\u3000\u3 Guocheng Mining Co.Ltd(000688) 559 Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) )
Event: Recently, the company successively issued the bid winning announcement of photovoltaic and lithium battery related equipment, and received the letter of acceptance of Jingke energy on April 15, 2022, with the bid winning amount of 1.067 billion yuan; The letter of acceptance of China Innovation Airlines was received on April 24, 2022, with a bid winning amount of 1.36 billion.
Multi track layout, photovoltaic and lithium battery equipment business performed well
(1) major breakthrough in photovoltaic business: the company received the letter of acceptance for the bidding project of TOPCON laser micro loss equipment of Jingke energy on April 15, 2022, with a bid winning amount of 1.067 billion yuan. This project is also the first large-scale order obtained by the company in the field of photovoltaic laser and automation equipment.
(2) outstanding performance of lithium battery equipment business: the company received the letter of acceptance from China Innovation airlines and its holding subsidiaries on April 24, 2022, with the bid winning amount of 1.36 billion yuan (including tax), and the bid winning project is the procurement project of equipment and production line in the assembly section. The amount of the signed contract is 471038 million yuan, and the specific amount of the bid winning project that has not signed the contract shall be subject to the officially signed equipment procurement contract.
The leader of lithium laser equipment has fully benefited from the expansion of industry production and the development of new technologies. In recent years, lithium battery equipment has ushered in a wave of rapid production expansion. The industry’s production expansion plan will reach 330gwh in 2021 and is expected to exceed 500gwh in 2022. As the leader of lithium battery laser equipment in China, the company is expected to fully benefit from this round of lithium battery equipment expansion. The company’s core products, high-speed laser film maker and electric core assembly line based on welding, are in a leading position in the industry, with prominent competitive advantages and high-quality customer resources. In 2019, the company obtained the order of Tesla‘s high-speed laser producer, which is applied to the laser die cutting of Tesla‘s 4680 cylindrical batteries. As the only supplier of Tesla‘s equipment in China, the company’s lithium battery business is expected to fully benefit from the development of new technologies for 4680 cylindrical batteries in the industry.
The layout of photovoltaic business is expected to become the second growth curve of the company. Since the beginning of 2021, the company has begun to lay out the field of photovoltaic laser equipment, carry out in-depth cooperation with Harbin Institute of technology and Xi’an Jiaotong University, research and develop perc, TOPCON, hjt battery technology and non-destructive cutting and other new technologies in the photovoltaic industry, and lay out fully automatic laser slotting equipment, fully automatic laser doping equipment, non-destructive laser splitting equipment, etc. The winning of the order for TOPCON laser micro loss equipment of Jingke energy is a strong confirmation of the company’s outstanding competitiveness in the field of photovoltaic equipment. Compared with lithium battery equipment business, photovoltaic laser equipment business is more profitable and is expected to become the second growth curve for the further development of the company’s performance in the future.
Deep ploughing in the laser and automation equipment industry, the platform attribute is beginning to appear. Since its establishment, the company has been deeply engaged in the laser and automation equipment industry. At present, it has formed four major businesses: lithium battery, photovoltaic, 3C and sheet metal. The attribute of laser platform company has initially appeared. In the future, the company will accelerate the layout and breakthrough in lithium battery and photovoltaic equipment business on the basis of maintaining the stable development of 3C and sheet metal business, and the overall performance and profitability of the company are expected to be further improved.
Maintain the “overweight” rating: considering the higher than expected growth of lithium equipment orders and the high profitability of large photovoltaic equipment orders, we raised the company’s profit forecast. It is estimated that the company’s net profit from 2021 to 2023 will be 108 million yuan, 330 million yuan and 974 million yuan respectively (the previous value is 121 million yuan, 251 million yuan and 442 million yuan), and the corresponding PE will be 102, 33 and 11 times respectively.
Risk tip: the expansion of power battery industry is less than expected, the profitability of photovoltaic equipment orders is less than expected, and the company’s order taking progress is less than expected.
