HIUV(SH:688680)2026-02-03 02:05Summary of Haiyou New Materials Conference Call Industry and Company Overview - Company: Haiyou New Materials - Industry: Space photovoltaic packaging materials and automotive information films - Market Potential: The global solar wing market could reach between 1.35 trillion to 3.5 trillion RMB, with the film segment estimated at around 270 billion RMB. Long-term market potential could reach 5 trillion RMB [2][4][12]. Core Insights and Arguments - Space Photovoltaic Development: The company is strategically positioned in the space photovoltaic sector, with key products including CPM and POE films. The market is expected to grow significantly as satellite launches increase, with SpaceX's recent application for 1 million satellites indicating a vast potential market [4][5]. - Dual Growth Strategy: The company is leveraging both photovoltaic and automotive sectors to create a second growth curve. In the photovoltaic sector, it is optimizing capacity and focusing on core customers, while in the automotive sector, it has entered industrialization and secured orders from major car manufacturers [2][6]. - Financial Performance: In the first half of 2026, the company reported revenues of 870 million RMB, a nearly 60% decline year-on-year. Cumulative losses for the first three quarters were approximately 211 million RMB, although losses are narrowing. The company anticipates a turnaround in 2026, with profits expected to exceed 200 million RMB by 2027, corresponding to a valuation of 22 times earnings [7][17]. Additional Important Insights - Technological Advancements: The company is focusing on lightweight and efficient solar wing technologies, which have seen a 50% reduction in weight and over 30% improvement in efficiency. These advancements are crucial for applications in low-power to high-power scenarios [10]. - Market Trends: The demand for space computing is driving the need for solar energy, with AI's growing computational needs further emphasizing the importance of solar power in space applications [8][9]. - Automotive Information Films: The company has made significant progress in the automotive sector, with a diverse product range including PDLC smart dimming films. The market for these films is projected to reach 18 billion RMB by 2030, with a penetration rate of 20% in passenger vehicles [13][15]. - Future Growth Areas: The company is also exploring new products in the ground photovoltaic sector and other emerging fields, including high-end architectural smart dimming films and AI/VR applications [16]. Conclusion - Investment Outlook: The company is positioned to benefit from the space energy revolution and has a promising outlook for growth in both the space photovoltaic and automotive information film markets. A recommendation rating is given based on the anticipated future growth potential [18].