\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: Suzhou Maxwell Technologies Co.Ltd(300751) issued the 2021 annual report.
Rapid growth in shipments, combined with improved profitability, accelerated the growth of leading battery devices. In 2021, the company achieved an operating revenue of 3.095 billion yuan, with a year-on-year increase of 35.44%, mainly due to the rapid improvement of equipment shipments. In the whole year, the company achieved 393 sales of complete sets of photovoltaic cell equipment, with a year-on-year increase of 46.10%; In terms of profitability, the company realized a net profit attributable to the parent company of 643 million yuan, with a year-on-year increase of 62.97%. The sales gross profit margin benefited from the continuous cost reduction brought by R & D + domestic replacement of parts and components, with a year-on-year increase of 4.28pcts to 38.30%, resulting in the improvement of profitability. By the end of 2021, the amount of advance payment received by the company was 2.405 billion yuan, an increase of 50.48% compared with 1.598 billion yuan at the beginning of the year. It is verified that the downstream demand of the company’s products is high and booming, which is expected to accelerate the performance growth of the company in 2022.
Hjt complete set of equipment: orders are growing rapidly, the leading position is stable, and accelerating technological change. As a supplier of hjt battery whole line equipment, the company won large-scale orders for hjt core equipment / whole line in 2021. China’s core customers include Anhui Huasheng, Guangdong Golden Glass Technologies Limited(300093) , Tongwei Co.Ltd(600438) , Jiangsu Akcome Science And Technology Co.Ltd(002610) etc. in addition, Ming Yang Smart Energy Group Limited(601615) also holds 155000 shares of the company through fixed increase. The two sides are expected to reach in-depth cooperation, At the same time, the company has signed an order for 400MW hjt battery whole line equipment with overseas customer rec group, realizing that hjt equipment goes abroad. At the initial stage of the development of hjt technical route, the company has established a solid leading position in the industry. In addition, the company continues to promote the progress of hjt technology and will develop a 500MW + hjt single-sided / double-sided microcrystalline production line with Huasheng. The goal is to achieve the mass production average efficiency of single-sided microcrystalline hjt batteries greater than 25% and the efficiency of double-sided microcrystalline batteries greater than 25.5%. At the same time, it will surpass the perc production line in terms of production cost and open a new era of hjt battery technology.
Display / semiconductor equipment: actively cut into the field of Pan semiconductor and create a new growth pole of the company. Based on the research and development experience of photovoltaic equipment, the company actively expands to the field of Pan semiconductor, and successively develops semiconductor packaging core equipment, display panel core equipment, etc. In terms of semiconductor wafer laser slotting equipment, the company has delivered the equipment to Jcet Group Co.Ltd(600584) and has signed a supply agreement with Sanan Optoelectronics Co.Ltd(600703) and signed trial orders with five other enterprises; In terms of display panel equipment, the company won the bid for BOE’s 6th generation AMOLED production line project and will supply two sets of OLED flexible screen bending cut equipment, which will be applied to BOE’s Mianyang and Chongqing factories respectively to realize the production of high-end flexible AMOLED panels.
Profit forecast: the company is expected to realize a net profit attributable to the parent company of RMB 866 / 1296 / 1809 million from 2022 to 2024, corresponding to 68.2 / 45.6 / 32.7 times of the valuation, and maintain the rating of “overweight”.
Risk tip: the industry demand is less than expected, and the progress of heterojunction is less than expected
