Suzhou Maxwell Technologies Co.Ltd(300751) (300751)
New technology promotes further cost reduction of hjt battery. In December 23rd, the official account of Suzhou Maxwell Technologies Co.Ltd(300751) revealed that a new fully open Cecep Solar Energy Co.Ltd(000591) battery printing technology will be introduced. This technology will help reduce the consumption of silver paste in the key material of battery metallization. The full opening steel plate is different from the traditional screen plate in material, structure and process, so the material strength and electrical properties are improved compared with the past. The grid lines of full opening steel plate are narrower, and the number can be doubled compared with screen printing, which can further improve the efficiency of hjt battery. In addition, in terms of cost, the full opening steel plate can save about 20% of slurry, and can be realized only by small-scale transformation on the original printing equipment. The new full opening Cecep Solar Energy Co.Ltd(000591) battery steel plate printing technology launched by the company is an innovation of the traditional screen printing technology, which will further reduce the manufacturing cost of hjt battery.
The process of hjt industry is accelerated, and the company, as the core supplier of the whole line equipment, will obviously benefit. At present, more and more photovoltaic manufacturers are choosing to plan hjt Cecep Solar Energy Co.Ltd(000591) battery production lines, including Guangdong Golden Glass Technologies Limited(300093) , Anhui Huasheng, Tongwei Co.Ltd(600438) , Atlas, Jiangsu Akcome Science And Technology Co.Ltd(002610) , etc. In addition, the conversion efficiency of hjt battery is also record breaking. After Longji announced on October 22 that the conversion efficiency of M6 size hjt battery was 25.82%, it continued to break the world record with 26.30% on October 28. The record breaking twice a week shows the acceleration of hjt industrialization. As one of the few manufacturers in China with the supply capacity of hjt whole line equipment, the company will benefit from the promotion of hjt industrialization wave.
The company is committed to providing assistance for cost reduction of hjt battery. In addition to the full opening steel plate announced in this announcement, the company also reduces the silver slurry consumption through the self-developed high-precision series welding machine, so as to reduce the battery cost. At present, silver paste accounts for the largest proportion of material cost in heterojunction battery. The high-precision series welder provided by the company for Anhui Huasheng can reduce the silver slurry consumption of a single chip by increasing the number of main grids and reducing the grid line width. It can reduce the silver consumption in the battery from 220mg / piece to 130mg / piece, which will save 40.9% of the silver slurry consumption, so as to reduce the cost of heterojunction battery pieces.
Add fixed code hjt equipment and layout the semiconductor packaging market. The company’s 2.8 billion yuan fixed addition code hjt equipment has been issued, and the downstream hjt manufacturer Ming Yang Smart Energy Group Limited(601615) has been allocated 100 million yuan. After the 3-year construction period, it can achieve an annual output of 40 sets of PECVD, PVD and automation equipment. It is expected to realize a revenue of 6 billion yuan and a net profit of 880 million yuan. As of September, the company’s orders for hjt equipment had reached 1.8 billion. In addition to photovoltaic equipment, the company is also actively laying out the semiconductor packaging market. Its semiconductor wafer laser slotting equipment has won Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) orders, and signed trial orders with five other enterprises. The equipment delivered by the company to Jcet Group Co.Ltd(600584) has also achieved stable and reliable mass production. As the first manufacturer in China to supply semiconductor wafer laser slotting equipment for Jcet Group Co.Ltd(600584) and other enterprises, the company has realized the localization of the equipment.
Profit forecast and valuation. Considering that the company has full orders for hjt equipment in hand and has laid out the semiconductor packaging market based on laser technology. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 592 million, 849 million and 1196 million, corresponding to the current PE of 114.8, 80.0 and 56.8 times, maintaining the “overweight” rating.
Risk tip: the industry demand is less than expected; Heterojunction progress is less than expected.
