每經AI快訊，2023年(nian)12月27日(ri)，中信證(zheng)券發布研報(bao)點評邁(mai)為股份(fen)（300751）。

根據(ju)天馬微(wei)電子(zi)在(zai)2023年12月26日發布的微(wei)信(xin)公(gong)(gong)眾號推文，天馬新型(xing)顯(xian)示技術研究(jiu)院（廈門）有限公(gong)(gong)司(si)在(zai)當天舉行了Micro LED產線(xian)項(xiang)目首臺設(she)備(bei)(bei)搬入(ru)儀式(shi)，邁為(wei)股份作為(wei)設(she)備(bei)(bei)供應商到場出(chu)席，這顯(xian)示邁為(wei)股份在(zai)Micro LED核(he)心設(she)備(bei)(bei)的研發上已取得突(tu)出(chu)進展，并(bing)得到國內頭(tou)部(bu)面板廠商的充分(fen)認可。我(wo)們看好公(gong)(gong)司(si)依托圖形化、激(ji)光(guang)和真空技術，布局光(guang)伏、顯(xian)示和半(ban)(ban)導體(ti)(ti)(ti)三大領域，逐步向行業領先(xian)的泛半(ban)(ban)導體(ti)(ti)(ti)企業邁進，維(wei)持(chi)公(gong)(gong)司(si)2023/24/25年歸(gui)母凈利潤預測為(wei)11.8億(yi)/20.9億(yi)/30.9億(yi)元，現價(jia)對應PE為(wei)25.4/14.4/9.7。我(wo)們選取光(guang)伏設(she)備(bei)(bei)公(gong)(gong)司(si)捷佳偉創(chuang)、Micro LED設(she)備(bei)(bei)廠商德龍(long)(long)激(ji)光(guang)以及半(ban)(ban)導體(ti)(ti)(ti)設(she)備(bei)(bei)龍(long)(long)頭(tou)北方華創(chuang)作為(wei)可比公(gong)(gong)司(si)，考慮到公(gong)(gong)司(si)行業龍(long)(long)頭(tou)地位穩固(gu)，新型(xing)顯(xian)示設(she)備(bei)(bei)和半(ban)(ban)導體(ti)(ti)(ti)封(feng)裝設(she)備(bei)(bei)放量(liang)可期(qi)，給(gei)予(yu)公(gong)(gong)司(si)2024年25xPE估值，調(diao)整目標價(jia)至188元，維(wei)持(chi)“買入(ru)”評級。

▍前瞻布(bu)局(ju)新(xin)型顯(xian)(xian)示(shi)領域，產(chan)品覆蓋OLED、Mini LED和(he)Micro LED多個領域。根(gen)據(ju)公(gong)(gong)(gong)司(si)(si)公(gong)(gong)(gong)告，公(gong)(gong)(gong)司(si)(si)早(zao)在(zai)(zai)2017年(nian)9月就開始進(jin)(jin)行新(xin)型顯(xian)(xian)示(shi)面(mian)板(ban)設(she)備(bei)(bei)的(de)研(yan)(yan)發，主(zhu)要面(mian)向OLED行業研(yan)(yan)發激(ji)光(guang)(guang)切(qie)割設(she)備(bei)(bei)、激(ji)光(guang)(guang)修復(fu)設(she)備(bei)(bei)等核(he)(he)心(xin)制程(cheng)設(she)備(bei)(bei)。得(de)益(yi)于激(ji)光(guang)(guang)技(ji)術在(zai)(zai)光(guang)(guang)伏領域和(he)顯(xian)(xian)示(shi)領域的(de)相通性，公(gong)(gong)(gong)司(si)(si)率先實(shi)現OLEDG6 Half激(ji)光(guang)(guang)切(qie)割設(she)備(bei)(bei)國產(chan)化，成功研(yan)(yan)發國內首臺(tai)OLED彎折激(ji)光(guang)(guang)切(qie)割設(she)備(bei)(bei)，并自(zi)主(zhu)開發MiniLED晶圓(yuan)劃裂(lie)設(she)備(bei)(bei)和(he)Micro LED晶圓(yuan)剝離設(she)備(bei)(bei)等。根(gen)據(ju)公(gong)(gong)(gong)司(si)(si)2022年(nian)年(nian)報的(de)信(xin)息(xi)，截至2022年(nian)年(nian)末，公(gong)(gong)(gong)司(si)(si)正在(zai)(zai)研(yan)(yan)發的(de)Micro LED激(ji)光(guang)(guang)巨量轉移(yi)設(she)備(bei)(bei)和(he)MicroLED激(ji)光(guang)(guang)焊接設(she)備(bei)(bei)均已(yi)(yi)進(jin)(jin)入(ru)樣(yang)機階段，Micro LED核(he)(he)心(xin)設(she)備(bei)(bei)布(bu)局(ju)趨于完(wan)善；公(gong)(gong)(gong)司(si)(si)的(de)顯(xian)(xian)示(shi)面(mian)板(ban)設(she)備(bei)(bei)已(yi)(yi)成功在(zai)(zai)京東方、深天馬、維信(xin)諾等面(mian)板(ban)廠(chang)(chang)商得(de)到(dao)應(ying)用。另外(wai)，根(gen)據(ju)天馬微電(dian)子在(zai)(zai)2023年(nian)12月26日(ri)發布(bu)的(de)微信(xin)公(gong)(gong)(gong)眾號推文，天馬新(xin)型顯(xian)(xian)示(shi)技(ji)術研(yan)(yan)究院(yuan)（廈門）有限(xian)公(gong)(gong)(gong)司(si)(si)在(zai)(zai)當(dang)天舉行了(le)Micro LED產(chan)線項目首臺(tai)設(she)備(bei)(bei)搬入(ru)儀(yi)式，邁(mai)為(wei)股份作為(wei)設(she)備(bei)(bei)供應(ying)商到(dao)場出(chu)席，這顯(xian)(xian)示(shi)邁(mai)為(wei)股份在(zai)(zai)Micro LED核(he)(he)心(xin)設(she)備(bei)(bei)的(de)研(yan)(yan)發上已(yi)(yi)取得(de)突出(chu)進(jin)(jin)展，并得(de)到(dao)國內頭部面(mian)板(ban)廠(chang)(chang)商的(de)充分認可。

▍積極拓展半(ban)(ban)(ban)(ban)導體(ti)設(she)備(bei)業務，聚(ju)焦半(ban)(ban)(ban)(ban)導體(ti)封裝領域全(quan)流(liu)程工藝。2020年，公(gong)司(si)建立蘇州市半(ban)(ban)(ban)(ban)導體(ti)精密裝備(bei)先進技術研究院，開(kai)啟了半(ban)(ban)(ban)(ban)導體(ti)封裝核心設(she)備(bei)的(de)研發(fa)。2021年，公(gong)司(si)完成半(ban)(ban)(ban)(ban)導體(ti)激(ji)光改制切(qie)割機的(de)樣機研發(fa)，以及全(quan)自(zi)(zi)動(dong)晶圓開(kai)槽設(she)備(bei)的(de)量產(chan)機型研發(fa)，并與長(chang)電(dian)(dian)科(ke)技、三安(an)(an)光電(dian)(dian)就(jiu)半(ban)(ban)(ban)(ban)導體(ti)晶圓激(ji)光開(kai)槽設(she)備(bei)先后簽訂了供貨協議。截(jie)至2022年年末，公(gong)司(si)的(de)半(ban)(ban)(ban)(ban)導體(ti)封裝相關產(chan)品已(yi)成功導入(ru)三安(an)(an)光電(dian)(dian)、長(chang)電(dian)(dian)科(ke)技、捷捷微電(dian)(dian)等國內主流(liu)封測(ce)廠商。同時，公(gong)司(si)在2022年5月發(fa)布公(gong)告(gao)，擬以自(zi)(zi)有資(zi)金(jin)(jin)和(he)自(zi)(zi)籌資(zi)金(jin)(jin)出資(zi)21億元，投資(zi)建設(she)珠(zhu)海“邁為半(ban)(ban)(ban)(ban)導體(ti)裝備(bei)項目”，半(ban)(ban)(ban)(ban)導體(ti)裝備(bei)產(chan)業園一期廠房(fang)已(yi)于2023年10月15日(ri)封頂。

▍堅持(chi)“三(san)(san)縱(zong)三(san)(san)橫”戰略規劃(hua)，致(zhi)力(li)于成為泛半導體(ti)裝備(bei)(bei)(bei)龍頭。公司(si)依托圖形化(hua)(hua)、激(ji)光(guang)和真空(kong)三(san)(san)方面(mian)技術，即“三(san)(san)縱(zong)”，瞄(miao)準太(tai)陽能光(guang)伏、顯(xian)示、半導體(ti)三(san)(san)大(da)設(she)備(bei)(bei)(bei)行業(ye)，即“三(san)(san)橫”，形成多層次、立體(ti)化(hua)(hua)的(de)業(ye)務布局。在(zai)產(chan)(chan)品研(yan)發和推(tui)廣方面(mian)，公司(si)基于光(guang)伏產(chan)(chan)業(ye)鏈設(she)備(bei)(bei)(bei)技術上的(de)相通(tong)性以及客戶優勢，逐步實現光(guang)伏產(chan)(chan)業(ye)鏈上下游設(she)備(bei)(bei)(bei)的(de)拓展，并且積極布局顯(xian)示面(mian)板核心設(she)備(bei)(bei)(bei)和半導體(ti)封裝核心設(she)備(bei)(bei)(bei)，持(chi)續打造泛半導體(ti)裝備(bei)(bei)(bei)平臺。

▍風(feng)(feng)險(xian)(xian)因素：公(gong)司(si)新技術(shu)研發(fa)不(bu)及預期的風(feng)(feng)險(xian)(xian)；下游(you)擴(kuo)產不(bu)及預期的風(feng)(feng)險(xian)(xian)；行(xing)業技術(shu)路線(xian)出現重大變更的風(feng)(feng)險(xian)(xian)；市場競爭加劇(ju)的風(feng)(feng)險(xian)(xian)；公(gong)司(si)減值損失及現金流(liu)回款不(bu)及預期的風(feng)(feng)險(xian)(xian)；匯率波(bo)動的風(feng)(feng)險(xian)(xian)。

▍投資建議：我們(men)(men)維(wei)持公(gong)(gong)司(si)2023/24/25年(nian)歸母凈利(li)潤預(yu)測為11.8億(yi)/20.9億(yi)/30.9億(yi)元(yuan)，現價對應PE為25.4/14.4/9.7倍(bei)。我們(men)(men)選取光伏(fu)設(she)(she)備公(gong)(gong)司(si)捷(jie)佳偉創、MicroLED設(she)(she)備廠商德(de)龍(long)激光以及半(ban)導(dao)體(ti)設(she)(she)備龍(long)頭(tou)北(bei)方(fang)華創作為可比公(gong)(gong)司(si)，預(yu)計可比公(gong)(gong)司(si)未來三(san)年(nian)凈利(li)潤CAGR的均值約為40%，當(dang)前股(gu)價對應2024年(nian)平均PE為22.7倍(bei)（Wind一致(zhi)預(yu)期）。考(kao)慮到公(gong)(gong)司(si)行業(ye)龍(long)頭(tou)地位穩固，新型顯(xian)(xian)示(shi)設(she)(she)備和半(ban)導(dao)體(ti)封裝設(she)(she)備放(fang)量可期，且預(yu)計公(gong)(gong)司(si)未來三(san)年(nian)凈利(li)潤CAGR約為53%，明顯(xian)(xian)高于可比公(gong)(gong)司(si)，我們(men)(men)給予公(gong)(gong)司(si)2024年(nian)25xPE估值，調(diao)整目標價至188元(yuan)，維(wei)持“買入(ru)”評級。

(來源：慧博投研)

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(編輯 曾健輝)