\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
The company released its annual report for 2021: 1) throughout the year, the company achieved a revenue of 3.095 billion yuan, a year-on-year increase of + 35.44%; The net profit attributable to the parent company was 643 million yuan, a year-on-year increase of + 62.97%. The net profit attributable to the parent company is close to the upper limit of performance forecast, and the growth rate is significantly higher than that of revenue; 2) In the fourth quarter alone, the revenue reached 910 million yuan (year-on-year + 35.62% / month on month – 3.81%); The net profit attributable to the parent company was 187 million yuan (year-on-year + 55.83% / month on month – 8.33%).
The core reasons for the company’s high growth rate of performance are as follows: 1) in terms of industry, the company’s performance has maintained growth thanks to the continuous high prosperity of photovoltaic industry; 2) Sales side: the sales volume of Cecep Solar Energy Co.Ltd(000591) battery complete equipment, which is the main business of the company, increased steadily, so that the net profit of the company maintained a high growth rate in 2021. The annual sales volume of Cecep Solar Energy Co.Ltd(000591) battery complete equipment was 393 (screen printing is counted by single track), with a year-on-year increase of 46.1%; 3) Cost side: in 2021, the gross profit margin of the company’s overall sales was 38.3%, with a year-on-year increase of 4.28%, so as to improve the net profit. On the one hand, the reduction of the gross profit margin was due to the cost reduction of R & D and the domestic substitution of raw materials and parts, as well as the improvement of procurement scale, so as to improve the bargaining power with suppliers.
R & D enabled enterprises grow for a long time, and the upgrading iteration of new and old products is in progress: in 2021, the company invested 313 million yuan in R & D, a year-on-year increase of 99.72%; The proportion of R & D investment and revenue remained high at 433.71% in 2020. The company has always attached importance to R & D and introduced high-end talents from outside China. By the end of the reporting period, the company had 899 R & D personnel, accounting for 40.40% (an increase of 13.91pct compared with 2020). In addition, about 67% of the company’s new 757 people in 2021 were R & D personnel, which is enough to show that the company pays attention to the construction of R & D team. With the continuous improvement of R & D investment, the company’s product upgrading iteration ability is also continuously enhanced, which is not only reflected in the breakthrough of a number of new products, but also in the new iteration of existing products.
Orders in hand are full, and the increment of newly signed orders remains high. By the end of 2021, the total contractual liabilities of the company were 2.405 billion, up 50.5% year-on-year from 1.598 billion in 2020; The company’s inventory was 2.808 billion yuan, a year-on-year increase of 33.9%. Both contract liabilities and inventory levels reflect the rapid growth of orders. From the perspective of product structure, Cecep Solar Energy Co.Ltd(000591) battery complete set production equipment has increased significantly. We believe that with the listing of hjt whole line system, it is expected to continue to expand the development space.
Heterojunction whole line equipment may be the biggest sales highlight of the company in the future. We expect that the construction capacity of heterojunction battery will be 20-30gw in 2022. With the application layout of various new technologies (including microcrystallization, smbb, silver clad copper, full opening steel sector printing technology and large-size wafer of silicon wafer), the single watt cost of heterojunction battery will continue to decrease, and it is expected that the single watt cost of battery will be basically equal to that of perc in 2022. The capacity of hjt is expected to double in 2023 and enter the rapid replacement and expansion period of the whole industry in 2024.
Forward looking layout of semiconductor and OLED laser cutting fields and localization of pilot equipment. 1) Semiconductor field: in December 2021, the company signed supply agreements with semiconductor chip packaging manufacturing enterprises Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) on semiconductor wafer laser slotting equipment, and signed trial contracts with five other enterprises. At present, the laser slotting equipment independently developed by the company has been delivered to Jcet Group Co.Ltd(600584) , achieving stable and reliable mass production performance at the client. It is also the first manufacturer in China to supply semiconductor wafer laser slotting equipment for Jcet Group Co.Ltd(600584) and other enterprises; 2) OLED field: the company has started the research and development of OLED panel equipment since September 2017, and has independently developed flexible screen laser cutting equipment, flexible screen laser special-shaped cutting equipment, cell laser repair equipment and other core process equipment. In December 2021, the company won the bid for the 6th generation AMOLED production line project of BOE, a leading Chinese display panel enterprise, and will supply two sets of independently developed OLED flexible screen bending laser cutting equipment, which will be applied to the smartphone flexible AMOLED panel production lines of BOE Mianyang factory and BOE Chongqing factory respectively. We believe that semiconductor packaging equipment and OLED equipment have broad replacement space and are expected to become another business growth point after hjt whole line equipment.
Investment suggestion: as the leader of hjt whole line equipment, the company’s continuous R & D investment helps the rapid cost reduction of hjt battery. In addition, the company continues to lay out in the field of semiconductor and OLED laser cutting, or add new business growth points to the company. We expect the company to achieve revenue of RMB 4.764/62.18/9.995 billion from 2022 to 2024, and the net profit attributable to the parent company is RMB 9.59/13.04/2.241 billion respectively. The corresponding PE of the current stock price is 62 / 45 / 26 times respectively, maintaining the “recommended” rating.
Risk tip: the path of photovoltaic cells changes, the progress of raised investment projects is less than expected, and the downstream photovoltaic demand is less than expected.
