\u3000\u3 Guocheng Mining Co.Ltd(000688) 516 Wuxi Autowell Technology Co.Ltd(688516) )
Event: the company issued the announcement of project winning. The company won the bidding project of series welding machine and dicing machine of Shangrao project of Jingke energy (Shangrao) Co., Ltd., with a winning amount of about 140 million yuan. As the average acceptance period of the equipment is about 6-9 months, affected by the specific delivery time and acceptance time of the project, the impact of the winning project on the performance in 2022 is uncertain. The successful performance of the contract is expected to have a positive impact on the company’s operating performance in 2023.
Metallization optimization has become the key to cost reduction and efficiency increase of high-efficiency battery technology, and smbb series welding technology continues to iterate. Smbb multi main grid refers to the electrode preparation and component packaging technology with the number of main grid lines at or above 12 grids, or even above 15 grids and 20 grids. Adopting a finer metallized grid line structure can reduce the surface recombination, increase the light receiving area and reduce the amount of silver paste. At present, it is expected to become a key link for the continuous improvement of smbb technology, such as the conversion of high-efficiency plasma expansion and battery efficiency, and it is expected to become a key link for the continuous improvement of smbb technology, such as the conversion of high-efficiency plasma expansion and HBB technology.
Following the harvest of TOPCON series welder of RMB 145 million from Jingke Haining at the end of the 21st year, it won the order of TOPCON from Jingke Shangrao. In December 8, 2021, according to the official account of Wuxi Autowell Technology Co.Ltd(688516) WeChat, the company was awarded the 145 million yuan order for new projects in Jianshan, Haining. The winning equipment is the latest multi main cascade welding machine and non-destructive dicing machine, which mainly takes charge of the production of fine wire TigerNeoN type TOPCon batteries. The company won the order of 140 million yuan for series welding machine and dicing machine. The project is implemented in Shangrao, Jiangxi Province. Recently, according to the official website of Shangrao, Jingke energy signed a project cooperation agreement with Jiangxi Shangrao Economic Development Zone to invest in a new 24gw “n-type high-efficiency photovoltaic module” project. The project has a total investment of more than 10 billion yuan and is planned to be constructed in three phases. The first phase of 8GW high-efficiency photovoltaic module project is expected to start construction in June this year and is expected to be put into operation by the end of this year. The production capacity of the project is component products using n-type TOPCON technology. The single GW investment of the series welding machine is over 20 million yuan, and the scribing machine and other equipment are superimposed. We believe that the bid winning order of 140 million yuan for series welding and scribing is part of the series welding machine of Jingke Shangrao phase I 8gwtopcon components. Subsequently, with the continuous bidding of Shangrao phase I 8GW and the implementation of phase II and phase III, the company’s TOPCON series welding machine is expected to continue to receive new orders.
Component expansion + multi platform layout of semiconductor and lithium battery, and orders in 22 years are expected to continue to reach a new high, α+β Overlay uplink. With the release of polysilicon production capacity, it is expected that the imbalance between supply and demand of silicon materials and silicon wafers is expected to ease, and silicon materials and silicon wafers are expected to enter the price decline channel, release the profit space of components, strengthen the willingness of component production expansion, and benefit the company β Properties. Looking forward to 2022, the company’s orders are expected to continue to increase, α Determination of advantages: in terms of photovoltaic, the company’s module series welding machine continues to benefit from the replacement of new products such as large size and smbb and the expansion of module production. The order is expected to continue to grow. The company’s single crystal furnace capacity is climbing rapidly and the verification of key customers is smooth. The light injection annealing furnace suitable for n-type battery has been ordered by Jingke; In terms of lithium battery, the company’s module pack line and cylindrical detection equipment have received orders from major customers such as honeycomb and Nanjing LG respectively in 21 years, and are expected to continue to benefit from the expansion of lithium battery production in 22 years. In terms of semiconductors, the company’s aluminum wire bonding machine is mainly used in high boom downstream industries such as power chips of new energy vehicles. There is a wide space for domestic substitution. It is expected to place batch orders in 2022, becoming an important profit growth point after series welding machines. The company’s orders are expected to increase continuously in 22 years, α+β Overlay uplink.
Profit forecast: benefiting from the continuation of high-frequency iteration of series welding machine and the promotion of multi platform layout such as bonding machine and lithium battery of the company, it is estimated that the net profit attributable to the parent company of the company from 2021 to 2023 will be RMB 360 / 550 / 720 million, corresponding to pe57 / 37 / 28 times, maintaining the “buy” rating.
Risk tip: the newly installed capacity of photovoltaic is less than expected, the iteration of module technology is less than expected, and the industry competition is intensified.
