\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Core conclusion
Event: the company issued the annual report of 2021. In 2021, the company achieved an operating revenue of 3.095 billion yuan, a year-on-year increase of + 35.44%, and a net profit attributable to the parent company of 643 million yuan, a year-on-year increase of + 62.97%. Among them, 21q4 company achieved an operating revenue of 910 million yuan, a year-on-year increase of + 35.69%, and a net profit attributable to the parent company of 187 million yuan, a year-on-year increase of + 55.54%. At the same time, the company distributed a cash dividend of 15.00 yuan (including tax) to all shareholders for every 10 shares, and increased 6 shares for every 10 shares to all shareholders with capital reserve.
Heterojunction whole line is the leader of mass production equipment, and its performance in 21 years is in line with expectations. As of 2021, the capacity of downstream battery manufacturers has expanded, the orders for screen printing of main products have increased significantly, and the overall performance has increased year-on-year. The gross profit margin of screen printing equipment in 21 years was 37.74% respectively, with a year-on-year increase of + 6.18pct.
Hjt has strong R & D strength, and new orders are expected to continue to grow. In September, the company used the self-developed production equipment of hjt heterojunction high-efficiency battery and the electroplating process of sundrive to achieve the up conversion efficiency of 25.54% in M6 single crystal hjt battery. In terms of new orders, in February 22, the company won the order for rec400mw heterojunction whole line equipment. The company adopted 210 size half chip technology, and the design capacity can reach about 11200 half chips / hour, further improving the beat efficiency. We expect that the company’s hjt mass production and whole line orders are expected to further increase in 22 years.
The technology matrix has a wide layout, and orders for wafers and panels are expected to boost future performance. In December, the company signed the supply agreement of semiconductor wafer laser slotting equipment with Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) respectively. Meanwhile, the company won the bid for BOE’s 6th generation AMOLED production line project and will supply two sets of independently developed OLED flexible screen bending laser cutting equipment. In the field of wafer and panel, the company is expected to continue to make efforts.
Investment suggestion: the company’s net profit attributable to the parent company in 22e-24e is expected to be RMB 891 / 1501 / 2030 million, with a year-on-year increase of + 38.6% / + 68.4% / + 35.3%, corresponding to EPS of RMB 8.24/13.88/18.78, maintaining the “buy” rating.
Risk warning: the installed capacity is less than expected, the market competition intensifies, and the uncertainty of new product research and development
