Suzhou Maxwell Technologies Co.Ltd(300751) ( Suzhou Maxwell Technologies Co.Ltd(300751) ) key investment points
In 2021, the net profit increased by 63% year-on-year and the gross profit margin increased by 4 percentage points; Expected performance of hjt equipment in 2022
1) performance in 2021: achieve revenue? 3.1 billion, a year-on-year increase of + 35.4%, and the net profit attributable to the parent company was 640 million, a year-on-year increase of + 63%, exceeding the medium track of performance forecast; Among them, Q4 achieved revenue in a single quarter? RMB 910 million, year-on-year + 36%, and the net profit attributable to the parent company was RMB 190 million, year-on-year + 56%. The annual sales volume of the company’s core product silk screen printing complete sets of equipment was 393 (according to monorail Statistics), with a year-on-year increase of 46.1%.
2) profitability: the gross profit margin is 38.3% (year-on-year + 4.3pct) and the net profit margin is 20.3% (year-on-year + 0.4pct). The gross profit margin of the company has increased significantly. It is expected that the core benefit from the continuous optimization of the cost side of the company’s silk screen printing products (improvement of the bargaining power of raw material procurement + domestic replacement of parts). During the period, the expense ratio increased by 1.9pct year-on-year, mainly due to the increase of the company’s R & D and sales expenses.
3) significant increase in R & D investment and overweight of hjt equipment: in 2021, the company’s R & D expenses reached 331 million yuan (accounting for? 10.7% of revenue), a year-on-year increase of 100%, and the number of R & D personnel reached 899, a year-on-year increase of + 131%. The company continued to overweight in the field of hjt equipment and laser equipment.
4) there are abundant orders on hand. It is expected that hjt equipment will become a new growth point in performance in 2022: by the end of 2021, the company’s contract liabilities will be 2.4 billion yuan, an increase of 50.5% year-on-year. By September 2021, the company’s orders for hjt equipment had reached 1.8 billion (according to the company’s announcement). In 2021, the company has received orders for hjt equipment? It has entered and obtained orders for hjt equipment such as Anhui Huasheng, Guangdong Golden Glass Technologies Limited(300093) , Jiangsu Akcome Science And Technology Co.Ltd(002610) , REC, which will provide an important growth point for the company’s performance in 2022.
Hjt equipment: the compound growth rate of the industry exceeds 80%; The company’s 2.8 billion hjt fixed increase issuance has been completed and looks forward to another breakthrough
1) market space of hjt equipment orders: it is estimated that the market space of hjt equipment orders is expected to exceed 40 billion yuan in 2025, and the CAGR will be 80% from 2020 to 2025. If the net interest rate remains 20% (8 billion net profit), 25 times PE will be given. It is estimated that the reasonable total market value of hjt equipment industry is 200 billion yuan! We judge that the industry’s leading market share is expected to exceed 50%, and the market value is expected to exceed 100 billion yuan in the future.
2) the company’s fixed increase of 2.8 billion yuan has been successfully completed, which is used for projects with an annual output of 40 sets of PECVD, PVD and automation equipment. The issue price is 645 yuan / share. Among them, Ming Yang Smart Energy Group Limited(601615) which is an important manufacturer of downstream hjt batteries was allocated with a fixed increase of 100 million yuan and an additional lock period of 12 months Ming Yang Smart Energy Group Limited(601615) previously announced a total investment of 3 billion yuan to expand 5gwhjt Battery + components in the next five years. The project is expected to be carried out in three phases.
Laser equipment: obtain the order of semiconductor wafer laser slotting equipment; OLED laser equipment is recognized by BOE, a key customer
1) semiconductor field: the company’s semiconductor wafer laser slotting equipment has obtained Jcet Group Co.Ltd(600584) (the first in China), Sanan Optoelectronics Co.Ltd(600703) orders, and signed trial orders with five other enterprises. Semiconductor wafer laser modification cutting equipment has been developed and is in the process of product verification.
2) panel field: the company’s flexible screen bending laser cutting equipment has won two sets of orders for BOE’s 6th generation AMOLED production line project to manufacture high-end display screens for world-famous mobile phone brands. The company is the first enterprise in China to successfully develop this equipment.
Profit forecast: optimistic about the company’s strategic position and high growth in the future development of photovoltaic and semiconductor industries. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be RMB 880 / 13 / 18 billion, with a year-on-year increase of 37% / 48% / 38%, corresponding to 64 / 43 / 31 times of PE. Maintain the “buy” rating.
Risk tip: the propulsion speed of heterojunction battery does not meet the expectation; Photovoltaic demand is less than expected; The downstream expansion was less than expected.
