temperature sensor driving. In terms of power batteries, the company has won 50 million orders for battery copper in a header car factory, and is expected to ship in the second half of 2022.

Hu Jian expects the company to return to the mother's net profit at 2022-124 years of net profit is 1.8/3.1/4 billion yuan, an increase of 50.8%/66.1%/31.1%year-on-year. According to the relative valuation method of the branch, the reasonable valuation of 33.44-34.50 yuan in 2022 is obtained. /share.

Diamond Line's bus business cultivation growth point, silk net is about to land

The cutting of silicon rods and silicon wafers is the main link of the production of silicon wafers. The technical performance of the diamond cutting directly affects the quality of the silicon wafer and the manufacturing cost of photovoltaic components. It is the core technical link of "cost reduction and efficiency" in photovoltaic companies.

The company's holding subsidiary Qiangxin Technology is one of the major domestic bus suppliers, with revenue of 62 million yuan in 2021 (an increase of 70.64%year -on -year). Except for 47 μm line diameter, the company began to test the diameter of 45 μm, 43 μm, and 42 μm.

In July and December 2021, the company increased the capital to subsidiaries 70 million yuan to support the expansion of the subsidiaries' purchase production equipment. The purchase of 150 new production equipment has been installed and commissioned. /moon.

The company has used the technical advantages of pulling the Diamond Bareer. Since the third quarter of 2021, it has actively launched a new product development of solar cell printing silk network products. It has achieved 11um stainless steel wire. Experimental and weaving equipment research and development is expected to start sample testing for the company's solar cells in the second half of 2022, and at the same time, samples are performed.

3C business products are partial to apples, new energy vehicle products are developing smoothly

The company's current unique products include: Memory alloy headsets used for Beatsflex, for AirPods's precision alien card springs, ultra -elastic memory cables for Apple charging cables, metal plates for AirPodsmax head beams, etc. In addition, the company's new products expanded rapidly. In 2021, the company has made major breakthroughs in wireless charging line parts, acoustic screen, Type-C, and smartphone parts.

In terms of automotive business, the company actively deployed automotive products in the field of automotive sunroof pipes and elastic components. The downstream includes the global car sunroof leader Vahast and Iena. $ 40 billion.

In July 2021, the company obtained BYD's designated development notice to develop automobile door locks and antenna business for BYD (the main models are BYD Tang, Song, Yuan, Qin), and have been supplied to BYD in small batches. The company also cut into Weimar Auto New Energy Vehicle battery shell project. At present, the project has been mass -produced.

Recent high -end manufacturing series in this column:

On September 5th, "Sea cable+energy storage+photovoltaic+silicon carbide+communication" multi -prosperous field. After 4 years of low valley recovery cycle, the product "export+price" has increased by about 50%. It is expected to enter the upstream high -pure quartz sand and other semiconductor materials. "On September 4th, the" Huawei+Apple+Google "is sought after by the" Huawei+Apple+Google ", the market size or over 45 billion U.S. dollars. In the field of promotion, these companies have taken the lead in the development of related modules. "On September 2, the" domestic "server CPU+database" industry chain accelerated penetration, industry scale or over 40 billion U.S. dollars. Analysts are optimistic about "massive data+storage demand" to drive Below, these companies are expected to fill the demand for high -performance server "on August 31" The company with a hard -to -choose performance from the bottom to be a magic weapon through the disadvantaged market. The valuation is less than 20 times. "On August 30th," Selling Shuther "Company in the field of new energy vehicles+aerospace and aerospace, the only domestic control of direct thermal forming equipment to help the car lightweight, and the BYD orders, the increasing net profit in the next 3 years in the next 3 years Quick estimation 50%+"

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