\u3000\u3000 Shenzhen S.C New Energy Technology Corporation(300724) (300724)
Key investment points
Promote employee stock ownership plan: cover the chairman and other core backbone; Employee stock ownership + equity incentive for nearly half a year, demonstrating the confidence of the company. On February 21, 2022, the company announced the 2022 employee stock ownership plan (Draft)
1) raised funds: the total planned amount shall not exceed 100 million yuan, of which the ratio of financing amount to self raised funds shall not exceed 1:1. According to the company’s latest closing price of 76.38 yuan / share, corresponding to 1309200 shares, accounting for about 0.38% of the total share capital of the company.
2) personnel covered: Yu Zhong (Chairman and general manager) and Zuo Guojun (vice chairman and deputy general manager), the actual controllers of the company, respectively plan to subscribe 15 million copies (30 million yuan in total) with self raised funds, accounting for 60% of the total share of the employee stock ownership plan. It helps to mobilize the enthusiasm of the company’s management and core employees, and improve the cohesion of all employees and the competitiveness of the company.
3) stock source: within 6 months after the employee stock ownership plan is approved, it shall be purchased through the secondary market, agreement transfer and other forms.
4) lock up period: 12 months, starting from the date when the company announces the registration and transfer of the last underlying stock to the name of asset management / trust products. In October 2021, the company launched the equity incentive plan: 589000 restricted shares were granted, accounting for 0.17% of the total share capital of the company, covering 123 core management and technical backbone personnel. The performance evaluation goal is to take the net profit of 2020 as the base, and the net profit growth from 2021 to 2023 shall not be less than 30% / 60% / 80%, and the annualized CAGR = 21.6%. The grant price is 60 yuan / share, which was granted on November 18, 2021. In the past six months, the company has continuously promoted the employee stock ownership + equity incentive plan, highlighting the company’s confidence in future development.
Photovoltaic heterojunction equipment: we look forward to the breakthrough of heterojunction tubular PECVD and RPD equipment of the company
1) the company’s RPD equipment is used smoothly in Longji, a downstream customer. In October 2021, Longji announced that its heterojunction battery efficiency reached 26.3% (verified by ISFH), another record high, in which the test line adopts Jiejia RPD equipment. At present, the company’s mass production equipment rpd5500a has completed mass production optimization and upgrading, and the preliminary pilot test of par product (PVD + RPD) has been completed.
2) the company’s first batch of tubular heterojunction PECVD batteries were successfully off-line in Changzhou hjt pilot test line. Tubular PECVD has the characteristics of low investment cost, small floor area, high startup rate and low maintenance cost. The company expects to reduce the investment in heterojunction equipment per GW to less than 350 million in the second half of 2021, promote the substantial growth of demand in hjt industry and further reduce the cost of heterojunction industry.
Photovoltaic TOPCON equipment: sign a TOPCON whole line transformation order with Runyang; The total winning amount of relevant orders is nearly 30GW
1) according to the official account of the company: in December 2021, the company signed PERC+ upgrade TOPCon with the Runyang company, and will provide 5GW core equipment including PECVD-Poly equipment and new boron diffusion equipment. The order is expected to be shipped in March this year.
2) according to the company’s investor exchange platform, the total number of orders won by the company’s TOPCON battery equipment has been nearly 30GW.
Profit forecast: optimistic about the company’s strategic position in the future development of photovoltaic and semiconductor industry and its growth in the next five years. In the next five years, the company’s photovoltaic perc / TOPCON / hjt equipment and semiconductor equipment will be delivered in large quantities. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 750 / 960 / 1.19 billion, with a year-on-year increase of 44% / 28% / 23%, corresponding to 35 / 28 / 22 times of PE. Maintain the “buy” rating.
Risk tip: the propulsion speed of heterojunction battery does not meet the expectation; The downstream expansion is less than expected; Bad debt risk of downstream customers.
