Wuxi Autowell Technology Co.Ltd(688516) (688516)
Event: on December 9, 2021, Wuxi Autowell Technology Co.Ltd(688516) signed a strategic cooperation agreement with Anhui Huasheng to jointly promote the process development and large-scale mass production of heterojunction components. Huasheng phase II 2gw heterojunction components project will select the company’s series welding machine for the whole line.
Key investment points
Help Huasheng hjt components achieve new high power, reduce heterojunction cost and increase efficiency, and accelerate the industrialization process
For the m6-144 Version (72 whole pieces) hjt components manufactured by Huasheng phase I, the power of this version of components is greatly increased to 493.3w (under the same version, the power of perc components is 450-455w and that of TOPCON components is 460-465w), and the component efficiency is increased to 22.70% (the efficiency of perc module is generally 21-22%, and the efficiency of topcontigerneo module released by Jingke in November 2021 is 22.3%). We judge that with the improvement of Huasheng phase II microcrystalline technology mass production superposition module technology, the module power can reach 495w. Huasheng phase II 2gw production line plans to integrate silicon chip impurity absorption, half chip process and other technologies at the battery chip end, so as to achieve the mass production average efficiency of single-sided microcrystalline hjt battery greater than 2 5%. Huasheng phase II selects Wuxi Autowell Technology Co.Ltd(688516) large-size ultra-high-speed series welding machine at the component end, with high-precision alignment ability and accurate welding temperature control system, high stability, high compatibility and short cutting time. The core of high-precision series welding for reducing silver paste is to gradually de grid line (grid line and pad point become thinner). In the second half of 2019, Wuxi Autowell Technology Co.Ltd(688516) developed a high-precision series welding machine for 210. This time, Huasheng phase II cooperated with Wuxi Autowell Technology Co.Ltd(688516) to prove that Wuxi Autowell Technology Co.Ltd(688516) The yield of high-precision series welding machine has been verified. We believe that component technology is expected to continue to improve, help hjt reduce silver consumption and accelerate the industrialization process of hjt.
Wuxi Autowell Technology Co.Ltd(688516) high precision serial welding technology is leading, and the strong is always strong under the background of technical iteration
Among the three main links of the photovoltaic industry chain (silicon wafer, battery wafer and module), the module equipment is updated at the fastest speed, which is shortened from the previous 2-3-year update to the current 1.5-year update, almost completely divorced from the second-order leading attribute of the equipment. Later, with the increase of hjt penetration rate (we judge that 20-30gwhjt new capacity will be implemented in the whole market in 2022, and hjt will break out on a large scale in 2023). Smbb demand is increasing, supporting the next round of equipment update iteration.
In the actual production process, the longer a technology lasts, the lower the barrier to new players, and the rapid iteration of technology can accelerate the elimination of second and third tier competitors. Wuxi Autowell Technology Co.Ltd(688516) has a leading layout in future advanced technologies such as 210, multi slicing, slicing, high-precision series welding and no main grid, which can quickly adapt to the changes of new technology route, further consolidate the leading position and fully benefit from the replacement of subsequent component equipment stock.
Orders were accelerated and breakthroughs were made in all aspects of product layout
From January to September 2021, the company signed 2.86 billion yuan of new orders (including tax), a year-on-year increase of + 39%, including 1 billion yuan of new orders in Q3 single quarter. By the end of 2021q3, the company had 3.63 billion yuan of orders on hand, a year-on-year increase of + 55%.
2021Q4， Many product lines of the company have large orders: (1) component equipment: Jingke 145 million yuan series welding machine and dicing machine; GCL 120 million yuan series welding machine and dicing machine; Chint 106 million yuan series welding machine. (2) silicon wafer equipment: Yuze 140 million yuan single crystal furnace. (3) Lithium battery equipment: honeycomb 130 million yuan module + pack line. The total number of orders disclosed in 2021q4 is 640 million yuan. Superimposed with the orders of Huasheng 2gw heterojunction series welding machine, semiconductor bonding machine of Wuxi delixin and other undisclosed orders, we expect the new orders signed by the company in 2021q4 to maintain a high level. We judge that the new orders signed by the company in 2021 are expected to reach 4 billion yuan (newly signed RMB 2.7 billion in 2020). In 2021h2, Wuxi Autowell Technology Co.Ltd(688516) has made great breakthroughs in semiconductor equipment, silicon chip equipment and lithium battery equipment, and the platform layout has opened up a broad growth space.
Profit forecast and investment rating: with the continuous prosperity of photovoltaic module equipment + smooth expansion of new fields, we maintain the parent net profit of RMB 320 / 440 / 580 million from 2021 to 2023, corresponding to 73 / 54 / 41 times of the current share price PE, maintaining the “overweight” rating.
Risk tip: industry competition intensifies, new product expansion is less than market expectations, and downstream production expansion is less than market expectations.
