\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event overview
The company released the first quarter report of 2022. 2022q1 company achieved a revenue of 834 million yuan / yoy + 32.09%; Net profit attributable to parent company: 180 million yuan / yoy + 49.77%; Net profit attributable to parent company after deduction of non profit is 172 million yuan / yoy + 42.67%. Analysis and judgment:
22q1 has excellent performance and continuous improvement of profitability. 1) Benefiting from the high popularity of the photovoltaic industry, the sales volume of relevant equipment of the company increased steadily, resulting in the company’s 22q1 revenue increased by 32.09% year-on-year to 834 million yuan, and the net profit attributable to the parent increased by 49.77% year-on-year to 180 million yuan. 2) From the perspective of profitability, the gross profit margin of 22q1 company reached 40.55%, year-on-year + 2.34pct/mom + 2.49pct, the net profit margin was 20.91%, year-on-year + 2.37pct/mom + 0.99pct, and the overall profitability continued to improve. From a year-on-year point of view, the company’s R & D expenses increased slightly from -973.3% PCT / – 293.02% to -973.4% PCT / – 294.02% on a year-on-year basis, and the overall change rate of R & D expenses decreased significantly from -973.3% PCT / – 293.02% on a year-on-year basis to -973.4% PCT / – 294.02% on a year-on-year basis.
The new 4.8gw whole line order is signed, and hjt business continues to make efforts. On April 15, 2022, Reliance Industries Limited of India issued LOC to Singapore Maiwei, a wholly-owned subsidiary of the company, and agreed to purchase 8 whole lines of Cecep Solar Energy Co.Ltd(000591) heterojunction battery production equipment from Singapore Maiwei, with a capacity of 600MW / piece, a total of 4.8gw. If calculated according to the value of hjt equipment of 400 million yuan / GW, the company’s order is expected to be about 1.92 billion yuan. Reliance Industries, an Indian listed company, acquired rec, the leading company of hjt battery, in October 2021. This order is the second cooperation after the company signed an order for the whole line equipment of 400MW heterojunction battery with it in December 21, which reflects the strong competitiveness of the company’s equipment. As of December 25, 2001, the company’s orders for hjt equipment were about 1.8 billion yuan, and some customers had passed the acceptance. In the past 22 years, the company has continued to make efforts in the field of hjt to provide continuous growth power for performance.
Investment suggestion: keep the profit forecast unchanged. We expect the company’s operating revenue to be 44.65/60.27/85.30 billion yuan in 22-24 years, the net profit attributable to the parent company to be 853/11.62/1.685 billion yuan, the corresponding EPS to be 4.94/6.72/9.75 yuan, the corresponding closing price of 320.72 yuan / share on April 18, 2022, and the PE to be 65 / 48 / 33 times in 22-24 years. We maintain the “overweight” rating.
Risk tip: the prosperity of downstream industries is less than expected, the technological progress is less than expected, and the order growth is less than expected.
