苏大维格: 先进微纳结构制造厂商,多元产品布局成长性凸显

（以下内容从天风证券《苏大维格: 先进微纳结构制造厂商,多元产品布局成长性凸显》研报附件原文摘录）
　　SVG Tech Group (300331 CH) 先进微纳结构制造厂商，多元产品布局成长性凸显 Initiating coverage: glass tech leader drives three-pronged growth in float, electronic and PV glass TP: RMB48 BUY (initiate) 投资要点/Investment Thesis 投资要点/Investment Thesis 国内先进微纳结构产品制造和技术服务商，2001年成立，2012年于创业板上市。公司自研微纳光学关键制造设备——光刻机，建立了微纳光学研发与生产制造的基础技术平台体系，通过技术研发+并购拓展产品类型，实现销售规模稳定增长，但是受新品研发+市场推广等因素影响，盈利能力波动性较大，2016-2020年公司销售收入CAGR为35.3%，归母净利润CAGR为13.7%。 SVG started out in 2001 and listed on ChiNext in 2012. Lithograph machines are its key micro-nano optical products. Its technology platform covers micro-nano optical R&D, production, manufacturing and services. Product matrix expansion has been driven by independent R&D as well as M&A. Sales scale growth has been stable but profit has been volatile due to new product R&D, marketing and other factors. It had a sales revenue CAGR of 35.3% over 2016-20 and a net profit CAGR of 13.7%. 具备核心设备光刻机自制能力+微纳结构设计能力+材料/器件应用全产业链一体化创新能力，自下而上跑通应用创新模式，业务逻辑清晰，技术平台优势显著。公司现有四大产品事业群：高端智能装备+公共安全和新型印材+反光材料+消费电子新材料，核心设备自研不存在卡脖子难题，产品矩阵多元。可凭借微纳技术平台优势未拓展产品种类至微透屏下指纹、AMOLED精密金属掩模FMM、AR眼镜光波导镜片、全息光场3D显示等产品，进一步提升公司产品竞争力和盈利能力。 Strengths include supply chain integration and innovation. The company’s strengths include core equipment manufacture of lithograph machines based on independent tech, micro-nano structure design capability, and materials and device applications, with supply chain integration and innovation capability. We would add a bottom-up running application innovation model, a visible business strategy and tech platform advantages. It has four major product lines: high-end intelligent equipment, public safety and new printing materials, reflective materials and new consumer electronics materials. With its independent core equipment manufacture and diverse product matrix, the company is relatively free from bottlenecks. With the advantages of the micro-nano technology platform, its product categories have yet to include micro-transparent fingerprint screens, AMOLED precision metal mask FMM, AR glass optical waveguide lenses, holographic light field 3D displays and other products, which could enhance its competitiveness and profitability. 光伏玻璃快速扩产，技术/超白石英砂构筑成本优势。公司目前在产光伏玻璃日熔量1300t/d，深加工生产线共计6000万平米/年，在建4条日熔量为1200t/d的光伏玻璃生产线及配套加工线，预计均将于21年年末或22年下半年投产，达产后公司光伏玻璃产能将达6100t/d，远期或达9700t/d。同时，公司获得隆基股份的65亿元的长单销售合同，产能消化有所保障。公司成本端优势主要得益于：1）公司光伏玻璃原片良率达90%，高于行业龙头企业；2）公司提前布局石英砂资源，安徽低铁超白石英砂60万吨在建项目完成后，预计可实现自供78-90万吨玻璃产量，对应2mm玻璃产量可达1.56亿-1.8亿平方米。 Reflectives: micro prism film substitution; NEV license plate film growth. The main product of its Hua R Sheng reflective materials business is reflective film and its sales scale and profitability lead the industry. It started producing high-end product micro prism reflective film in 2019. Its high-end micro prism reflective film is in the marketing stage and would accelerate the growth of the import substitution market. New energy vehicle (NEV) license plate film commands 40-50% higher ASPs than ICE vehicles with higher profitability (gross margin of 60-70%), so the business benefits from a rising NEV penetration. Its dominant position in the car film market is likely to drive product structure upgrades and aid performance elasticity. 新型显示材料受益于LCD产能转移+公司产能扩张+产品向上游延伸。LCD面板产能向大陆转移趋势明显，国内厂商主导地位加强，产业转移背景下国内导光板厂商获成长机遇。公司定增扩充笔记本/TV型导光板产能（新增2832万片月产能，扩产比例达81.85%）+向上游原材料延伸，凭借优质客户资源，新增产能消化得到保证，未来贡献业绩增长点。 New displays: LCD capacity transfer; production capacity; upstream extension. The LCD panel capacity transfer to China is a visible driver and domestic manufacturers are building dominance in view of the growth opportunities. SVG plans to expand its notebook and TV-based optical guide plate production capacity (incremental production capacity of 28.32m pieces per month, as the production share reaches 81.85%). Its expansion to upstream raw materials, based on high-quality customer resources, ensures new capacity digestion, so this business is set to be a future profit driver. 具备AR设备核心光学元件AR衍射光波导核心量产能力，技术突破+产业链合作，享AR行业高速成长红利。以Meta为首的科技巨头入场，元宇宙产业生态建设有望加速，AR/VR为现实与虚拟的重要物理接口，是元宇宙落地的硬件接口。AR设备目前售价高、销量低，消费级市场尚未打开成长潜力大。公司凭借技术平台优势已具备AR纳米光波导批量化生产能力，和高伟电子合建公司有望加速相关产品的规模化量产能力，享AR行业高速增长红利。 AR: diffraction light waveguide mass production; tech breakthroughs; partners. With tech giants such as Meta entering the market, we would expect the metaverse eco-system to take off. AR/VR provide the key physical interface between reality and virtuality, so interface hardware is at the core of the metaverse market. AR equipment currently feature high prices and low sales, as the consumer market has yet to gain traction. By virtue of technology platform advantages and AR nano-optical waveguide mass production capacity, SVG and collaboration partner Cowell E Holdings are set to accelerate growth in related products’ mass production capacity and reap the benefits of AR high-speed growth, in our view. 盈利预测与估值/valuation 投资建议：预计公司21/22年公司销售收入为18.6/24.9亿元，归母净利润为1.10/2.49亿元，给予公司22年50倍PE，对应目标价为48元/股，首次覆盖给予“买入”评级。 We expect sales revenue of RMB1.86bn/2.49bn in 2021/22E, with net profit at RMB110m/249m. Our PE of 50x in 2022E derives a target price of RMB48. Hence, we initiate coverage with a BUY rating. 风险提示：产能投放不及预期、光伏玻璃行业竞争加剧、原材料价格超预期上涨、玻璃价格不及预期、电子玻璃良率不及预期。 Risks include: downstream demand below expectations; fierce competition in reflective materials and light guide materials; market share loss; profitability decline; AR equipment roll-out not progressing as expected; worse-than-expected AR light wave guide lens production; and worse-than-expected progress in technology R&D. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. 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