\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 76 Wuhan Dr Laser Technology Corp.Ltd(300776) )
Steady profitability and increased R & D investment
The company achieved a revenue of 1.26 billion yuan in 2021, with a year-on-year increase of 17.2%; The net profit attributable to the parent company was 381 million yuan, a year-on-year increase of 2.11%; The comprehensive gross profit margin was 45.4%, a slight decrease of 1.12pct year-on-year; The net interest rate was 30.3%, with a year-on-year decrease of 4.48 PCT, which was mainly due to the increase of the company’s R & D expense rate from 5.26% in 2020 to 8.24%; The net inflow of operating cash flow was 237 million yuan, a year-on-year increase of 67.7%. The company achieved revenue of 311 million yuan in the first quarter of 2022, with a year-on-year increase of 13.3%; The net profit attributable to the parent company was 93 million yuan, a year-on-year increase of 26.4%.
Increased application scenarios of laser technology in photovoltaic field
Driven by the “double carbon” and peaceful price online, the photovoltaic boom remained high. In 2021, China’s newly installed photovoltaic capacity reached a record high of 55gw, ranking first in the world for nine consecutive years. The photovoltaic industry association predicts that from 2022 to 2025, the average annual new installed capacity of global photovoltaic will reach 232286gw; China’s “14th five year plan” has an average annual installed capacity of 70-90gw. With the maturity of laser technology and the decline of application cost, there are more and more process scenarios for photovoltaic production processes to improve efficiency and reduce cost through laser, such as ablation, doping, repair, scribing, etc. The company has a market leading position in the laser ablation and doping of perc process route; In the Topcon process route, the company has boron doping, film opening, special slurry slotting and other related technical reserves; In hjt, the company’s LIA laser repair technology has obtained mass production orders from customers; In terms of IBC battery technology, the company’s laser slotting technology has been mass produced; At the same time, the company is also carrying out research and development of perovskite batteries. The company increased R & D investment and realized multi line layout. In 2021, the R & D investment was 104 million yuan, with a significant year-on-year increase of 83.7%, and the R & D expense rate increased to 8.24%. It provided relevant equipment to cope with different process route choices of downstream customers and continued to lead the application of laser in the photovoltaic field.
Profit forecast
It is estimated that the company’s revenue from 2022 to 2024 will be 1.73 billion yuan, 2.55 billion yuan and 3.62 billion yuan respectively; The net profit attributable to the parent company is 514 million yuan, 783 million yuan and 1.14 billion yuan respectively, and the corresponding dynamic PE of the current stock price is 38, 25 and 17 times respectively. For the first coverage, give a “recommended” rating.
Risk tips
Risk of downstream expansion; Whether new product development can meet customer risks; Intensified market competition and risk of declining profitability; The risk of demand fluctuation caused by repeated epidemics.
