Yingkou Jinchen Machinery Co.Ltd(603396) (603396)
event:
Yingkou Jinchen Machinery Co.Ltd(603396) the first hjt PECVD equipment independently developed has been stationed in Jinneng technology since June this year. The installation and commissioning were completed in early August, and the process flow was started on the production line of Jinneng technology, and the efficiency of the first battery was 22.8%. After more than three months of continuous hardware improvement and process optimization, the average efficiency of the battery produced by the equipment has reached 24.38% (opening voltage VOC > 745mv, filling factor FF > 84.5%), and the convergence of efficiency distribution is very high, and the average efficiency of the optimal batch is 24.55%.
Jinchen will continue to increase the industrial layout of hjt equipment, and is committed to the technical progress of hjt battery line equipment quality and investment cost reduction. The company has established a "high efficiency battery & high efficiency module R & D laboratory", which is planned to be put into use in 2022q1. The target is to develop high efficiency battery process and equipment technology (double-sided microcrystalline hjt, TOPCON, and new metallization scheme, etc.) and silver less and silver free module technology and equipment solutions, reserve new process methods, test data, R & D equipment, Provide advanced and reliable technical solutions for high-efficiency battery (hjt, TOPCON) and supporting high-efficiency component technology from laboratory to mass production.
comment
We believe that the average efficiency of Jinchen and Jinneng line batteries is in line with market expectations; Jinchen layout high-efficiency battery device R & D is to form a dual main business pattern of "component + battery". The company introduces Swiss advanced technology and team, focuses on the research and development of PECVD equipment, and jointly establishes a subsidiary Jinchen Gemini with Swiss h2gemi. H2gemi's shareholders are former mayeberg famous experts, and the incentive mechanism is perfect and effective; In addition, the company deeply binds its core customers and forms stable cooperative relations with Longji, Tongwei and other well-known enterprises at home and abroad, which is conducive to the long-term development of the company.
Profit forecast
We estimate that the company's revenue from 2021 to 2023 will be 14.70/21.26/2.642 billion respectively, the net profit attributable to the parent company will be 151 / 240 / 307 million respectively, and the corresponding PE will be 95 / 60 / 46x respectively, maintaining the buy rating!
Risk warning: gross profit margin fluctuation risk; Industry policy fluctuation risk; Risk of intensified market competition; New product R & D risk; Recent share reduction by some shareholders may lead to short-term fluctuation of stock price; The progress of raised investment projects is less than expected; There are risks of abnormal fluctuations in stock prices in the near future
