\u3000\u30 Guangdong Tengen Industrial Group Co.Ltd(003003) 20 Jiangyin Haida Rubber And Plastic Co.Ltd(300320) )
Recommended logic: 1) the snap short frame has the advantages of low cost, self-cleaning, no gluing, no curing process, low packaging and transportation cost, which can improve the production efficiency of components, reduce the production, packaging and transportation costs, save the cost of photovoltaic power station, save operation and maintenance costs and improve the power generation. In the future, it is expected to take the lead in promoting the application of double glass and flexible components and occupy a certain market share. 2) Snap short frame products have been officially introduced to the market since June 2021. After many times of installation and verification with industry head components and support enterprises, the effect is good. The company has obtained 2gw framework orders, the products have been recognized by customers, and the orders are expected to continue to land.
Focus on rubber sealing and vibration damping business, and take the lead in many subdivided fields Jiangyin Haida Rubber And Plastic Co.Ltd(300320) takes the research and development of rubber and plastic material modification as the core and focuses on the two basic functions of rubber product sealing and vibration reduction. It is committed to the research and development, production and sales of rubber and plastic parts for high-end equipment. The company occupies absolute market share in many subdivided fields, such as rail vehicle sealing strip, shield tunnel water stop rubber seal, automobile skylight sealing strip, marine hatch cover rubber parts, container rubber parts and so on. Relying on the advantages of formula process and technology integration, the company creatively applies the original technology to the photovoltaic field and launches snap short frame products.
The snap short frame has the advantages of low cost, self-cleaning, no glue, low packaging and transportation cost. The snap short frame product is assembled from rubber and aluminum alloy parts. As a new structural alternative product, its advantages are as follows: 1) greatly reduce the consumption of aluminum profiles, resulting in cost savings of more than 0.06 yuan / W, and the cost reduction effect is more obvious when the aluminum ingot price is high; 2) The edge of the module will not accumulate ash and has the ability of rainwater self-cleaning, which can reduce the operation and maintenance cost and increase the power generation; 3) There is no need to apply glue, so as to save the cost of organic silica gel by about 0.01 yuan / W. the glue free curing process greatly improves the production efficiency of components; 4) More components can be put into the same container, resulting in freight savings of up to 0.02 yuan / W.
Significant progress has been made in product verification, and the 2gw framework order of China building materials has been obtained. The snap short frame has the characteristics of strong bearing capacity, plugging capacity, more convenient installation, lower packaging and transportation cost and good reliability. It can be used for double glass, flexible components, etc. The company has conducted trial assembly and verification with industry head components and support enterprises for many times, and the effect is good. The company has obtained the order of supporting short frame frame of 2gw flexible components of China building materials, and the products have been recognized by downstream customers. With the continuous improvement of the penetration rate of double glass modules and the demand for flexible modules brought by the development of distributed photovoltaic, it is expected to promote the promotion and application of snap short frame products.
Profit forecast and investment suggestions. The company's buckle short frame can improve the production efficiency of components, reduce the production, packaging and transportation costs, save the cost of photovoltaic power station, save operation and maintenance costs and improve the power generation. It is expected to occupy a place in double glass and flexible components in the future. We expect the compound growth rate of the company's performance to be 28% in the next three years. Four mainstream auxiliary material companies in the photovoltaic industry are selected. The average PE in 2022 is 34.44 times and that in 2023 is 26.04 times. Considering that the company's buckle short frame is expected to start large-scale production in 2023, 30 times PE valuation will be given in 2023 when the penetration rate will increase rapidly, with a target price of 20.40 yuan, and a "buy" rating will be given for the first time.
Risk tip: the promotion progress of buckle short frame is slow, and the profit is less than expected; The price of raw materials fluctuates.
