\u3000\u30 Xuchang Ketop Testing Research Institute Co.Ltd(003008) 20 Sichuan Injet Electric Co.Ltd(300820) )
Key investment points
Performance: Q2 year-on-year growth; Faster performance and abundant orders on hand
1) performance of the first quarterly report: the revenue was 200 million yuan, a year-on-year increase of 78%; The net profit attributable to the parent company was 54 million yuan, a year-on-year increase of 90.5%. Benefiting from the substantial growth of orders for photovoltaic / semiconductor power supply and charging pile of the company, the company’s performance is expected to accelerate in 2022.
2) profitability: the gross profit margin is 38.6%, with a year-on-year decrease of 7.7pct (it is expected that the gross profit margin may decrease with the increase of the proportion of the company’s Silicon Power Supply and charging pile equipment revenue); The net interest rate was 26.7%, with a year-on-year increase of 1.7pct, and the expense rate control during the period was excellent.
3) contract liabilities amounted to 610 million yuan, with a year-on-year increase of 103%; The inventory was 930 million yuan, a year-on-year increase of 143%, and the number of orders on hand is expected to increase.
4) R & D Investment: 15 million yuan, with a year-on-year increase of 56%, accounting for 7.5% of revenue. Mainly due to the increase of R & D investment + equity incentive expenses. The company mainly focuses on the special power supply in the medium and high-end market, and customers have high demand for personalized customization.
Performance in 2021: a year-on-year increase of 51%; Photovoltaic / semiconductor power supply, charging pile performance, order volume
1) performance in 2021: the revenue reached 660 million yuan, a year-on-year increase of 57%; The net profit attributable to the parent company was 160 million yuan, a year-on-year increase of 51%.
2) revenue structure: photovoltaic power supply accounts for 54% (gross profit margin 39.4%, year-on-year + 3.8pct; it is mainly silicon material and silicon chip power supply, and the market share of the company exceeds 70%; battery power supply has been tested in the client prototype); Semiconductor power supply accounted for 10.7% (gross profit margin 51%, with a year-on-year decrease of 5.9pct); Charging pile accounts for 5.8%, becoming an important product type of the company (orders in 2021 show a double growth trend of China and foreign countries).
3) profitability: the gross profit margin is 42.2%, with a year-on-year increase of 0.55pct, and the net profit margin is 23.9%, with a year-on-year decrease of 1PCT. In the Q4 single quarter of 2021, the gross profit margin was 40.7%, increased by 1PCT month on month, and the net profit margin was 19.1%, decreased by 5pct month on month, mainly due to the increase of R & D and sales expenses.
4) large increase in orders: in 2021, the company’s new orders for photovoltaic power supply were 980 million yuan, a year-on-year increase of 224.5%; New orders for semiconductor power supply reached 210 million yuan, a year-on-year increase of 300%; The new orders of charging pile industry were 68 million yuan, a year-on-year increase of 553.5%.
R & D Investment: 51.5% year-on-year, accounting for 51.5% of revenue. The annual turnover rate of key technicians is less than 5%.
PV power supply equipment faucet; Platform layout of photovoltaic / semiconductor power supply and charging pile, opening up growth space
1) short term: benefiting from the accelerated expansion of photovoltaic silicon material and silicon wafer industry, it is estimated that the total market space of silicon material and silicon wafer power supply will reach 3.5 billion yuan from 2022 to 2023. The company is a leader with a market share of 70-80%, which will fully benefit.
2) medium and long term: the company’s platform layout extends to photovoltaic cells / semiconductor power supply and charging pile equipment, and the growth space is opened. It is estimated that the total potential market value of photovoltaic / semiconductor power supply and charging pile equipment of the company will reach 16.8 billion yuan in 2025 (refer to the text model).
Investment suggestion: be optimistic about the future performance of the company’s photovoltaic / semiconductor power supply and charging pile equipment
It is estimated that the net profit attributable to the parent company from 2022 to 2024 will reach 290 / 4.3 / 570 million yuan, with a year-on-year increase of 82% / 51% / 31%, corresponding to 19 / 13 / 10 times of PE. Maintain the “buy” rating.
Risk tips: raw material price fluctuation risk, downstream expansion less than expected, product R & D promotion less than expected.
