\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: the company released the annual report of 2021, and the operating revenue in 2021 was 3.095 billion yuan, a year-on-year increase of + 35.44%; The net profit attributable to the parent company was 643 million yuan, a year-on-year increase of 62.97%, and the net profit deducted from non attributable to the parent company was 597 million yuan, a year-on-year increase of 76.35%.
The demand of the photovoltaic industry has increased, and the company’s performance has achieved rapid growth: according to the statistics of CPIA, the output of Cecep Solar Energy Co.Ltd(000591) cells in China is 198gw, with a year-on-year increase of + 46.9%. Benefiting from the high prosperity of the photovoltaic industry for many consecutive years, the company’s performance has continued to grow Cecep Solar Energy Co.Ltd(000591) battery complete sets of production equipment sold 393 items in the whole year, with a year-on-year increase of + 46.1%, and achieved a revenue of 2.66 billion yuan, with a year-on-year increase of + 73.37%; Meanwhile, hjt orders also recognized revenue in 2021 and exported overseas, which will become a new profit growth point in the future.
Profitability is enhanced and R & D investment continues to increase: in 2021, the company’s gross profit margin on sales was 38.3%, year-on-year + 4.28pct, and the net profit margin on sales was 20.25%, year-on-year + 3.32pct. The main reason is that the company continues to reduce equipment costs through R & D, replace domestic raw materials and parts, increase procurement scale and increase bargaining power, so that the gross profit margin of the company’s products increases while keeping the price basically unchanged. In 2021, the company invested 331 million yuan in R & D, a year-on-year increase of + 99.72%, accounting for 10.71% of revenue, 7.26% and 6.56% in 2020 and 2019 respectively; The company has 899 R & D personnel, accounting for 32.86% of the total number of employees.
Hjt has deep technical reserves and accelerated the industrialization of hjt: the industrialization of hjt began in 2021 and will be accelerated in 2022. Chinese manufacturers have started the process of hjt industrialization in 2021, including Anhui Huasheng phase II 2gw, 3 Beijing Centergate Technologies (Holding) Co.Ltd(000931) 2gw Tongwei Co.Ltd(600438) 1gw heterojunction Cecep Solar Energy Co.Ltd(000591) battery production project. The company already has the whole line supply capacity of hjt equipment, and equipment localization is the key link of cost reduction. At the same time, the company raised and invested 2.8 billion for hjt equipment industrialization project. After putting into operation, it will improve the domestic supply level of PECVD and PVD equipment and reduce the investment cost of hjt production line.
OLED and semiconductor equipment won orders from major customers and made breakthroughs in new areas of layout: OLED flexible screen bending laser cutting (bendingcut) equipment won the bid for BOE’s 6th generation AMOLED production line project and made a major breakthrough; Semiconductor wafer laser slotting equipment entered the Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) supply chain, and placed trial orders with five other companies, marking a key step for the company to a platform equipment company.
Investment suggestion: the industrialization of hjt is accelerating. As the leader of hjt whole line equipment, the company will fully benefit; In addition, semiconductor devices and OLED devices have also made breakthroughs, and their performance will grow rapidly in the future. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 920 million, 1.31 billion and 2.12 billion respectively, and the corresponding PE will be 68, 48 and 30 times respectively, giving a “buy” rating.
