\u3000\u30003 Henan Shenhuo Coal&Power Co.Ltd(000933) 00093)
Events
The first piece of hjt battery project of the company went offline
On March 12, 3 Hunan Valin Steel Co.Ltd(000932) 10 size hjt cell was successfully rolled off the production line in the photovoltaic cell workshop of Wujiang factory.
Brief comment
The world’s first GW level 210 heterojunction battery line, binding equipment leading advanced technology 3 Beijing Centergate Technologies (Holding) Co.Ltd(000931) 2gw heterojunction battery project, is the world’s first GW level mass production line with 210 size, single line 600MW large capacity and microcrystalline process with mass production efficiency of more than 24.5%. The project selects the whole line heterojunction equipment of equipment leader Suzhou Maxwell Technologies Co.Ltd(300751) and is equipped with MES tracking system, which can realize large-scale mass production chip level tracking and tracing, use big data to realize accurate online process control and realize digital intelligent manufacturing.
The target power of the component product is 710w, which is expected to significantly reduce the parameters of hjt700 + W double glass and double-sided hjt component released by lcoe. The component product has excellent performance. Among them, the component parameter power is 710w. Based on 210 half pieces (1303x2384x35mm), the component conversion efficiency is 22.9%, the attenuation is 85% in 30 years, the temperature coefficient is – 0.24%, and the double-sided rate is more than 90%. At the same time, it has high weak light response and no PID / lid, which can significantly reduce lcoe.
At present, the parameters are steadily debugged and pushed forward, and the follow-up index data are tracked
At present, the company has produced films for the first time, various parameters are still in the process of debugging, and there is no stable data released. We judge that according to the normal production level of the industry, the company is expected to have small batch mass production and relevant stable data before April, and is expected to promote the production expansion project of battery modules in the next stage. If the progress and data are smooth, it will significantly benefit the valuation and performance expectations of the company and related equipment companies. It is recommended to continue to pay attention to the progress.
Maintain the company’s “overweight” rating
Profit forecast and Valuation: from 2021 to 2023, the company is expected to realize operating revenue of RMB 321 / 1482 / 2585 million and net profit attributable to parent company of RMB -174 / 0.32/122 million respectively, corresponding to current PE of – 46 / 250 / 66 times.
Risk warning: the construction of hjt production line is not as expected; The performance of traditional main business is less than expected; Industry competition intensifies.
