\u3000\u3 Guocheng Mining Co.Ltd(000688) 516 Wuxi Autowell Technology Co.Ltd(688516) )
Key investment points
The leader of series welding machine benefits from the new technological transformation of the industry: the welding / series welding of battery directly determines the electric energy output effect and affects the performance of photovoltaic modules, which has a key process position. Wuxi Autowell Technology Co.Ltd(688516) as the leading manufacturer of photovoltaic series welding machine, the market share has reached 80%. At the same time, as a key equipment in the module field, the series welding machine is greatly affected by the previous photovoltaic process. Under the influence of the large size of silicon wafers, the existing equipment of battery wafers and components that cannot be compatible with large size silicon wafers will be gradually replaced or eliminated. At the same time, in the period of battery process change, the iteration of battery technology route increases the demand for series welding machine. For example, the series process of IBC has changed greatly, and IBC series welding machine instead of traditional series welding machine is needed. The series welding machine fully benefits from the reform of the previous process, superimposed with the support of photovoltaic high scenery, and the high scenery will continue in the future.
The industrialization of technical achievements promotes the platform of the company, and the bonding machine shows the technical strength of the company: the supporting equipment of photovoltaic automation has production line matching barriers, talent barriers and market cognition barriers Wuxi Autowell Technology Co.Ltd(688516) from the beginning of its establishment, the founder worked closely as a college classmate. At the same time, in many years of development, it has established deep cooperative relations with many leading manufacturers of photovoltaic components. As an R & D driven enterprise, the company independently develops and grasps relevant core technologies. At present, it has a layout in the field of photovoltaic equipment, lithium battery and semiconductor, and gradually develops into a platform enterprise. Compared with photovoltaic equipment, semiconductor equipment has higher technical difficulties. Wuxi Autowell Technology Co.Ltd(688516) from 2018, the project of semiconductor bonding machine has been approved, and the prototype will be put into trial in 2021. After more than a year of customer verification, we have recently obtained Tongfu Microelectronics Co.Ltd(002156) the order of batch bonding machine, which fully demonstrates the technical strength of the company.
In line with the industrial development trend, the single crystal furnace is expected to take the lead in large-scale production: due to the large dynamic changes of supply and demand in the photovoltaic industry chain and the frequent occurrence of supply and demand imbalance, the manufacturers of the main photovoltaic industry chain mostly adopt the vertical integration strategy to reduce the business risk Wuxi Autowell Technology Co.Ltd(688516) as a leading manufacturer of photovoltaic series welding machine, it complies with the development trend of the main industrial chain and actively arranges the front photovoltaic equipment. In 2021, through capital increase, the company controlled the field of Wuxi Songci layout single crystal furnace and participated in the field of Wuxi Songyu layout cell chip equipment. At the same time, the chairman fully subscribed for the fixed increase project of RMB 550 million and increased the research and development of key equipment of photovoltaic TOPCON battery. Compared with the value of 20-25 million / GW of series welding machine, the value of single crystal furnace is as high as 120 million yuan / GW. At present, the company’s single crystal furnace has won the bid order of Yuze semiconductor of 140 million yuan and has been delivered gradually. At present, the company’s single crystal furnace carries out customer verification in Jingke and Jingao. In the future, with the gradual implementation of customer verification, the single crystal furnace is expected to take the lead in large-scale production.
Investment suggestion: we predict that the company’s operating revenue from 2022 to 2023 will be 3.139 billion yuan, 4.266 billion yuan and 5.601 billion yuan respectively, with a year-on-year increase of 53.37%, 35.91% and 31.30% respectively, and the net profit attributable to the parent company will be 578 million yuan, 764 million yuan and 991 million yuan respectively, with a year-on-year increase of 55.9%, 32.2% and 29.7%. It will be covered for the first time and given a “buy-b” investment rating.
Risk warning: the risk of major changes in key technologies or technical routes of downstream industries, the risk of declining market demand, and the risk that new business development is not as expected
