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Qingyi Optoelectronics (688138): Masked version of domestic leading enterprises import substitution open up growth space

Qingyi Optoelectronics (688138): Masked version of domestic leading enterprises import substitution open up growth space

Qingyi Optoelectronics is one of the largest and largest mask makers in China. Its main products are quartz masks and soda masks.

The company has deeply cultivated the mask industry for more than 20 years and has 21 core process technologies.

The current downstream market of the mask version: panel semiconductors and other products are continuing to shift to China and will lead the company’s long-term development in the future.

The domestic mask version leader. For many years, the industry has broken through core technologies: Qingyi Optoelectronics’ main army mask version research and development, design, production and sales are the first and largest mask version manufacturers in China.

  The main products are quartz mask and soda mask.
The company’s revenue for the first three quarters of 20193.

49 ppm, a ten-year increase of 17.

32%, gross and net profit margins remained high.

The company has invested in research and development for many years, and has a number of patents and core process technologies.

Leading technology + import substitution opens up the growth space of the domestic mask industry: With the development of technology, the mask version is moving higher and developing in a large size. At the same time, some players have begun to extend upstream of the industry chain.

At the same time, several major downstream markets of the mask version, such as flat-panel displays, semiconductors, etc. are continuing to shift to China, and China’s demand for mask versions continues to rise in the global share.

In terms of panels, BOE, Huaxing Optoelectronics, Visionox and other manufacturers continue to expand production, and Chinese panel mask demand will account for 56% of the global market share.

In terms of semiconductors, China’s industry growth rate reached 11 in the first half of 2019.

8%, about 12% of the global market declines every year.

25%, the prosperity is still good, and the proportion is continuously increasing.

In addition, flexible circuit boards are in a period of rapid development, and mask versions for flexible circuit boards will usher in new 深圳桑拿网 development potential.

Based on the core customers of panel packaging, independent research and development break through technical barriers: the company has focused on mask version development for more than 20 years, continuously improved and improved process technology level in production practice, and committed to the development of new mask version.

At present, the company’s research projects include large-size advanced mask plate glue application projects.

5th generation HTM process project, mask process project for advanced SiP system level and wafer level packaging.

The downstream customers are mainly leading manufacturers in the field of panel and semiconductor packaging, including BOE and Tianma Microelectronics.

Compared with the elementary level, the company’s R & D expense rate is higher, and the accumulation of accumulated resources has promoted product update and transformation.

Analysis of fund-raising projects: improving domestic industrialization and accelerating product restructuring: Qingyi Optoelectronics issued 66.8 million new shares this time, raising a total of 5 funds.

8.7 billion.

Mainly used for 8.

5th generation and below high-precision mask project and mask technology research and development center project.

The mask production base is located in Hefei. After the project is completed, it will realize an annual production capacity of 1852 masks, which can effectively meet the needs of local BOE, Visionox and other panel factories and form a positive interaction with downstream customers.

At the same time, the company will accelerate the research and development of new products and new technologies represented by HTM, OPC, PSM and other technologies, and actively promote the speed of industrialization of achievements.

Estimate analysis: We predict that Qingyi Optoelectronics’ net profit attributable to its mother in 19/20/21 will be zero.

71/0.

79/0.

9 billion.

  Corresponds to EPS 0 after release.

27/0.

30/0.

34 yuan.

Combined with comparable estimates of similar A-share companies and the potential valuation premium of the science and technology board, we believe that a reasonable interval is 40-60 times dynamic PE in 19, corresponding to a market value of 28.

35-42.

53 trillion, with a target price of 11-16 yuan. Risk reminders: technical risks, risks of asset-heavy operations, risks of relative concentration of major suppliers and customers, risks of price fluctuations of raw materials, and risks of receivables measurement.