The core products of the "Fengkou Research Report · Company" company rely on the launch of the new process of lithium battery composite fluid, which has ushered in the outbreak of demand. The proportion of Ningde Times and BYD procurement exceeds 50%. New products such as high -voltage lin

The current ultrasonic technology is in the equipment market in the emerging application fields such as power batteries, high -voltage line beams, and IGBT terminals to show its vigorous development. The company is one of the few companies in China with a complete ultrasonic technology platform. New product business such as digging and high -pressure wire beams and IGBT terminal welding continues to develop, and it is expected to achieve greater development breakthroughs.

Company essence:

① The company is one of the few companies in China with a complete ultrasonic technology platform. Huajin Securities Li Yan believes that the current ultrasonic technology is in power batteries, high -voltage line beams, IGBT and other downstream emerging application fields to show vigorous development vitality;

② In the short term, the proportion of Ningde Times and BYD procurement companies accounted for more than 50%of their new products purchased on the production line. With the expansion of power battery boom and new processes represented by composite fluids, it will help. The company's core product demand erupted;

③ In the middle and long term, relying on the company's new product business such as high -voltage wire beams and IGBT terminal welding, and the depth of the fields of power batteries and semiconductors, it is expected to achieve greater development breakthroughs;

④ Li Yan is optimistic that the company will break the monopoly and lead the local ultrasonic process innovation and development. It is expected that the net profit attributable to the mother of 2022-24 will be 1.04/1.51/227 million yuan, respectively, a year-on-year increase of 50.5%/45.3%/50.1%;

⑤ Risk factors: The growth rate of the downstream power battery industry has slowed or declined.

The holidays are approaching, the two cities have a light trading, and the market emotions remain at the freezing point. The turnover continued to shrink to 540 billion yuan yesterday. However, the science and innovation board market will recently ushered in a number of high -quality new shares. In addition to the supply of Fusheng, which supply Apple and the northern Huachuang, it also includes the pride of the listing today.

华金证券李蕙深度覆盖骄成超声（688392），公司是国内少数具有完整超声波技术平台的企业之一，下游涵盖新能源动力电池、橡胶轮胎、汽车线束、功率半导体、无纺布、食品、 Pharmaceuticals, plastic packaging and other fields are optimistic about the company to break the monopoly and lead the innovative development of local ultrasound technology.

In the short term, the launch of new processes represented by the dynamic battery prosperity and represented by composite fluids, helping the company's core product demand outbreak.

In the middle and long term, relying on the company's new product business such as high -voltage line beams and IGBT terminal welding, and the depth of the fields of power batteries and semiconductors, it is expected to achieve greater development breakthroughs.

Based on the company's short-term and long-term development expectations of the company, Li Yan is expected to return to the company's net profit from 2022-124 to 1.04/1.51/227 million yuan, respectively, a year-on-year increase of 50.5%/45.3%/50.1%.

The launch of new processes represented by the dynamic battery prosperity and represented by composite fluids, helping the company's core product needs explosion

(1) The company's products have successfully realized local replacement and entered the supply chain of head manufacturers such as Ningde Times, BYD, etc., and are expected to benefit from the expansion of power batteries.

Lithium battery manufacturers have successively announced a number of new investment and construction projects. As of the end of August, the total funds for new investment and construction exceeded 449.5 billion yuan, and the annual production capacity of the new construction exceeded 1130GWh.

In 2021, Ningde Times and BYD procurement companies accounted for more than 50%of their new products purchased by similar products. The company's core equipment supplier as a downstream power battery manufacturer is expected to fully benefit.

(2) New process of composite fluids, and the demand for the company's power battery ultrasound equipment is expected to be extended.

The composite fluid is a new technical process proposed by Ningde Times to replace traditional copper foil and aluminum foil. Lithium batteries will have an additional polar ear transfer welding process with ultrasonic high -speed welding technology in the previous process.

For the high welding difficulty of composite fluids, the independently developed ultrasonic rolling welding equipment can achieve high -speed rolling welding between the composite fluid and the foil. About times.

New products such as high -voltage line beams and IGBT terminals are advancing smoothly, and it is expected to open the company's incremental space

(1) New products such as high -pressure wire beam and IGBT terminal welding cannot be underestimated.

According to the company's estimates, regardless of accessories, the annual market demand for car line beam ultrasound welding equipment can reach 200 million to 30 million yuan each year by 2025.

It is assumed that the proportion of ultrasonic metal welding technology in the packaging process will be 30%, and the new equipment demand for new equipment from IGBT ultrasonic welding equipment will be about 150 million yuan to 300 million yuan in 2025.

(2) The expansion of new products such as high -voltage line beams and IGBT terminals has made breakthrough progress.

As of the end of the first quarter, the company's car beam welding equipment had an order of about 8 million yuan in hand and an automatic IGBT terminal ultrasonic welding equipment of 1.8886 million yuan.

Recent high -end manufacturing series in this column:

On September 26th, "The company just achieved a breakthrough of a parity sea cable of 200 million yuan, as soon as the end of the year, there will be 1 billion yuan+orders are expected to ensure the order with geographical advantages. Analysts see more than 80%valuation repair space"On September 26th, "Scenic Storage+New Energy Vehicle Electric Control+Smart Grid+Charging Pile. This company has more than 1,100 chip models and achieves" mainstream car companies+light storage leaders ".4 times "September 25" Photovoltaic HJT core materials demand in the next three years may increase eight times. This company realizes batch supply Longji or the only military machine wing lightweight material supplier."September 23rd" The performance in the next three years is expected to increase by more than 5 times.+Tongwei "Synchronous Episons" on September 20 "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.

- END -