\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 24 Shenzhen S.C New Energy Technology Corporation(300724) )
Key investment points
Event: the company released its 2021 annual report and the first quarterly report of 2022. Among them, in 2021, the company realized a revenue of 5.047 billion yuan, a year-on-year increase of + 24.80%, and a net profit attributable to the parent company of 717 million yuan, a year-on-year increase of + 37.16%; In the first quarter of 2022, the revenue was 1.363 billion yuan, a year-on-year increase of + 15.77%, and the net profit attributable to the parent company was 273 million yuan, a year-on-year increase of + 29.26%.
Operating performance continued to rise steadily and profitability began to recover.
(1) growth analysis: in 2021, the company's revenue increased by 24.80% year-on-year; The net profit attributable to the parent company increased by 37.16% year-on-year. In the first quarter of 2022, the company's revenue increased by 15.77% year-on-year, and the net profit attributable to the parent company increased by 29.26% year-on-year. In 2021, the company's contract liabilities were 3.749 billion yuan, with a year-on-year increase of 12.74%, indicating that the company has good orders on hand, which is expected to provide support for the growth of the company's performance.
(2) profitability analysis: in 2021, the company's gross profit margin was 24.60%, down 1.83 PCT year-on-year, mainly due to the low gross profit margin of photovoltaic automation supporting equipment. The profitability of the company began to recover in the first quarter of 2022, of which the gross profit margin was 27.13%, up 2.53pct month on month, and the net sales profit margin was 19.99%, up 2.18pct. We believe that it is mainly due to the acceptance of new equipment with high gross profit margin and the effect of cost control.
(3) analysis of operating cash flow: the net operating cash flow of the company in 2021 was 1.349 billion yuan, with a year-on-year increase of 304.33%; In the first quarter of 2022, the net operating cash flow of the company was 339 million yuan, a year-on-year increase of 13.62%. The improvement of the company's cash flow shows that the company's payment recovery is good and the operation quality is excellent.
(4) continuously increase R & D Investment: in 2021, the company invested 238 million yuan in R & D, with a year-on-year increase of 24.38%. In the first quarter of 2022, the company invested 63 million yuan in R & D, with a year-on-year increase of 20.46%. On the basis of maintaining China's leading products and technologies, the company continues to increase resource investment in technical research and new product development, and promote the R & D of high-efficiency battery devices. By the end of 2021, the group company had obtained 428 patents, including 45 invention patents, 360 utility model patents and 23 design patents.
In 2021, the company comprehensively laid out the field of photovoltaic and semiconductor equipment to promote the steady development of the company.
(1) in the field of photovoltaic equipment: in the technical route of hjt, the company independently develops the host equipment of hjt cashmere making, amorphous silicon coating, TCO, screen printing and other processes, with complete intellectual property rights; The company's innovative tubular PECVD has entered the process matching and mass production finalization; The independent research and development of heterojunction contributes to the efficiency reduction of the company. On the technical route of perovskite battery, the company's RPD equipment has obtained the order of perovskite pilot line, and its whole line equipment has entered the research and development stage. In the technical route of TOPCON, the company's TOPCON PE poly whole line equipment has realized the "three in one" preparation of tunneling layer, poly layer and in-situ doping layer, which has obvious cost advantages, investment advantages, efficiency advantages and yield advantages. It has been successfully delivered to the customer Jiangsu Runyang for mass production and operation. The total number of orders won by the company's TOPCON battery equipment in 2021 has been nearly 30GW, which is expected to accelerate the large-scale industrialization of TOPCON battery in the future.
(2) in the field of semiconductor equipment: the company has independently developed 6-inch, 8-inch and 12 inch wet etching and cleaning equipment, including basket and basket free trough equipment and single-chip equipment, covering a variety of front wet processes, realizing the expansion of the company in the field of semiconductor equipment.
Maintain the "buy" rating. Based on the judgment of the company's new orders and their confirmation cycle, we adjust the profit forecast. It is estimated that the company's net profit attributable to the parent company from 2022 to 2024 will be RMB 929 million, RMB 1.200 billion and RMB 1.460 billion (the previous value is: the net profit attributable to the parent company from 2022 to 2023 will be RMB 1.256 billion and RMB 1.768 billion), and the corresponding PE will be 18 / 14 / 11 times respectively.
Risk tip: the risk of changes in photovoltaic policies, the risk of less than expected expansion of production, and the risk of increasing market competition.
