Based on confidence in the future development of the company. On the evening of February 14, Suzhou Maxwell Technologies Co.Ltd(300751) released the repurchase plan, saying that the company plans to repurchase the company’s shares for equity incentive or employee stock ownership plan at no less than RMB 163 million (inclusive) and no more than RMB 325 million (inclusive).
For this repurchase, Chen Chuanglian, a professor of finance at the school of economics of Jinan University, said in an interview with Securities Daily: “equity incentive is good for the company in the long run. On the one hand, repurchasing shares can stabilize and boost shares; on the other hand, repurchasing shares can be used to motivate employees, stabilize the management team and help improve the company’s performance.”
profitability continues to improve
buy back shares to show confidence
It is understood that the main business of Suzhou Maxwell Technologies Co.Ltd(300751) is the design, R & D, production and sales of high-end intelligent manufacturing equipment. At present, the leading product is the complete set of equipment of Cecep Solar Energy Co.Ltd(000591) battery screen printing production line. At present, the company has obvious technical and performance advantages in this field, and its market share is firmly in the forefront.
The reporter of Securities Daily learned from the financial reports in recent years that Suzhou Maxwell Technologies Co.Ltd(300751) performance has maintained a high-speed growth trend in recent years. Specifically, from 2018 to 2020, the company’s operating revenue was 788 million yuan, 1438 million yuan and 2285 million yuan respectively, with a year-on-year increase of 65.55%, 82.48% and 58.96% respectively; In the same period, the net profit attributable to the shareholders of the parent company was 171 million yuan, 248 million yuan and 394 million yuan respectively, with a corresponding year-on-year increase of 30.58%, 44.82% and 59.34%.
In 2021, Suzhou Maxwell Technologies Co.Ltd(300751) is expected to realize a net profit attributable to shareholders of listed companies ranging from 580 million yuan to 680 million yuan, with a year-on-year increase of 47.05% to 72.40%; The net profit after deducting non recurring profit and loss was 540 million yuan to 640 million yuan, with a year-on-year increase of 59.54% to 89.08%.
According to the announcement, the number of shares to be repurchased and the proportion in the total share capital of Suzhou Maxwell Technologies Co.Ltd(300751) are calculated according to the maximum repurchase capital of 325 million yuan and the maximum repurchase price of 650 yuan / share. It is estimated that the repurchased shares will be 500000 shares, accounting for about 0.46% of the total issued share capital of the company; Based on the calculation of the lower limit of the total repurchase amount of RMB 163 million and the upper limit of the repurchase price of RMB 650 / share, it is estimated that the repurchase shares will be 250000 shares, accounting for about 0.23% of the total issued share capital of the company.
By the end of September 2021, Suzhou Maxwell Technologies Co.Ltd(300751) had total assets of 6.492 billion yuan, net assets of 2.776 billion yuan and current assets of 5.841 billion yuan. According to this financial data, the proportion of the repurchase amount in the company’s total assets, net assets attributable to shareholders of listed companies and current assets is 5.01%, 11.71% and 5.56% respectively.
According to the company’s operation and future development plan, Suzhou Maxwell Technologies Co.Ltd(300751) said: “the capital source of this share repurchase is the company’s own funds. The share repurchase with the upper limit of RMB 325 million will not have a significant impact on the company’s operation, finance and future development. It is mainly to promote the healthy and stable long-term development of the company, enhance investors’ confidence in the company, and establish a perfect long-term incentive mechanism.”
“In the salary system, the long-term incentive mechanism (generally stock or option) is very important for the retention incentive of core backbone personnel. Generally, the company will reserve some shares for employee incentive. It is a very common operation mode to buy back through centralized bidding.” Liu Chang, a partner of kangdifan Consulting Co., Ltd., said in an interview with the reporter of Securities Daily: “According to the information of this repurchase, the number of shares repurchased is about 250000 to 500000. According to the total share capital of 108 million, the incentive pool may be less than 0.5%. In the follow-up, we can pay attention to the incentive object / incentive pricing / grant and distribution principle / performance conditions, and comprehensively judge the strength and role of the incentive. This incentive pool is not large, and it is expected to cover a strict range of personnel Restrictions to ensure the strength of incentives. “
continuously increase R & D investment
increase and expand production in an orderly manner
Behind the performance of rapid growth is the continuous and sharp increase in R & D investment. From 2018 to 2020, Suzhou Maxwell Technologies Co.Ltd(300751) R & D personnel numbered 158, 266 and 389, with R & D investment of 39 million yuan, 94 million yuan and 166 million yuan in the same period, an increase of more than 26 times compared with the R & D expenditure of 6.2353 million yuan in 2015. In the first three quarters of 2021, the company’s R & D expenses reached 198 million yuan, a year-on-year increase of 92%.
In addition, the reporter of Securities Daily noted that in order to realize the large-scale and industrialization of hjt battery technology and consolidate the leading position in the industry, it is planned to raise no more than 2.812 billion yuan to overweight hjt equipment in Suzhou Maxwell Technologies Co.Ltd(300751) 2021.
After putting into operation, Suzhou Maxwell Technologies Co.Ltd(300751) will have the ability to provide 40 heterojunction Cecep Solar Energy Co.Ltd(000591) battery pieces of the whole line equipment every year, and it is expected to realize a sales revenue of 6 billion yuan per year after it is put into operation. At present, fixed value-added projects are advancing in an orderly manner.
In this regard, Everbright Securities Company Limited(601788) analyst Yin Zhongxin said in the Research Report: ” Suzhou Maxwell Technologies Co.Ltd(300751) layout of hjt whole line technology ecology has begun to take effect. The company actively layout hjt whole line equipment solutions and grasp the opportunity of technology change. With the dual support of technology and orders, the market share is expected to increase in the future.”
Qi Haizhen, President of Beijing Teyi Sunshine New Energy Technology Co., Ltd., told the reporter of Securities Daily: “The technical indicators of hjt battery are the development direction in the future. The technical upgrading requirements of battery chip are high, the equipment is updated and iterated quickly, and the requirements for relevant battery equipment manufacturers are higher. In addition to having a certain capital reserve, there should also be sufficient R & D strength to ensure the upgrading and upgrading of product technology, meet the development needs of the industry, and even lead the development trend of the industry.”
\u3000\u3000 “Large size silicon wafer is the development trend in the future. Especially with the advent of 182 and 210 product era, battery chip equipment also needs to be upgraded or newly purchased. With the gradual end of perc battery era, technologies such as new battery TOPCON and hjt heterojunction need to be quickly lifted up. The application of these new battery technologies on monocrystalline silicon wafer will be more effective than that on polycrystalline silicon wafer The efficiency is much higher, and we can give play to the greater advantage of “kwh cost” in the future. ” Qi further said.
Liu Jimao, founder of Hongda photovoltaic, told the reporter of Securities Daily: “Hjt and TOPCON are the two main directions of battery technology at present. Hjt has high conversion efficiency potential and simple process, but the initial investment is high. TOPCON can be transformed on the basis of perc. Although the ultimate conversion efficiency is slightly lower, the initial investment is not high and the competitiveness is very strong. But hjt can obtain competitive advantage by reducing the original, Suzhou Maxwell Technologies Co.Ltd(300751) By repurchasing shares for equity incentive, we can attract more talents, develop better technology and reduce the cost of hjt, which is conducive to increasing the competitiveness of the company. “
“Hjt uses a low-temperature process, which is naturally easier to flake than perc. In the future, when hjt and perovskite are made into laminated batteries, the conversion efficiency may reach 29%, and the competitive advantage will be further amplified. If the cost of hjt equipment is reduced to 350 million yuan / GW, there will be many acceptable manufacturers.” Liu Jimao added.
