\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: the company announced that it had obtained the order of 4.8gw hjt battery whole line equipment from reliance industries.
Reliance Industries (REC’s parent company) has eight full lines, and rec firmly chooses hjt: Reliance Industries is India’s largest private enterprise, an Indian oil and telecommunications giant, and reliance new energy Cecep Solar Energy Co.Ltd(000591) , a wholly-owned subsidiary of Reliance Industries, acquired rec in 2021, opening up the global expansion of the photovoltaic market. Reliance Industries (the parent company of REC) plans to purchase 8 pieces of hjt whole line equipment from Singapore Maiwei, with a capacity of 600MW / piece, totaling 4.8gw. The total purchase amount exceeds 50% of the company’s operating revenue in 2021, but does not reach 100% (the revenue in 2021 is 3.1 billion yuan, and the order amount range is 1.6-3.1 billion yuan). Rec is a manufacturing company of Cecep Solar Energy Co.Ltd(000591) batteries, components and polycrystalline silicon headquartered in Norway, with its operating headquarters in Singapore. Rec has four manufacturing bases – two producing Cecep Solar Energy Co.Ltd(000591) polysilicon in Norway, one producing Cecep Solar Energy Co.Ltd(000591) batteries and components in Singapore and one producing Cecep Solar Energy Co.Ltd(000591) batteries and components in India. The 4.8gw large order will be supplied to rec India. Hjt is different from hjt in terms of overseas technology. Especially in some areas with high temperature or complex terrain, such as North America, the Middle East, Japan and India, they all prefer hjt. Especially in the United States, owners will have higher demand for hjt components with higher power generation efficiency (double-sided rate of 90%) and lower BOM cost.
Suzhou Maxwell Technologies Co.Ltd(300751) and rec have cooperated for a long time, and the scale of equipment going to sea this time is the largest scale of hjt equipment going to sea in China: Suzhou Maxwell Technologies Co.Ltd(300751) and rec’s first cooperation began with rec Singapore’s 600MW hjt demonstration line in 2019. The equipment selection is YAC’s cleaning and cashing + meyerberg’s PECVD + meyerberg’s PVD + Suzhou Maxwell Technologies Co.Ltd(300751) screen printing machine, which will be mass produced on October 10, 2019. Since then, REC has conducted a long-term investigation on the whole line equipment of Suzhou Maxwell Technologies Co.Ltd(300751) . Based on rec’s extensive reliability and efficiency tests of Suzhou Maxwell Technologies Co.Ltd(300751) equipment, REC believes that the performance of Suzhou Maxwell Technologies Co.Ltd(300751) equipment meets or even exceeds its own expectations. Suzhou Maxwell Technologies Co.Ltd(300751) won the order of rec400mw hjt whole line equipment in November 2021, realizing the first sea voyage of China’s hjt equipment.
The cost reduction and efficiency increase of hjt is accelerated. Suzhou Maxwell Technologies Co.Ltd(300751) as the leader of hjt whole line equipment, it has high order flexibility: we believe that 2022 will be a year for the accelerated promotion of cost reduction and efficiency increase of hjt, and the expectation of 20-30gw production expansion of the whole industry in 2022 remains unchanged. The expansion of the whole industry will break out in 2023 & major factories will start to expand production on a large scale, which is the most flexible as the leader of hjt whole line equipment. (1) Silver paste: reducing silver consumption helps the cost of hjt battery drop rapidly. It is expected that the low-temperature silver clad copper technology will be mass produced within this year, and the domestic silver clad copper paste will shine brilliantly; (2) Silicon wafer: slicing & the cost reduction of n-type silicon wafer is expected to become the main direction of cost reduction of hjt in the future; (3) Target: azo target helps hjt reduce cost, and sufficient indium reserves will not restrict the development of the industry; (4) Microcrystalline efficiency improvement: microcrystalline equipment is mature, and the localization of parts and components & efficiency improvement is at the right time.
Profit forecast and investment rating: as the leader of hjt whole line equipment with first mover advantage, the company fully benefits from the accelerated production expansion of hjt battery, and the long-term layout of Pan semiconductor field opens a broad growth space. We expect the net profit attributable to the parent company from 2022 to 2024 to be RMB 919 / 1399 / 2169 million, and the corresponding dynamic PE of the current stock price is 54 / 36 / 23 times respectively, maintaining the “buy” rating.
Risk tip: the R & D of new products is less than the market expectation, and the expansion of hjt equipment is less than the market expectation.
