Comments on the first quarterly report of Suzhou Maxwell Technologies Co.Ltd(300751) 22: there are plenty of heterostructure leading orders, and the performance of 22q1 is in line with expectations

\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )

Core conclusion

Event: the company released the first quarterly report of 2022. 22q1 company achieved an operating revenue of 834 million yuan, a year-on-year increase of + 32.09% and a month on month increase of – 8.36%; The net profit attributable to the parent company was 180 million yuan, with a year-on-year increase of + 49.77% and a month on month increase of – 3.71%.

Heterostructure whole line equipment is leading, and the performance of 22q1 is in line with expectations. The profitability of the company increased steadily. The gross profit margin of 22q1 was 40.55%, with a year-on-year increase of + 2.34pct and a month on month increase of + 2.49pct. Meanwhile, the accounts receivable of 22q1 company reached 890 million yuan, a year-on-year increase of + 50.07%, indicating that the company’s future performance is expected to continue to improve.

With the addition of new orders for the whole overseas hjt line, the battery chip technology is expected to remain ahead. In April 22, its subsidiary planned to sign a procurement contract with Reliance Industries of India. The total purchase amount is expected to exceed 50% of the company’s operating revenue (about 3.1 billion yuan) in 2021, including 8 whole lines of hjt battery production equipment, with a total capacity of 4.8gw. Previously, the company won the bid for rec400mw heterojunction whole line equipment. Using 210 size half piece technology, the design capacity can reach about 11200 half pieces / hour, and the beat efficiency is further improved. It is expected that Maiwei will maintain the first mover advantage in half pieces under the market demand of large size.

Hjt has strong R & D strength and leading conversion efficiency in the industry. In terms of R & D, in April, the company launched low indium and low silver hjt battery, and the use of single indium is reduced by 50% on the original basis. If the indium reduction scheme of superposition equipment can reduce the use of indium to 30% of the existing level; At the same time, the silver clad copper grid wire technology can reduce the silver consumption by 55%. After ISFH test, up to now, its conversion efficiency has reached 25.62%, achieving a new record. In terms of mass production, as of June 2021, the average batch efficiency of Huasheng heterojunction battery equipped with the company’s equipment has reached 24.71%, and the maximum efficiency of single chip has also reached 25.06%. Its mass production capacity has been strongly confirmed.

Investment suggestion: the company’s net profit attributable to the parent company in 22e-24e is expected to be RMB 891 / 1501 / 2031 million, with a year-on-year increase of + 38.7% / + 68.4% / + 35.3%, corresponding to EPS of RMB 5.15/8.68/11.74, maintaining the “buy” rating.

Risk warning: the installed capacity is less than expected, the market competition intensifies, and the uncertainty of new product research and development

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