\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event:
The company issued its annual report 2021. In 2021, the company realized a net profit attributable to the parent company of 643 million yuan, yoy + 62.97%; The net profit deducted from non parent company was 597 million yuan, yoy + 76.35%. The company’s performance slightly exceeded that of the previous forecast center. The main reasons are as follows: 1) Cecep Solar Energy Co.Ltd(000591) the sales volume of complete battery production equipment has increased steadily; 2) Through R & D, the company’s overall gross profit margin has increased.
21q4 performance:
In 21 years, Q4 company realized revenue of 910 million, yoy + 35.69%; The net profit attributable to the parent company was 187 million, yoy + 55.54%, the comprehensive gross profit margin was 38.06%, yoy + 5.51pct, and the profitability remained stable.
The company continued to increase R & D Investment: in 21 years, the company’s R & D expenses were + 99.72% year-on-year, and the R & D expenses accounted for 7.3% of the cost. Through technological upgrading, the company’s comprehensive cost continued to decrease, with a comprehensive gross profit margin of 38.3%, yoy + 4.28pct, a comprehensive net profit margin of 20.25%, yoy + 3.32pct.
Calculation of hjt’s orders in hand: since 2020, Suzhou Maxwell Technologies Co.Ltd(300751) and its subsidiaries have successively won the bid for Huasheng 500mwhjt project, Tongwei Jintang 1GW middle line, 3 Beijing Centergate Technologies (Holding) Co.Ltd(000931) 2gwhjt mass production line, Aikang 0.6gw heterojunction whole line equipment procurement, 1.8gw subsequent procurement intention, rec400mwhjt battery whole line equipment order, etc. As of December 25, 2021, Suzhou Maxwell Technologies Co.Ltd(300751) of the heterojunction equipment orders on hand totaled about 1.8 billion yuan.
Comments:
1) deeply cultivate the field of screen printing equipment and break the foreign technical monopoly with years of research, testing and experience accumulation: the printing capacity (perc equipment process) of the company’s main products is 3600 pieces / hour for single track and 7200 pieces / hour for double track, the fragment rate is less than 0.1%, the printing accuracy is ± 5 microns, and all indicators are at the international top level, The incremental market share of the company in the field of screen printing equipment in China has ranked first for many consecutive years.
2) we judge that in the next two years, with the decline of equipment cost, hjt heterojunction will accelerate the elimination of other technical routes in the market and occupy the mainstream. In addition, with the addition of new manufacturers in the industry and the release of production capacity, hjt heterojunction will usher in an all-round growth Suzhou Maxwell Technologies Co.Ltd(300751) has also continuously introduced new heterojunction cost reduction and efficiency enhancement technologies. As the key material of battery metallization, the cost of silver paste accounts for a very high proportion of the cost of heterojunction battery. The breakthrough of steel sector printing technology plays an important role in reducing the consumption of silver paste. 3) Actively expand new fields: in the past 21 years, the company has entered the display panel equipment and semiconductor packaging equipment market with its own accumulation of laser technology, won the bid for the 6th generation AMOLED production line project of China’s leading panel equipment enterprise, and signed supply agreements for semiconductor wafer laser slotting equipment with a number of semiconductor chip packaging enterprises, which is expected to further open the profit space of the company in the future.
Profit forecast
We expect the company’s net profit attributable to the parent company from 22 to 23 years to be 850 million / 1.25 billion respectively, and the corresponding PE is 67.44/45.85x respectively, maintaining the buy rating!
Risk warning: the product price is affected by the price fluctuation of raw materials; R & D investment is less than expected; The promotion speed of heterojunction equipment is lower than the market expectation; The photovoltaic demand is lower than the market expectation.
