Suzhou Maxwell Technologies Co.Ltd(300751) (300751)
Event: official account mobile Suzhou Maxwell Technologies Co.Ltd(300751) WeChat announced in December 17, 2021, Suzhou Maxwell Technologies Co.Ltd(300751) won the sixth generation AMOLED production line of BOE. It will supply two sets of OLED flexible screen bending laser cutting (BendingCut) equipment developed by ourselves, which are used in the BOE Mianyang factory and Chongqing factory’s flexible AMOLED production line of mobile phone for mobile phone, and will produce high-end display screen for the world-famous mobile phone brand.
Key investment points
The core process link of panel equipment, which has been monopolized by Japan and South Korea for a long time, Suzhou Maxwell Technologies Co.Ltd(300751) has made a breakthrough since 2017. At present, it has entered BOE, the leader of China’s panel factory
The panel link equipment is divided into three links: array, cell and module, accounting for 70%, 25% and 5% respectively. The main card of Chinese equipment manufacturers is the module link at the last end, mainly including bonding equipment, binding equipment and automatic assembly equipment. Suzhou Maxwell Technologies Co.Ltd(300751) is mainly the laser layout of cell link and module link. In the front cell process, the laser stripping equipment is the key equipment to separate the glass substrate and flexible OLED devices. The laser cutting equipment can cut the cell into a specified size and quantity and discharge it. The laser repair equipment can repair the point defects in the cell section and turn the defective products into qualified products; In the later module process, the laser special-shaped cutting equipment is used to cut peripheral edges and corners and special-shaped parts. Suzhou Maxwell Technologies Co.Ltd(300751) has formed a multi-level R & D layout of OLED laser equipment. In September 2017, the company entered the OLED industry and independently developed flexible screen laser cutting equipment, flexible screen laser special-shaped cutting equipment, cell laser repair equipment and other core process equipment.
This new bending laser cutting equipment, which won the bid for the new production line of BOE, the leader of China’s panel factory, to manufacture high-end display Suzhou Maxwell Technologies Co.Ltd(300751) for the world-famous mobile phone brand, is mainly used for the cutting, stripping and curing process of the supporting film in the bending area of the flexible OLED panel, reducing the bending radius and achieving better bending effect with an efficient and economical process, The whole set of equipment includes automatic loading and unloading unit, cutting unit, stripping unit, curing unit and detection unit. Through independent research and development, the company’s R & D team has adopted a number of technologies to improve the performance of this equipment. The main advantages include: optimizing the beat time by means of high-speed flying shot alignment of area array camera, improving production efficiency by synchronous stripping with multiple stripping heads, etc. At present, BOE has passed the qualification examination of Apple’s iPhone product line and officially entered the mass production stage of iphone13 display screen, becoming the only domestic panel manufacturer participating in the supply of new iPhone products. This time, BOE selected Suzhou Maxwell Technologies Co.Ltd(300751) equipment from domestic manufacturers as the key equipment with high difficulty in the core cell link, which shows that the technical strength of domestic equipment has made a breakthrough and the localization of subsequent cell links is expected to continue to improve.
Laser technology is one of the Suzhou Maxwell Technologies Co.Ltd(300751) three platform technologies – printing, vacuum and laser, and strive to be the leader of special equipment in China
Suzhou Maxwell Technologies Co.Ltd(300751) has three technical platforms – graphic printing technology, laser technology and vacuum technology, which are oriented to photovoltaic, flat panel display and semiconductor industries, that is, equipment is used to carry and realize the process. According to our preliminary calculation, the annual corresponding market space of laser equipment in panel industry is about 6 billion yuan. If the localization rate is 30%, the corresponding space is 1.8 billion yuan. Take the winning OLED flexible screen bending cut equipment as an example. The unit price of the equipment is 30 million yuan / set. One piece is processed for 69 seconds and 52 pieces are produced in one hour. Each piece has 95 small screens. If it corresponds to mobile phone screens, it is 52 * 95 = 4940. This time Suzhou Maxwell Technologies Co.Ltd(300751) won the bid for 2 devices. If BOE’s screen is successfully verified on the client in the future, the market space for this device is very large.
Profit forecast and investment rating: as the leader of hjt whole line equipment with first mover advantage, the company fully benefits from the accelerated production expansion of hjt battery, and the long-term layout of Pan semiconductor field opens up broad growth space, We raised the forecast of the company’s net profit attributable to the parent company from 560 / 909 / 1246 million yuan to 631 (up 13%) / 9.19 (up 1%) / 1399 (up 12%) million yuan from 2021 to 2023. The corresponding dynamic PE of the current stock price is 107 / 74 / 48 times respectively, maintaining the “buy” rating.
Risk tip: the R & D of new products is less than the market expectation, and the expansion of hjt equipment is less than the market expectation.
