\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: the company released its 2021 annual report. In 2021, it realized 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%, and the performance was in line with expectations. In Q4, the company realized a revenue of 910 million yuan, a year-on-year increase of 35.695; The net profit attributable to the parent company was 187 million yuan, a year-on-year increase of 55.54%.
The company also issued a profit distribution plan for 21 years. It plans to distribute a cash dividend of 15 yuan (including tax) for every 10 shares and increase 6 shares for every 10 shares to all shareholders with capital reserve.
There are abundant orders on hand and it is expected to continue to maintain high growth. According to the annual report, in 21 years, the company’s Cecep Solar Energy Co.Ltd(000591) battery complete set of production equipment realized a revenue of 2.66 billion yuan, accounting for 86% of the revenue, with a year-on-year increase of 74%, a gross profit margin of 37.74%, an increase of 6.18 PCT over the previous year, and achieved good growth in revenue growth and profitability. By the end of the 21st century, the company’s contractual liabilities were 2.409 billion yuan, an increase of 50.5% over the end of the 20th century, laying the foundation for subsequent growth. Looking forward to 22 years, we believe that the in-depth integrated layout of photovoltaic enterprises will become an important driving force for the continuous expansion of the battery industry, and the company’s new signing will continue to grow.
The profitability is improved and the operation quality is high. The gross profit margin and net profit margin of the company in 21 years were 38.3% and 20.25% respectively, 4.28 and 3.32 PCT higher than that in 20 years, and the profitability was significantly improved. Among the period expenses, the company’s R & D rate in 21 years was 10.71%, an increase of 3.45 PCT over 20 years. In 21 years, the company received 2.874 billion yuan in cash from selling goods and providing labor services, accounting for 92.9% of the revenue, and the operation quality was high.
Multi field layout to enhance comprehensive competitiveness. In addition to the heterojunction whole line equipment, the company has also made good progress in the field of semiconductor and display in the past 21 years. In the semiconductor field, the company’s laser slotting equipment has been delivered to Jcet Group Co.Ltd(600584) , realizing stable and reliable mass production. In the display field, the company won the bid of BOE project and will supply it with two sets of OLED flexible screen bending laser cutting equipment. The layout of the new field will create a new growth point for the company.
Profit forecast and investment suggestions: it is estimated that the operating revenue of the company from 2022 to 2024 will be 4.454 billion yuan, 5.993 billion yuan and 8.077 billion yuan respectively, and the net profit attributable to the parent company will be 855 million yuan, 1.197 billion yuan and 1.664 billion yuan respectively, with corresponding EPS of 7.91 yuan, 11.07 yuan and 15.39 yuan respectively, maintaining the “buy” rating.
Risk tip: photovoltaic demand fluctuates and industry competition intensifies.
