\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Events
The company released the financial report for the first quarter of 2022: the revenue in the first quarter was 834 million yuan, a year-on-year increase of 32.1%; The net profit attributable to the parent company was 180 million yuan, a year-on-year increase of 49.8%. Major contracts announced by the company: Singapore Maiwei, a wholly-owned subsidiary of the company, received the reliance industry transaction contract on April 15, which includes the purchase of 8 600MW and 4.8gw heterojunction battery production equipment.
Key investment points
The performance maintained rapid growth and the leading position was further consolidated
The company achieved a revenue of 3.09 billion yuan in 2021, with a year-on-year increase of 35.5%; The net profit attributable to the parent company was 643 million yuan, a year-on-year increase of 63.0%. Since the first quarter of this year, the company has maintained the momentum of rapid growth in performance, which is not obviously affected by the repeated epidemic in China. The company’s main product screen printing equipment has gone through many iterations, accumulated advantages in performance, price and service, realized the import substitution in the field of screen printing, exported to Southeast Asia and other overseas markets, and always maintained the leading position in the industry. With the emergence of the bottleneck of perc efficiency improvement, TOPCON and IBC technology have gradually entered the stage of large-scale industrial expansion. As a key process, the company’s screen printing equipment still conforms to the current industrial development direction and will continue to enjoy the dividend of the rapid development of photovoltaic industry under “carbon neutralization”.
Heterojunction large order landing, leading the direction of industrial technology iteration
Cost reduction, efficiency enhancement and technology driven are the remarkable characteristics of the photovoltaic industry, and each round of technology iteration brings the demand for equipment production expansion. With the advantages of high conversion efficiency, low attenuation rate, few process steps and clear cost reduction route, hjt battery is expected to become the next generation of mainstream photovoltaic cell technology. At present, Anhui Huasheng, Guangdong Golden Glass Technologies Limited(300093) , Tongwei Co.Ltd(600438) and other manufacturers have planned to build hjt production lines in China. The company has actively arranged hjt high-efficiency Cecep Solar Energy Co.Ltd(000591) battery whole line equipment, independently developed PECVD and PVD equipment required for amorphous silicon film deposition and TCO film deposition in the core process of hjt Cecep Solar Energy Co.Ltd(000591) battery, and realized the supply capacity of hjt whole line by absorbing and introducing YAC cashmere cleaning technology and screen printing equipment with its own technical advantages and leading market share. The landing of 4.8gw orders between the company and Reliance Industries reflects the company’s significant first mover advantage in the field of hjt.
Profit forecast
It is estimated that the company’s revenue from 2021 to 2023 will be 4.47 billion yuan, 6.24 billion yuan and 8.58 billion yuan respectively; The net profit attributable to the parent company was 895 million yuan, 1.33 billion yuan and 1.91 billion yuan respectively, and the corresponding dynamic PE of the current stock price was 62, 42 and 29 times respectively. For the first coverage, give a “recommended” rating.
Risk tips
Risk of declining prosperity of photovoltaic industry; Intensified market competition and risk of declining profitability; The industrialization progress of hjt technology is less than the expected risk, etc.
