\u3000\u3000 Suzhou Maxwell Technologies Co.Ltd(300751) (300751)
The company released the performance forecast for 2021, and the annual performance is expected to increase by 47% – 72%. The company’s screen printing equipment has maintained a leading position, hjt equipment has made positive progress, and orders have increased significantly; Maintain buy rating.
Key points supporting rating
The profit in 2021 is expected to increase by 47% – 72%, which is in line with the expectation: the company released the performance forecast for 2021, and the annual profit is expected to be 580-680 million yuan, with a year-on-year increase of 47.05% – 72.40%, of which the impact of non recurring profits and losses (mainly government subsidies received by the company) on the company’s net profit is about 40 million yuan. The predicted performance of the company in 2021 is in line with expectations.
The expansion of perc battery production was realized and the gross profit margin of the company increased: benefiting from the capacity expansion of single crystal perc battery in the early stage, the sales volume of the company’s main product Cecep Solar Energy Co.Ltd(000591) battery screen printing equipment increased steadily in 2021. At the same time, the gross profit margin of the company’s overall sales increased year-on-year, jointly promoting the rapid growth of the company’s performance.
The progress of hjt equipment is positive, and the whole line equipment is accelerated to verify: the company actively promotes the industrialization of hjt high-efficiency battery, improves and improves the hjt screen printing equipment on the basis of the original screen printing equipment, and successively breaks through the PECVD equipment and PVD equipment required for amorphous silicon film deposition and TCO film deposition through independent research and development, Through the absorption and introduction of Japanese YAC’s cashmere making and cleaning technology by the joint-stock subsidiary, it has the industry-leading supply capacity of the whole line of hjt equipment. In 2021, the company won the bid for Guangdong Golden Glass Technologies Limited(300093) , Anhui Huasheng, Tongwei Jintang and other hjt projects, and also received orders for 400MW whole line equipment from REC.
Order growth is bright and capacity expansion is accelerated: by the end of September 2021, the company’s hjt equipment orders on hand have exceeded 1.8 billion yuan, which has increased significantly compared with the volume at the beginning of 2021. It is expected that the number of orders on hand will be further increased by the end of 2021. The company has completed the non-public offering of shares in 2021, raising a total of 2.812 billion yuan, of which 2.312 billion yuan is planned to be invested to build a new hjt battery equipment manufacturing base. After the project is completed, it can achieve an annual output of 40 sets of PECVD, PVD and automation equipment.
Valuation
Under the current share capital, we adjusted the company’s predicted earnings per share from 2021 to 2023 to 5.77/7.94/11.15 yuan (the original predicted diluted earnings per share was 5.36/7.45/10.19 yuan), corresponding to 94.3/68.5/48.8 times of P / E; Maintain buy rating.
Main risks of rating
New product development fails to meet expectations; Covid-19 epidemic impact exceeded expectations; Photovoltaic policy risk; Downstream expansion demand is lower than expected; Equipment price competition exceeds expectations; The replacement progress of new technology route is not as expected
