\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Matters:
The company recently disclosed that Reliance Industries of India plans to purchase 8 whole lines of photovoltaic heterojunction cell production equipment from Singapore Maiwei, a wholly-owned subsidiary of the company, with a production capacity of 600MW / piece, a total of 4.8gw, and the total purchase amount exceeds 50% of the audited operating income of the company in 2021.
Ping An View:
Winning the bid for large heterojunction orders from overseas customers, highlighting the company’s competitive advantage. 1) In terms of volume, the company won the bid this time with a scale of 4.8gw, which is the largest hjt whole line order obtained by the company so far, accounting for about 80% of all heterojunction orders of the company in 21 years, showing the competitive advantage of the company and laying a solid foundation for future performance growth. 2) From the perspective of customers, Reliance Industries is a listed company in India, ranking 155th among Fortune 500 in 2021. Its fiscal year 2020 revenue exceeded $60 billion, with good credit standing and performance ability. In 2021, Reliance Industries acquired rec, a Norwegian based photovoltaic polysilicon, battery and module manufacturing company, for us $7.71. Rec is a global leader in heterojunction batteries, with a 600MW heterojunction production line built in 2019. In December 2021, the company obtained the order of rec Singapore 400MW heterojunction whole line. After the combination of Reliance Industries and rec, it will increase the investment in heterojunction production line, and the company will have more chances to win the bid in the future.
The efficiency of low indium and low silver heterojunction battery reached a new record of 25.26%. The official wechat of the company released on April 11 that the company adopted the TCO process with low indium content and silver clad copper gate wire to obtain 25.62% photoelectric conversion efficiency on the full-size (m6274.5cm2) monocrystalline silicon heterojunction battery, creating the current highest record of this kind of battery. At present, the single watt cost of heterojunction battery is high, mainly in silver slurry consumption, TCO target containing indium and n-type silicon wafer. The amount of indium used by the company can be reduced to 40% based on the original scheme, and the amount of indium used by the company can be reduced by another 30%. In addition, the silver consumption brought by the company’s silver clad copper grid line was reduced by 55%. The combination of these two processes will significantly reduce the manufacturing cost of heterojunction batteries and boost the development of the industry.
Profit forecast: maintain the company’s profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 854 million yuan, 1308 million yuan and 1.798 billion yuan, with corresponding P / E ratios of 58 times, 38 times and 28 times respectively. As the leader of hjt whole line equipment, the company will fully enjoy the dividends of hjt industry and maintain the “recommended” rating.
Risk tips: 1) risk of declining prosperity of the industry: if the prosperity of the photovoltaic industry declines, it will affect the order growth of equipment enterprises. 2) Acceptance cycle risk: the company’s inventory scale is large, and the uncertainty of the acceptance cycle may lead to the fluctuation of the company’s performance. 3) Risk of new technology R & D falling short of expectations: if the company’s new technology and new equipment R & D falls short of expectations, new orders will fall short of expectations. 4) Cash collection risk: if the customer encounters financial deterioration, it will bring bad debt risk to the company.
