\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
The company issued the annual report of 2021, and the performance was in line with expectations; The company's screen printing equipment has maintained a leading position, continued to invest heavily in research and development, and hjt equipment has made positive progress; Maintain buy rating.
Key points supporting rating
The year-on-year profit growth of 63% in 2021 is in line with the expectation: the company released the annual report of 2021, and achieved an annual revenue of 3.095 billion yuan, a year-on-year increase of 35.44%, a net profit attributable to shareholders of listed companies of 643 million yuan, a year-on-year increase of 62.97%, and a year-on-year increase of 76.35% after deducting non-profit. The company's performance meets the forecast range and the expectations of us and the market. The company also announced that it plans to distribute a dividend of 15 yuan (including tax) for every 10 shares to all shareholders and increase 6 shares for every 10 shares to all shareholders with capital reserve.
The profitability was significantly improved, and the operating cash flow increased significantly: benefiting from the company's continuous research and development, cost reduction, domestic substitution of raw materials and parts, rising procurement scale and enhanced bargaining power, the company's gross profit margin increased by 4.28 percentage points to 38.3% year-on-year. In 2021, the company's net operating cash flow inflow was 657 million yuan, a year-on-year increase of 75.27%.
The growth rate of silk screen printing equipment was good, and the gross profit margin increased significantly: in 2021, the company achieved 393 sales of complete sets of screen printing equipment (converted to single line), a year-on-year increase of 46.10%, revenue of 2.66 billion yuan, a year-on-year increase of 73.37%, and the gross profit margin increased by 6.18 percentage points to 37.74%. The revenue of stand-alone products decreased by 54.54% year-on-year to 281 million yuan, and the gross profit margin decreased by 1.12 percentage points to 32.51%.
The company's R & D investment reached 7.2 billion yuan, accounting for 1.03% of the company's operating revenue in 2021, with a significant increase of 7.2 billion yuan. The company's hjt high-efficiency battery equipment has completed many iterations on the existing products, and the product performance has been further improved. The company has obtained several orders for the whole line of hjt battery equipment, and some customers have passed the acceptance. The key technical indicators such as equipment stability, capacity and conversion rate meet the requirements of customers. The order revenue has been obtained in 2021. In terms of display panel and semiconductor, the company won the bid of BOE project and will supply two sets of OLED flexible screen bending laser cutting equipment. Meanwhile, the semiconductor wafer laser slotting equipment has been delivered Jcet Group Co.Ltd(600584) .
Valuation
Under the current share capital, combined with the company's annual report, downstream capacity expansion and new technology progress, we adjusted the company's predicted earnings per share from 2022 to 2024 to 7.86/11.90/18.30 yuan (the original forecast from 2022 to 2023 was 7.94/11.15 yuan), corresponding to a P / E ratio of 69.5/45.9/29.9 times; Maintain buy rating.
Main risks of rating
New product development fails to meet expectations; Covid-19 epidemic impact exceeded expectations; Photovoltaic policy risk; Downstream expansion demand is lower than expected; Equipment price competition exceeds expectations; The replacement progress of new technology route is not as expected.
