Suzhou Maxwell Technologies Co.Ltd(300751) (300751)
event:
Recently, Suzhou Maxwell Technologies Co.Ltd(300751) launched an innovative technology on Cecep Solar Energy Co.Ltd(000591) battery screen printing – full opening Cecep Solar Energy Co.Ltd(000591) battery steel plate printing technology. As the key material of battery metallization, the cost of silver paste accounts for a very high proportion of the cost of heterojunction battery, and the breakthrough of steel plate printing technology plays an important role in reducing the consumption of silver paste.
comment:
1. Advantages of full opening steel plate printing equipment:
1) Process advantages: a. the width height ratio of the gate wire is more than 50%, 26 microns wide and 13-14 microns high; b. In the future, the opening of steel plate can be further reduced and the line width can be controlled to 20 microns; c. Compatible with 210mm silicon wafer size, the number of grid lines can be doubled compared with screen printing, which further improves the efficiency of hjt battery;
2) Cost advantage: A. because the grid line printing area is a full opening structure and the printing height is uniform, about 20% silver paste can be saved under the condition of manufacturing batteries with the same efficiency; b. The overall cost is close to the cost of the existing screen, without additional material costs; c. The transformation cost is low, which can be realized only by small-scale transformation on the existing printing equipment.
2. The full opening steel plate printing technology launched by Maiwei is an innovation of the traditional screen printing technology, which will further reduce the manufacturing cost of high-efficiency heterojunction Cecep Solar Energy Co.Ltd(000591) battery.
At present, the cost of heterojunction battery is still higher than that of other batteries. According to our calculation, in terms of 166 size, the cost of heterojunction is about 1.25 wool higher than that of perc silver slurry per W. if the full open steel plate technology is successfully introduced, it is expected to reduce the cost of silver slurry by about 0.26 wool. If the grid line is further reduced, it is expected to further reduce the cost of silver slurry, So as to drive the heterojunction to discharge more quickly.
3. On the route of battery surface metallization, several technologies are developing at the same time. We believe that they will bring a faster volume of heterojunctions together.
Profit forecast:
We expect the company’s net profit attributable to the parent company in 21-23 years to be 618 / 813 / 1128 million respectively, and the corresponding PE is 112 / 85 / 62x respectively, maintaining the buy rating.
Risk warning: the product price is affected by the price fluctuation of raw materials; The cost reduction and efficiency increase of heterojunction are less than expected; The development of heterojunction is not as expected
