\u3000\u3000 Wuxi Autowell Technology Co.Ltd(688516) (688516)
Event: the performance express was released on February 21, 2022.
Benefiting from the high prosperity of the industry, the quick report of leading performance of component equipment exceeds the upper limit of performance forecast
In 2021, the company achieved a revenue of 2.05 billion yuan, a year-on-year increase of + 79%; The net profit attributable to the parent company was 355 million yuan, a year-on-year increase of + 129%, exceeding the upper limit of the performance forecast (330-340 million yuan), and the previous performance forecast also exceeded the unanimous expectation of wind (320 million yuan); The net profit deducted from non parent company was 320 million yuan, a year-on-year increase of + 135%. In a single quarter of Q4, the net profit attributable to the parent company of Q4 was 127 million yuan, a year-on-year increase of 48% and a month on month increase of 49%. The photovoltaic industry continues to enjoy a high boom, and the company has fully benefited from being the leader of module equipment series welding machine (the market share of sales in 2020 is 60%, and the market share of sales in 2021 is more than 70%). We judge that the overall market scale of series welding machines in 2022 is about 220-230gw, and the market space of series welding machines is about 1500-1600 sets. It is estimated that the order will be about 1300 sets in Wuxi Autowell Technology Co.Ltd(688516) 2022.
Component equipment technology has fast iteration and wide equipment market space
The equipment renewal cycle brought by the technical iteration is shortened. At present, the iteration cycle is about 2 years. The key to the complete renewal of the subsequent series welding machine lies in the large-scale continuous penetration (the penetration rate of 182 / 210 in 2021 is less than 50%), the silicon wafer thinning demand brought by hjt and high-precision series welding.
The market space of series welding machine is expected to double. At present, the mainstream is half piece of components. The popularity of three-piece and four piece will make the demand of series welding machine 1.5/2 times that of now. In addition, 12bb will increase the demand for tooling on the basis of 9bb. As the leader of series welding machine, the company is expected to continue to benefit.
With rich technical reserves, it has grown into an automation platform company spanning photovoltaic, lithium battery and semiconductor
(1) semiconductor bonding machine: according to WeChat official account of November 29, 2021, Wuxi Autowell Technology Co.Ltd(688516) was awarded the first order of aluminum wire bonder in Wuxi Delhi core. In 2018, the company approved the research and development of semiconductor bonding machine. In 2020, the bonding machine will be verified in the company and will be put on trial at the client in early 2021. K & S is the traditional leader of aluminum wire bonding machine, but Wuxi Autowell Technology Co.Ltd(688516) has fast delivery time, high cost performance and strong competitiveness.
(2) silicon wafer single crystal furnace: in April 2021, the company increased its capital to hold Songci electromechanical and extended it to the silicon wafer link. In October, the company won the bid for Yuze semiconductor’s “1600 single crystal furnace procurement” project (corresponding to 210 silicon wafers) of 140 million yuan (tax included). The delivery has been completed by the end of 2021. This is the first time that the company has obtained the GW order of single crystal furnace, and the photovoltaic silicon wafer equipment has been expanded smoothly.
(3) lithium battery equipment: it is a high growth business with a low base. On November 30, 2021, the company announced that it had won the honeycomb 130 million yuan (including tax) Order (module pack line), and achieved a breakthrough in order magnitude and customer quality.
(4) laminating machine: the company’s laminating machine has completed market research and project approval, realized the extension from the rear module pack line to the middle section automation machine in the field of lithium battery, and opened up the layout of automation equipment of photovoltaic, lithium battery and semiconductor.
Profit forecast and investment rating: with the downstream expansion + stock technology iteration, we raised the net profit attributable to the parent company from 2021 to 2023 to 3.55 (up 4%) / 510 / 660 million yuan respectively, corresponding to 48 / 34 / 26 times of the current share price PE, maintaining the “overweight” rating.
Risk tip: the research and development of new products is less than expected, and the market competition worsens.
