Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) event comments: TOPCON laser equipment takes the lead and opens the second growth pole

\u3000\u3 Guocheng Mining Co.Ltd(000688) 559 Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) )

Event:

Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) announcement: Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) laser intelligent equipment (Jiangsu) Co., Ltd. received the letter of acceptance from Jingke Energy Co., Ltd. on April 15, 2022, with a bid winning amount of 1.067 billion yuan. The project is the bidding project of TOPCON laser micro loss equipment of Jingke Energy Co., Ltd.

Key investment points:

TOPCON laser micro loss technology takes the lead, making breakthroughs in difficulties and boosting the improvement of battery conversion efficiency. It is estimated that the bid winning amount of the company may correspond to the order scale of up to 45-50gw. This fully proves that the company has made remarkable achievements in the new technology route of TOPCON micro loss. The order of Jingke energy, a leading downstream company, reflects that the company’s products have been highly recognized in the industry. The laser se heavily doped element in TOPCON changes from phosphorus to boron. Due to the slow diffusion rate, high temperature and low solid solubility in silicon, it generally requires higher energy, which also brings the problem of silicon wafer damage. Therefore, the secondary doping method is widely used in the industry, but it also increases the energy consumption, overall equipment investment and space use. The new micro loss technology is expected to make a major breakthrough in the doping mode, which can improve the conversion efficiency and optimize the process flow to reduce the cost and improve the efficiency.

Photovoltaic equipment boosted the company’s profitability and opened the company’s second growth curve. Compared with the company’s original business power battery equipment, photovoltaic laser equipment has higher profitability. At present, the photovoltaic equipment industry has a good pattern. There are limited companies with photovoltaic laser equipment production technology. The company is expected to enjoy a high profit level by virtue of its leading technical advantages in the se industry.

Profit forecast and investment rating: the company benefited from the leading industry level of TOPCON laser micro loss technology. This time, it won the order of 45-50gw and has won the order of Jingke energy. It is estimated that from 2021 to 2023, the company’s operating revenue will be 1.97 billion yuan / 4.3 billion yuan / 7.5 billion yuan, and the net profit attributable to the parent company will be 105 million yuan / 408 million yuan / 801 million yuan. The corresponding PE of the current stock price is 116.79x/29.97x/15.26x, which is rated as “buy”.

Risk tip: product promotion is less than expected, downstream battery expansion is less than expected, industry competition intensifies, new technology development is less than expected, and orders are less than expected.

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