\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 481 Shuangliang Eco-Energy Systems Co.Ltd(600481) )
Key investment points
Event: the company issued the announcement of foreign investment and establishment of a subsidiary company. The wholly-owned subsidiary Shuangliang Eco-Energy Systems Co.Ltd(600481) investment will invest 600 million yuan in cash to establish Shuangliang Xinneng Technology Co., Ltd. (tentative name) in Baotou to invest in the construction of an annual output of 20GW high-efficiency photovoltaic module project.
After entering the field of military large-size silicon wafers, the company once again settled in the main photovoltaic industry chain, extended its business to the downstream to components, and improved the strategic layout of the photovoltaic industry chain. In March 2021, the company announced that it had invested and built two phases of 40gw large-size silicon wafer project. In the same year, the first large-size monocrystalline silicon rod was a successful way out. In the first quarter of 22, the first plant will be fully put into operation, and the overall investment and construction progress will be efficient. This time, the company laid out the component business and extended to the downstream of the industrial chain on the basis of the silicon wafer business, so as to further ensure the digestion of the silicon wafer capacity (the total component capacity is 1 / 2 of the silicon wafer capacity), and form a good synergy at the same time.
Energy saving and water saving business customers are of high quality, and component business terminal customers have significant resource advantages. The company has accumulated many power customer resources in the traditional energy-saving and water-saving business. It has successively signed EPC contracts and equipment procurement contracts for intercooling system with Guoshen company, Huaneng, Gepic Energy Development Co.Ltd(000791) , Guodian construction investment, Gd Power Development Co.Ltd(600795) and other thermal power plants, and cooperated closely with central state-owned enterprises of electric power. Under the goal of “double carbon”, the transformation demands of traditional thermal power enterprises are strong. The two phases of large scenic base projects are also dominated by power central state-owned enterprises, and the subsequent power generation enterprises are willing to build photovoltaic power stations. We believe that the company is expected to make full use of its multi-year cooperative relationship with power customers, continue to cooperate in the field of components, jointly promote the continuous optimization and improvement of component business, and help customers actively complete the construction of scenery base project.
With the help of silicon wafer business and customers, a good new energy industry chain ecosystem will be formed. Since the company laid out its silicon wafer business, it has successively signed three-year long silicon wafer sales orders with leading battery / module enterprises such as aixu, Tongwei and Trina Solar, and the strength of the company’s silicon wafer business has been fully certified. With the advantages of the company’s own silicon wafer business and downstream leading customers, the company’s component business is expected to achieve a certain cost advantage. At the same time, after this layout of component business, the company will further promote upstream and downstream cooperation in the industrial chain, cooperate more closely and deeply with reduction furnace customers and silicon wafer customers, build its own healthy photovoltaic industrial chain ecosystem, and the development path of the company’s new energy business will become clearer and more stable.
Profit forecast and investment suggestions: the silicon wafer performance in 2022 will be gradually realized and become a new growth curve. It is expected that the net profit attributable to the parent company will maintain a compound growth rate of 76.87% in the next three years and maintain the “buy” rating.
Risk warning: the risk that the company’s capacity investment and construction is less than expected; The risk that the development of customers is less than expected; The risk of rising raw material costs and declining profitability of the company; Risks of policy changes.
