"Fengkou Research Report · Company" is expected to increase by more than 5 times in the next three years.BYD+Tongwei "synchronous measurement

The performance is expected to increase by more than 5 times in the next three years. This "scarcity new" leading crystal material supplies the head packaging factory such as "Huatian+Chang Electric". Ningde Times+Tongwei Co., Ltd.+Ates "and other head customers synchronized.

Company essence:

① In the context of accelerating the domestic transfer of global integrated circuits and smart terminals, considering the security of supply chain, the domesticization of high -end electronic packaging materials is imminent. According to SEMI statistics, the market size of the packaging material in 2022 will reach US $ 24.8 billion It

② Northeast Securities Li Yan is optimistic about the company's chip solid crystal material products, wafer UV film products have passed the certification of many integrated circuits such as Huatian Technology, Changdian Technology, etc. Products such as LID box bonding materials, chip -level thermal conductivity interface materials are expected to open a new growth space in the future;

③ The company's layout of the company's smart terminal and new energy materials has strong competitiveness. Its smart terminal packaging material products have entered the well -known brand supply chain such as Apple and Huawei and realized a large number of supply. enterprise;

④ Li Yan expects the company to return to the mother's net profit at a net profit of 1.46/2.57/393 million yuan in 2022-2024, an increase of 92.56%/75.88%/52.85%year-on-year.

⑤ Risk reminder: The industry's prosperity is not as good as expected and the production capacity is not as good as expected.

In the context of accelerating domestic transfer of global integrated circuits and smart terminals, considering the security problem of supply chain, the localization of high -end electronic packaging materials is imminent.

Northeast Securities Li Yan's latest in -depth covered high -end electronic packaging material supplier C Debang (688035), which is recently listed. The company's products are based on electronic packaging materials. Packaging from zero to third -level packaging levels.

In addition, the company's layout of smart terminals and new energy materials has strong competitiveness. The company's smart terminal packaging material products have entered the supply chain of well -known brands such as Apple and Huawei and realized a large number of supply; power batteries and photovoltaic materials have also been verified and tested by head enterprises.

Li Yan expects the company to return to the mother's net profit from 2022-2024 to 1.46/2.57/393 million yuan, an increase of 92.56%/75.88%/52.85%year-on-year, and the company is given PSG = 0.25, corresponding to the reasonable valuation of 90 yuan/share.

Take the localization Dongfeng to create a high -end electronic packaging material giant

High -end electronic packaging materials have played a key role in the advanced packaging and installation of key industries. At present, the market is still mainly based on European and American and Japanese manufacturers. According to statistics from the International Semiconductor Industry Association (SEMI), the scale of the packaging material market in 2022 will reach US $ 24.8 billion.

The company's integrated circuit packaging material products mainly include wafer UV film, chip solid crystal material, chip -level bottom filling glue, LID box bonding material, plate -level bottom filling, and plate -level packaging heat conductive pads.

The company's wafer UV film products are craftsmanship and auxiliary materials in semiconductor manufacturing. According to data, the global wafer UV film market space in 2020 is about 2.805 billion yuan, and the industry scale is expected to be about 4.318 billion yuan by 2025.

At present, the company's chip solid crystal material products, wafer UV film products have passed the certification of a number of integrated circuits such as Huatian Technology and Changdian Technology and shipped in batches. Materials, chip -level thermal conductivity interface materials and other products are currently cooperating with the header of the country for verification and testing, and it is expected to open a new growth space in the future.

New energy application materials demand is accelerated to release

The company's new energy application material products include photovoltaic stacking materials and dual -group polyurethane structural glue. They are mainly used in packaging materials for new energy vehicle power batteries and photovoltaic components. They are key materials for power battery packaging and photovoltaic battery packaging.

The company has technical advantages & customer resource advantages. Among them, power battery packaging materials products have successively verified and tested through many power battery head enterprises such as Ningde, BYD, and AVIC lithium battery; photovoltaic stacking materials have been widely used in large quantities of Tongwei shares, Ates and other photovoltaic components leading heads. Enterprises and companies are expected to benefit from the growth of new capable cars and photovoltaic demand under carbon neutralization.

After the implementation of the company's IPO production project is completed, it is expected to realize the annual production packaging material 8,800 tons of power battery packaging materials, 200 -ton smart terminal packaging materials, 3.5 million square meters of integrated circuit packaging materials, and 2000 volume thermal conductivity; After the implementation of the 35 -ton semiconductor electronic packaging material construction project, the production capacity of an annual production semiconductor chip and system packaging material for 15 tons and 20 tons of photovoltaic stirry materials for the system packaging can be achieved.

Recent high -end manufacturing series in this column:

On September 20th, the "upstream technology breakthrough brings the historic development opportunity of the chemical fiber. The company is the only domestic expansion enterprise and the scale of production capacity ranks first in China.New material faucet, equipment+material integration to create core competitiveness, will soon develop optical, automotive electronics, medical equipment and other new fields of new fields. "The core components of the high -end CNC system have been achieved, or the large -scale localization replacement of large -scale localization, competition for the domestic 100 billion -level parent machine market. "Technology can reduce the thickness of the equipment by 50%to become the preferred plan for new products of major manufacturers. This company is Oculus and Apple MR core suppliers.

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