\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: Suzhou Maxwell Technologies Co.Ltd(300751) released the first quarter report of 2022.
The performance has increased significantly year-on-year, and the profitability has been continuously optimized. In 2022q1, the company realized an operating revenue of 834 million yuan, a year-on-year increase of 32.09%, and a net profit attributable to the parent company of 180 million yuan, a year-on-year increase of 49.77%. From the perspective of profit quality, the gross profit margin and net profit margin of sales in a single quarter were 40.55% and 20.91% respectively, with a year-on-year increase of 2.34 and 2.37 PCTs respectively, and the profitability continued to be optimized.
Accelerate the expansion of customers at home and abroad, the orders of heterojunction equipment have increased rapidly, and the leading position is stable. In 2021, the company won large-scale orders for hjt core equipment / whole line. China's core customers include Anhui Huasheng, Guangdong Golden Glass Technologies Limited(300093) , Tongwei Co.Ltd(600438) , Jiangsu Akcome Science And Technology Co.Ltd(002610) , Ming Yang Smart Energy Group Limited(601615) , etc. Overseas, in the critical window period of the technological transformation of battery chips, overseas manufacturers have strengthened the capacity layout of battery chips. After the company signed an order for 400mwhjt battery line equipment with rec group and realized the export of hjt equipment, the company signed an agreement on April 15 to sell 8 600MW / hjt battery line equipment to reliance industry, with a total of 4.8gw. This order has also become the largest single order in the hjt industry. In the early stage of the development of hjt technology route, The company has established a solid leading position in the industry. At present, the company's hjt equipment has full orders in hand and the production capacity is currently overloaded. It is expected that the heterojunction equipment will contribute a large-scale income this year.
Continue to promote the technological progress of hjt and accelerate the process of heterojunction cost reduction and efficiency increase. As a leader in the heterojunction industry, the company has conducted in-depth cooperation with the industrial chain in improving conversion efficiency and reducing production costs:
In terms of improving the conversion efficiency, the company takes the lead in introducing the microcrystallization process and will develop a 500MW + hjt single-sided / double-sided microcrystalline production line with Huasheng. The goal is to achieve the mass production average efficiency of single-sided microcrystalline hjt batteries greater than 25% and the efficiency of double-sided microcrystalline batteries greater than 25.5%; In addition, the company jointly Cybrid Technologies Inc(603212) developed the light conversion adhesive film to improve the efficiency of the module and convert the ultraviolet light with low photon response into blue light or red light with higher response, so as to solve the problem that TCO film and amorphous silicon film absorb ultraviolet light and reduce the battery current. The power of 60 M6 heterojunction modules can be increased by more than 5W.
In terms of cost reduction, the company mainly focuses on reducing the thickness of silicon wafer and reducing the consumption of silver slurry. The company takes the lead in launching the process of half heterojunction silicon wafer, so as to reduce the micro cracks in the production process, so that the thickness of silicon wafer can be 120 microns or even thinner, and reduce the cost by reducing silicon consumption; In addition, on the one hand, the company actively promotes the mass production of silver clad copper and the localization of silver slurry, so as to reduce the unit cost of silver slurry. On the other hand, through the introduction of multi main grid technology such as supermbb and the introduction of steel sector printing technology, the company reduces the consumption of silver slurry, so as to promote the reduction of non silicon cost, accelerate the realization of mass production economy and open a new era of hjt battery technology.
Profit forecast: the company is expected to realize a net profit attributable to the parent company of RMB 868 / 1298 / 1809 million from 2022 to 2024, corresponding to 63.9 / 42.7 / 30.7 times the valuation, and maintain the rating of "overweight".
Risk tip: the industry demand is less than expected, and the progress of heterojunction is less than expected.
