Battery stacking process is expected to be applied on a large scale to grasp the three main lines of investment
CITIC Securities pointed out that the mainstream battery companies have a stacked battery technology route planning, in the square battery size trend, along with the progress of stacking equipment technology, the stacking process is expected to be applied on a large scale. It is recommended to grasp the three main lines of investment: 1) GGII calculated that the current value of the stacking machine equipment accounted for about 70% of the value of the equipment in the middle, is expected to directly benefit from the outbreak of demand for stacked batteries; 2) the stacking process of the pole piece cutting equipment requirements, hardware molds as the current mainstream cutting equipment is expected to benefit from the future with the technological breakthroughs in the laser cutting equipment is also expected to bring a new incremental; 3) the adoption of the stacking process Battery manufacturers are expected to improve battery production efficiency, enhance battery performance, reduce production costs.
Battery stacking listed companies Battery stacking concept stocks are as follows:
1, Jingsheng Electromechanical (300316)
Domestic first to achieve GW-level shipments of stacking equipment suppliers; the industry is the first to develop and promote the use of a new generation of 210-compatible wafer of intelligent processing equipment and stacking equipment suppliers.
JSME (300316): pan-semiconductor platform company, equipment + materials double drive
Pan-semiconductor platform layout, benefiting from the development of the photovoltaic industry performance rapid growth ①JSME in the pan-semiconductor platform layout. The company focuses on the three main semiconductor materials, namely silicon, silicon carbide and sapphire, and conducts research and development of equipment for the four core processes of long crystal, slicing, polishing and epitaxy, and moderately extends to the field of materials.
②The company has outstanding technical strength. In the field of crystal growth, the company has a straight pull method, zone melting method of single crystal growth technology, crystal growth has a deep understanding and precipitation; the company's production of monocrystalline furnaces to break the monopoly of overseas enterprises in the market pattern, in the field of photovoltaic monocrystalline furnaces to maintain the market share of the first, with strong product competitiveness, the company will be launched in 2023 based on the fifth generation of the new open platform architecture of the monocrystalline furnaces. In addition, the company's wafer processing equipment competitiveness continues to strengthen, the added value of the product continues to improve.
③Benefiting from the development of the photovoltaic industry, the company's performance has achieved high growth. 2015-2021 the company's revenue, net profit CAGR of 46.96%, 59.43%. The company's orders continue to record high, as of the end of 2022H1 the company's unfinished crystal growth equipment and intelligent processing equipment contracts totaling 23.04 billion yuan, of which 2.2 billion yuan of unfinished semiconductor equipment contracts (including value-added tax), the performance of the growth of security.
Photovoltaic wafer equipment leader, fully benefited from the downstream wafer expansion wave of silicon wafer preparation process, the long crystal and slicing for the core link, corresponding to the long crystal furnace and slicing machine. The company is the core supplier of monocrystalline furnace, revenue scale is significantly ahead of peers. According to our statistics, 2022 silicon wafer expansion scale of about 194GW, according to this calculation, is expected to 2022 silicon wafer equipment market size of 29.7 billion yuan, of which the monocrystalline furnace, slicer market size of 23.9, 3.5 billion yuan respectively. From the perspective of equipment procurement, 2022 is still an expansion year. In the rapid development of the photovoltaic industry and the popularization of large silicon wafer background, the company as a photovoltaic wafer equipment leader, will directly benefit.
The company semiconductor wafer equipment layout is perfect, the industry import substitution demand is strong in 8-12 inch large wafer equipment, the company's products in the crystal growth, slicing, polishing, epitaxial and other wafer materials link has 8 inch line almost 100% of the entire line as well as the 12 inch monocrystalline furnaces, polishing machines, and other core equipment supply capacity, the level of product technology has reached the international advanced level. At present, the domestic 12-inch semiconductor wafers are still mainly imported, the self-sufficiency rate is still low, domestic manufacturers have to increase the size of the 12-inch wafer production capacity construction. Based on the current semiconductor wafer suppliers in mainland China to expand production plans, we calculated that the 8-inch, 12-inch semiconductor wafer equipment market size of 10.8 billion yuan, 37.2 billion yuan, for equipment manufacturers to provide development opportunities.
Silicon carbide applications in the ascendant, the company to the material side of the extension of further silicon carbide industry chain mainly includes "substrate - epitaxial - device" three links, silicon carbide substrate in the industry chain in a prominent position, according to the CASA data, in the silicon carbide According to CASA data, in the manufacturing cost of silicon carbide devices, the substrate accounts for about 50%. In the field of silicon carbide substrate, overseas enterprises, mainly Wolfspeed, occupy a dominant position, and there is more room for domestic substitution in the future. The company's silicon carbide epitaxial equipment has been verified by customers and sales; in 2021, the company set up a raw material synthesis - crystal growth - cutting, grinding and polishing processing pilot line and in the second half of 2021 began to send samples to customers, 6-inch SiC wafers have been verified by the customer. 2022 August 12, the company's first 8-inch N-type SiC crystals successfully out.
Sapphire business has comprehensive competitiveness, the successful development of diamond growth furnace, is expected to contribute to the multi-pole growth in the field of sapphire, the company has successfully mastered the international leading super-large size 700kg sapphire crystal growth technology, the company's sapphire cost has a significant advantage. In the future, with the reduction of sapphire material cost, the downstream Mini/Micro LED penetration rate increase, and sapphire in the consumer electronics field of the subsequent increase in the scope of market applications, the sapphire market space is expected to maintain rapid growth, is expected to 2023 the global market size is expected to reach 3.67 billion yuan. 2020, the company and the domestic cover glass leader of the bluestem science and technology cooperation to set up subsidiaries ningxia In 2020, the company cooperated with domestic cover glass leader Lance Technology to set up a subsidiary Ningxia Xinjing Sheng, for the scale application of sapphire layout in advance. 2022 half-yearly report reveals that the company has realized 300Kg level and above the scale mass production of sapphire crystals.
In March 2022, the company's official public number disclosed that the company's fully automated MPCVD method of diamond growth equipment has successfully grown high-quality gemstone-grade diamond crystals, marking the company's further progress in the field of crystal growth equipment. The company has completed the finalization of the equipment and batch process development, and the equipment will be put on the market soon.
In addition, the company has established a product system based on high-purity quartz crucible, diamond wire, semiconductor valves, fittings, magnetic fluids, precision parts, in order to support the key components required for semiconductor and photovoltaic equipment and the industry chain needs the core of the demand for auxiliary materials and supplies. The company actively promote the quartz crucible and diamond wire and other auxiliary materials consumables business, Baotou and Yinchuan crucible base has been put into production, quartz crucible business to achieve rapid growth; semiconductor key components vacuum valve products diaphragm valve through customer verification, to achieve the semiconductor core precision vacuum valve components localized, investment advice: 2022-2024 the company's operating income are expected to be 105.44, 138.36, 16.677 billion yuan, net profit of 2.599, 34.95, 4.235 billion yuan, year-on-year growth of 51.85%, 34.46%, 21.17%, EPS were 1.99, 2.67, 3.24 yuan / share, the current price of shares corresponding to PE were 41.06x, 30.53x, 25.20x, maintain the "buy". "Buy" rating.