\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
The company signed an order for 4.8gw heterojunction whole line equipment with Reliance Industries, which is expected to increase the company’s performance in the future; The company has made positive progress in hjt equipment and continued to develop new technologies; Maintain buy rating.
Key points supporting rating
The company signed 4.8gw heterojunction whole line equipment contract: the company announced that Reliance Industries of India issued letter of commitment (LOC) to Singapore Maiwei, a wholly-owned subsidiary of the company. According to the LOC agreement, Reliance Industries plans to purchase 8 Cecep Solar Energy Co.Ltd(000591) heterojunction battery production equipment from Singapore Maiwei, with a capacity of 600MW / piece, a total of 4.8gw. The total purchase amount exceeds 50% of the company’s audited operating revenue in 2021, but does not reach 100%. Due to the long performance time of this order, we expect it is expected to increase the operating performance of the company in the coming years.
In 2021, the company signed an order for 400MW heterojunction whole line with rec group: according to solarzoom, in November 2021, the company signed an order for 400mwhjt heterojunction battery whole line equipment with rec group. The company will supply hjt battery core production equipment such as PECVD, PVD and screen printing for rec’s 400mwhjt battery production line in Singapore. The production line will adopt 210mm half piece technology and the design capacity is about 11200 half pieces / hour, The first full line export of China’s hjt battery equipment has been realized.
Hjt battery module technology continues to make breakthroughs: according to solarzoom, recently, through the test of the authoritative certification body German Hamelin Cecep Solar Energy Co.Ltd(000591) h Institute (ISFH), the company has achieved 25.62% photoelectric conversion efficiency on the full-size M6 monocrystalline silicon heterojunction battery by using the TCO process with low indium content and silver clad copper gate wire. In addition, the company, together with the manufacturer of packaging adhesive film Cybrid Technologies Inc(603212) , has successfully developed a new high-efficiency heterojunction module using light conversion adhesive film, which has increased the module power by more than 5W.
Hjt equipment began to realize revenue: the company’s hjt high-efficiency battery equipment completed several iterations on the existing products, and the product performance was 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.
Valuation
Under the current share capital, considering the implementation of transfer, we expect the company to achieve earnings per share of 4.92/7.44/11.44 yuan from 2022 to 2024, corresponding to a price earnings ratio of 58.6/38.7/25.2 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.
