\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Events
On March 10, 2022, Suzhou Maxwell Technologies Co.Ltd(300751) released its annual report for 2021. The company achieved an annual operating 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%; Among them, Q4 achieved an operating revenue of 910 million yuan in a single quarter, a year-on-year increase of + 35.69% and a month on month increase of – 3.80%; The net profit attributable to the parent company was 187 million yuan, with a year-on-year increase of + 55.54% and a month on month increase of – 8.46%, which was in line with our expectations.
Performance review
The high-quality profit shows the leading advantage, and the full orders on hand help the high growth of performance: during the year, the company carried out cost reduction management by increasing R & D investment and domestic substitution of some raw materials and parts, and improved the bargaining power through the leading position. In 2021, the company’s comprehensive gross profit rate was 38.3%, year-on-year + 4.28pct, net interest rate was 20.25%, year-on-year + 3.34pct, and the profit quality was high, The leading effect is obvious. By the end of 2021, the company’s contractual liabilities were 2.405 billion yuan, a year-on-year increase of + 50.5% and a month on month increase of + 9.5%; The inventory was 2.808 billion yuan, a year-on-year increase of + 33.9%, which was reflected in abundant orders, high performance and strong certainty.
The heterojunction order confirmation cycle and industrialization support are accelerated, and hjt leader is expected to accelerate its growth: from the heterojunction order confirmation cycle, the company confirmed Tongwei Hefei heterojunction production line and Huasheng phase I 400MW heterojunction production line respectively in Q3 and Q4 of 2021, and the order confirmation cycle is accelerated. Combined with the current order confirmation cycle, most of the heterojunction equipment orders of the company in 2021 are expected to recognize revenue within the year. In terms of industrialization supporting facilities, cost reduction technologies such as silicon wafer thinning and silver clad copper are expected to achieve industrialization breakthroughs during the year. The company also launched a new steel sector printing technology at the end of 2021, which can reduce silver consumption by 20%. If the industrialization of heterojunction is progressing smoothly, the production cost of hjt is expected to be equal to that of perc by the end of the year. We estimate that the market space of hjt equipment from 2022 to 2024 will be RMB 88 / 135 / 21 billion respectively, giving the company 70% market share, and the corresponding orders are expected to reach RMB 61 / 95 / 14.7 billion respectively.
OLED laser equipment has won market recognition and broadened the growth space in the semiconductor field. Relying on years of research and development accumulation and sophisticated technical reserves, the company has made a breakthrough in the development of OLED flexible screen bending laser cutting, which has won orders from BOE’s major customers. The company’s semiconductor wafer laser slotting equipment has signed supply agreements with Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) successively, which is expected to broaden the growth space in the semiconductor field.
Profit adjustment and investment suggestions
According to our latest judgment on the company’s order structure and hjt industrialization process, we raised the company’s profit forecast. It is predicted that the net profit of the company from 2022 to 2024e will be 9.00 (+ 11%), 12.65 (+ 11%) and 1.862 billion yuan respectively, the corresponding EPS will be 8.73, 12.27 and 18.06 yuan respectively, and the corresponding PE will be 65, 47 and 32 times respectively, maintaining the “buy” rating.
Risk warning: order confirmation is less than expected; Lower than expected downstream orders; New business development was less than expected.
