\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Events
On April 15, 2022, Reliance Industries Limited of India issued LOC to Singapore Maiwei, a wholly-owned subsidiary of Suzhou Maxwell Technologies Co.Ltd(300751) company. Reliance Industries plans to purchase 8 complete lines of heterojunction battery production equipment from Singapore Maiwei, with a capacity of 600MW / piece, totaling 4.8gw. The total purchase amount exceeds 50% of the company’s audited operating revenue in 2021, but does not reach 100%.
Performance review
Reliance Industries is the largest listed company in India with strong performance ability. According to Fortune magazine in 2021, Reliance Industries ranks 155th among the world’s top 500, with an operating revenue of US $62.912 billion and a profit of US $6.619 billion in fiscal year 2020. In terms of heterojunction technology, Reliance Industries acquired rec Cecep Solar Energy Co.Ltd(000591) holding company for us $771 million in October 2021. According to public information, REC has purchased Maiwei’s 400MW heterojunction line order at the end of 2021. The landing of the 4.8gw order reflects rec’s high recognition of Maiwei’s heterojunction line equipment in terms of reliability, efficiency and other performance. In terms of follow-up planning, REC plans to reach 15gw of hjt capacity (10GW in India and 5GW in Singapore) in 2023. It is highly possible to further cooperate with Maiwei.
Hjt is the leader of the whole line equipment, and its technical strength is far ahead: as of April 2022, the company’s hjt high-speed wire battery equipment customers include Tongwei, Huasheng, Atlas, Guangdong Golden Glass Technologies Limited(300093) , REC, etc. the winning share in the public bidding in 2021 exceeded 70%, ranking in the leading position in the industry. Among them, in 3 Beijing Centergate Technologies (Holding) Co.Ltd(000931) 2gw production line, the equipment capacity of Maiwei’s third generation line can reach 600MW, and the excellent performance of mass production with an average efficiency of 24.3% was achieved in the early stage of the introduction of microcrystalline technology. In terms of R & D efficiency, Maiwei has recently released 26.07% of the introduction of electroplating technology and 25.62% of the introduction of low indium and low silver technology. The R & D efficiency of two heterojunction batteries is outstanding.
The path of cost reduction and efficiency increase is clear during the year, and the industrialization of heterojunction is expected to accelerate: we expect that the new production capacity of heterojunction is expected to reach 20-30gw in 2022. Although the current production cost of heterojunction is high, with the continuous improvement of industrialization supporting facilities, the cost is expected to decrease rapidly during the year. It is suggested to focus on two aspects of progress during the year: 1) cost reduction speed, and it is suggested to focus on the progress of localization of silver clad copper slurry and silicon wafer thinning during the year; 2) Efficiency enhancement: it is suggested to focus on the disclosure of microcrystalline efficiency parameters in the follow-up belt of 3 Beijing Centergate Technologies (Holding) Co.Ltd(000931) 2gw production line.
Profit adjustment and investment suggestions
According to our latest judgment on the order structure of the company and the industrialization process of hjt, it is predicted that the net profit of the company from 2022 to 2024e will be RMB 900, 1.265 and 1.862 billion respectively, the corresponding EPS will be RMB 5.20, 7.31 and 10.76 respectively, and the corresponding PE will be 55, 39 and 27 times respectively, maintaining the “buy” rating.
Risk warning: order confirmation is less than expected; The demand of downstream orders is lower than expected; New business development was less than expected.
