\u3000\u3 Guocheng Mining Co.Ltd(000688) 516 Wuxi Autowell Technology Co.Ltd(688516) )
Event: Recently, the company received Tongfu Microelectronics Co.Ltd(002156) batch aluminum wire bonding machine orders, which is an advanced work of the company to break the import monopoly and realize the localization of high-end equipment.
The company’s semiconductor bonding machine inherits the automation of series welding machine and the underlying technology of welding. Wire bonding refers to the use of thin metal wires, using heat, pressure and ultrasonic energy to make the metal leads closely welded with the substrate pad, so as to realize the electrical interconnection between chips and substrates and the information exchange between chips. Under ideal control conditions, electron sharing or atomic diffusion will occur between the lead and the substrate, so as to realize atomic bonding between the two metals. As the leader of component series welding machine, the company has accumulated a relatively deep foundation in underlying technologies such as automation and welding, and has certain technical ductility when expanding to bonding machine.
Grinding a sword in three years and opening the road of localization of high-end semiconductor aluminum wire bonding machine. The bonding machine requires higher precision and yield than the series welding machine. In 2018, the company set up a project to develop high-end aluminum wire bonding machine for standard imported equipment. It is mainly used for packaging and bonding of power chips such as automotive electronics. As the entry point for the company to enter the semiconductor packaging test link, after more than three years of research and development and testing, the product has reached the level of similar foreign equipment in key technical indicators such as production capacity, precision, yield, productivity and stability (the international leader is coolsox method), and was successively sent to multiple clients for trial in early 2021 Tongfu Microelectronics Co.Ltd(002156) as the first batch of trial customers, after more than a year of comprehensive testing and full load mass production verification, the equipment was purchased in batches in the near future. This is another batch of orders after the company obtained Wuxi delixin small batch orders for the first time at the end of 2021. Tongfu Microelectronics Co.Ltd(002156) as one of China’s leading sealing and testing enterprises, it further verified the excellent performance of the company’s equipment, marking a major breakthrough for the company’s high-end models and head customers.
The domestic substitution space of wire bonding machine (aluminum wire + gold copper wire) exceeds US $1.5 billion, and the company is expected to become the leader of bonding equipment in China. Although China is the world’s major semiconductor packaging and testing base and has achieved many international leading sealing and testing enterprises, such as Jcet Group Co.Ltd(600584) , Tongfu Microelectronics Co.Ltd(002156) , Tianshui Huatian Technology Co.Ltd(002185) and so on, the core equipment still depends on imports. According to customs data, the total import amount of China’s wire bonding machine in 2021 was US $1.586 billion, a year-on-year increase of + 136%. Considering that domestic equipment has advantages over overseas giants in price, the domestic substitution space for wire bonding machine is about 7.5 billion yuan, including aluminum wire bonding machine and gold copper wire bonding machine. As the first enterprise to lay out aluminum wire bonding equipment in China, with the advantages of performance, after-sales, delivery cycle and price, the company is expected to quickly realize the domestic substitution of aluminum wire bonding machine, expand to gold copper wire bonding machine, and build another high-speed and stable growth business after series welding machine.
Profit forecast: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 360 / 550 / 720 million, corresponding to pe60 / 38 / 29 times, maintaining the “buy” rating.
Risk tip: the newly installed capacity of photovoltaic is less than expected, the iteration of module technology is less than expected, and the industry competition is intensified.
