Wuxi Autowell Technology Co.Ltd(688516) (688516)
Event: according to WeChat official account of the company in November 29, 2021, Wuxi Autowell Technology Co.Ltd(688516) was awarded the first order of aluminum wire bonder in Wuxi Delhi core.
The aluminum wire bonding machine received the first order, and we judged that the company’s bonding machine order landed and entered the acceleration period
In 2018, the company initiated the research and development of semiconductor bonding machine. In 2020, the bonding machine will be verified in the company and will be put on trial at the client in early 2021. Wuxi delixin, as the first trial customer, has purchased several aluminum wire bonding machines through the verification for more than half a year. This order is the first batch of orders, and the volume is small. However, we expect a rapid growth in the future, Wuxi Autowell Technology Co.Ltd(688516) as the leader of photovoltaic module equipment, has successfully entered the semiconductor industry. The company’s aluminum wire bonding machine has been tried out in many customers. If the trial goes well, we expect that the batch orders of the company’s bonding machine will be accelerated.
The core technology accumulated by the series welding machine is extended to the semiconductor bonding machine, and the performance index is benchmarked to the global leader
The function of the semiconductor bonding machine is to connect the pad on the semiconductor chip and the pad on the pin with conductive metal wire. It tests the speed and accuracy of the conductive metal wire connection. The core technology accumulated in Wuxi Autowell Technology Co.Ltd(688516) photovoltaic series welding machine is extensible. From the performance indicators and feedback from downstream customers, the performance of the company’s products has reached the global advanced level, The technical and yield requirements for formal mass production have been met.
Wuxi Autowell Technology Co.Ltd(688516) has advantages over the global leading library cable method, and the localization of semiconductor bonding machine is in progress
Kulisol method is the traditional leader of aluminum wire bonding machine, but it is not competitive in delivery date and price. (1) Delivery time: the normal delivery cycle of kulisol is 3-5 months. Recently, due to excessive downstream demand, the delivery cycle is 10-11 months, which is the best time for domestic substitution. In contrast, the delivery cycle of Wuxi Autowell Technology Co.Ltd(688516) is only 2-3 months. (2) price: the price of kulisol is 250000 US dollars / set (about 1.5-1.6 million yuan), Wuxi Autowell Technology Co.Ltd(688516) The pricing is about 100000 yuan lower than that of kulisofa, and can still maintain a high gross profit margin. We expect Wuxi Autowell Technology Co.Ltd(688516) to continue to increase its market share with its excellent performance, competitive price and delivery date.
The packaging and testing link is the first to realize localization, Wuxi Autowell Technology Co.Ltd(688516) semiconductor equipment category expansion is worth looking forward to
We have always believed that the packaging and testing link of semiconductor equipment will be the first to realize localization, and the technical difficulty is lower than that of wafer manufacturing. However, China’s new capital expenditure is large, and ushers in the best opportunity for domestic substitution under the background of short supply of semiconductor equipment. The core equipment (slicer + loader + bonding machine) in the sealing and testing link is distributed by domestic equipment manufacturers, which will continue to benefit from the downstream Expansion & domestic substitution process.
Slicer: domestic equipment manufacturers have laser route layout; Benchmarking overseas company: Disco (Japanese company, both laser route and cutter wheel route).
Loading machine: Wuxi Autowell Technology Co.Ltd(688516) (in the R & D stage); benchmarking overseas companies: kulisol method.
Bonding machine: Wuxi Autowell Technology Co.Ltd(688516) (the first batch of orders have been obtained); benchmarking overseas companies: kulisol method.
Bonding machine is the first step for Wuxi Autowell Technology Co.Ltd(688516) to enter the semiconductor industry. In the future Wuxi Autowell Technology Co.Ltd(688516) will continue to pay attention to the needs of semiconductor segments and extend to the core equipment in the packaging field. The subsequent expansion of semiconductor equipment categories is worth looking forward to.
Profit forecast and investment rating: with the continuous prosperity of photovoltaic module equipment + smooth expansion of new fields, we maintain the parent net profit of RMB 320 / 440 / 580 million from 2021 to 2023, which corresponds to 76 / 55 / 42 times of the current share price PE, maintaining the “overweight” rating.
Risk tip: industry competition intensifies, new product expansion is less than market expectations, and downstream production expansion is less than market expectations.
