\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 481 Shuangliang Eco-Energy Systems Co.Ltd(600481) )
Event overview
The company released the first quarter report of 2022. 2022q1 company achieved revenue of 1.734 billion yuan / yoy + 299.50%; Net profit attributable to parent company: 121 million yuan / yoy + 340.80%; Net profit attributable to parent company after deduction of non profit is 101 million yuan / yoy + 638.43%.
Analysis and judgment:
The silicon wafer business began to contribute to the performance. Looking forward to the annual performance, it is expected to maintain a high growth. At present, 5 Aluminum Corporation Of China Limited(601600) single crystal furnaces (equivalent to about 8GW of annual production capacity) of the company’s single crystal plant 1 in Baotou have been fully put into operation, and the construction progress of single crystal plant 2 has exceeded expectations and is gradually put into operation. In 2022, the company is expected to achieve an annual production capacity of 20GW + and layout n-type silicon wafers. By 2023, the company will realize a total annual capacity of 40gw + as soon as possible and give full play to the company’s scale advantage. In the first quarter of 2022, the shipment of silicon rod / wafer (182 / 210mm) was about 0.9gw. Looking forward to the whole year, the ramp up of silicon wafer production capacity is expected to accelerate, and the performance is expected to maintain a high growth month on month, so the annual performance is expected to maintain a high growth trend.
Continue to sign polysilicon reduction furnace contracts, and the new energy equipment business may exceed expectations. Since 2022, the company has signed reduction furnace equipment contracts with central Xinjiang Hoshine Silicon Industry Co.Ltd(603260) , Ningxia crystal new energy materials, Inner Mongolia Daquan new energy, Gansu Guazhou Baofeng silicon materials and other companies, further highlighting the leading position of the company’s reduction furnace equipment. With the expansion of downstream silicon material capacity, the company’s new energy equipment business is expected to bring thick performance increment to the company.
Layout the component business, give play to the synergy of the industrial chain and promote growth. On April 1, 2022, the company reviewed and approved the proposal on foreign investment and proposed to sign the cooperation framework agreement of Baotou photovoltaic module project, and proposed to sign the cooperation framework agreement of Shuangliang Eco-Energy Systems Co.Ltd(600481) Baotou 20GW high efficiency photovoltaic module project with the Management Committee of Baotou rare earth high tech Industrial Development Zone. It plans to build 20GW high efficiency photovoltaic module project in Baotou rare earth high tech Zone, and the project will be implemented by stages. The total investment of phase I 5GW photovoltaic module project is expected to be 1.5 billion yuan, with a construction period of two years. The main specifications of the project products include 550W and 660w. At present, phase I 5GW project has been filed. The company skipped the battery production link and arranged the component business, which is conducive to coordinating the resources of customers and suppliers, forming a good development ecology and helping the growth of the company.
Considering the company’s business income of RMB 1.595 billion to RMB 15.595 billion, we propose to increase the company’s business income to RMB 15.595 billion; Raise the forecast of the company’s net profit attributable to the parent company from 7.11/12.15/1.723 billion yuan in 22-24 years to 8.29/13.11/1.905 billion yuan; Raise the forecast of EPS of 0.44/0.75/1.06 yuan in 22-24 years to 0.51/0.81/1.17 yuan, corresponding to the closing price of 10.23 yuan / share on April 16, 2022, and PE of 22-24 years is 20 / 13 / 9 times respectively. We maintain a “buy” rating.
Risk tip: the price of raw materials fluctuates sharply, the progress of silicon wafer project is less than expected, and the progress of component project is less than expected
