\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 76 Wuhan Dr Laser Technology Corp.Ltd(300776) )
The company issued the annual report of 2021 and the first quarterly report of 2022. 1) In 2021, the company achieved a revenue of 1.257 billion yuan, a year-on-year increase of + 17.21%; The net profit attributable to the parent company was 381 million yuan, a year-on-year increase of + 2.11%; 2) In 2021q4, the revenue was 322 million yuan (year-on-year – 10.59% / month on month – 3.59%); The net profit attributable to the parent company was 100 million yuan (YoY – 14.31% / Mom – 3.85%). 3) In 2022q1, the revenue reached 311 million yuan (year-on-year + 13.25% / month on month – 3.42%); Net profit attributable to parent company was 93 million yuan (YoY + 26.37% / mom -7.00%)
The gross profit margin increased gradually in a single quarter and the profitability improved. In 2021, the company’s comprehensive gross profit margin was 45.42%. In a single quarter, the gross profit margins of Q1-Q4 were 40.42% / 44.71% / 47.97% / 47.74% respectively. By product, Cecep Solar Energy Co.Ltd(000591) battery laser processing equipment achieved a revenue of 1.166 billion yuan, with a gross profit margin of about 43.42%, a year-on-year decrease of 1.74 PCT. In terms of expense rate during the period, the sales / management / R & D expense rates were 2.91%, 2.59% and 8.24% respectively, with a year-on-year increase of -0.28pct / + 0.15pct / + 2.98pct, of which the R & D expense rate increased significantly.
The orders for mass production of photovoltaic laser equipment have been promoted in an orderly manner, and the new laser technology is ready to go. Battery end: in terms of perc battery, laser ablation and Se laser doping technology continue to maintain stable growth, supporting the rapid growth of operating revenue; In terms of TOPCON battery, at present, it has relevant technical reserves such as laser boron doping, laser film opening and special slurry slotting, among which the selective emitter TOPCON battery has been demonstrated in a small batch; In terms of hjt battery, LIA laser repair technology to obtain mass production orders from customers; In terms of IBC battery, the company’s laser slotting technology has achieved mass production; At the same time, the company is also actively carrying out research and development of perovskite batteries. Component end: at the same time, it has relevant technical reserves in film drilling, cutting and laser non-destructive dicing. Among them, laser non-destructive dicing has been delivered with mass production equipment. Various new technologies are advancing steadily, providing long-term development power for the company.
Technological innovation has become one of the core drivers of the company’s development. The company’s performance growth tends to match the growth trend of perc and Se battery capacity. R & D and technical reserves, customer resources, services, product quality and team are the fundamental guarantee for the sustained and rapid growth of the company’s performance. The company has successfully applied laser processing technology to new high-efficiency Cecep Solar Energy Co.Ltd(000591) Cecep Solar Energy Co.Ltd(000591) , Hanhua new energy Risen Energy Co.Ltd(300118) and other international well-known photovoltaic enterprises cooperate with the company.
Investment suggestion: the company is the core supplier of Cecep Solar Energy Co.Ltd(000591) battery laser equipment in China. We expect the company to achieve an operating revenue of RMB 1.581/19.37/2.441 billion from 2022 to 2024, with a net profit attributable to the parent company of RMB 509/6.33/851 million respectively. The corresponding PE of the current stock price is 34x / 27x / 20x respectively. It is covered for the first time and given a “recommended” rating.
Risk tips: PV cell path changes, downstream demand is less than expected, etc.
