\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 24 Shenzhen S.C New Energy Technology Corporation(300724) )
2021: performance growth of 37%; Hjt, TOPCON, perovskite, semiconductor cleaning equipment multi-point flowering
1) performance in 2021: the revenue reached 5.05 billion yuan, with a year-on-year increase of 25%. The net profit attributable to the parent company was 720 million yuan, a year-on-year increase of 37%.
2) profitability: the gross profit margin was 24.6%, down 1.8pct year-on-year, mainly due to the decline in the gross profit margin of the company’s semiconductor doped deposition photovoltaic equipment and automation supporting equipment due to the intensification of market competition and the impact on the product sales price. The net interest rate was 14.14%, with a year-on-year increase of 1.5pct, mainly due to the continuous optimization of the company’s expense rate during the period (the core came from the optimization of Finance and sales expenses).
3) contract liabilities: 3.74 billion yuan, with a year-on-year increase of 42%. By the end of October 2021, the company’s orders on hand had reached 7.83 billion yuan.
4) inventory: 4.53 billion yuan, with a year-on-year increase of 34%. Among them, the issued goods accounted for 82% of the inventory (corresponding to 3.7 billion yuan). At the same time, the inventory turnover days of the company were significantly shortened from 433 days to 372 days in 2021, and the operation efficiency continued to improve.
5) R & D Investment: 240 million yuan, a year-on-year increase of 24%, accounting for 4.7% of revenue.
The core highlights of the company’s operation in 2021: hjt, TOPCON, perovskite and semiconductor cleaning equipment
1) hjt equipment: establish hjt pilot test line and accelerate research and development. Tubular PECVD enters process matching and mass production finalization, and par equipment is fully verified at the client. Create an efficient turnkey solution for the whole process of hjt technology.
2) TOPCON equipment: it has the ability to deliver the whole line of equipment. The core equipment “three in one” PE poly and boron diffusion equipment have been successfully delivered to customers for mass production, which solves the inherent difficulties of winding plating, high energy consumption and high loss of quartz parts in the production process of traditional TOPCON battery.
3) perovskite equipment: RPD equipment has obtained the order of pilot test line, and the whole perovskite line equipment has entered the research and development stage.
4) semiconductor cleaning equipment: the wholly-owned subsidiary Chuangwei electronics has independently developed 6-inch, 8-inch and 12 inch wet etching cleaning equipment, including basket and basket free trough equipment and single-chip equipment, covering a variety of front wet processes.
Q1 2022: the performance increased by 29% year-on-year, pushing the employee stock ownership + equity incentive plan to show development confidence
Quarterly results: 1.3 billion yuan, a year-on-year increase of 1.51%. The net profit attributable to the parent company was 270 million yuan, a year-on-year increase of 29%.
2) profitability: gross profit margin 27%, down 1.9pct year on year; The net interest rate was 20%, with a year-on-year increase of 2.2pct.
3) contract liabilities: 3.75 billion yuan, up 12.8% year-on-year. Inventory: up to 4.03 billion yuan, with a year-on-year increase of 5.5%.
4) Equity Incentive: in February 2022, the company announced the employee stock ownership plan for 2022. The actual controllers of the company, Yu Zhong (Chairman and general manager) and Zuo Guojun (vice chairman and deputy general manager), respectively, planned to subscribe 15 million copies (totaling 30 million yuan) with self raised funds. It helps to mobilize the enthusiasm of the company’s management and core employees, and improve the cohesion of all employees and the competitiveness of the company.
Profit forecast: optimistic about the company’s strategic position in the future development of photovoltaic and semiconductor industries and its growth in the next five years. It is expected that the net profit attributable to the parent company from 2022 to 2024 will be RMB 960 / 12.1/15 billion, with a year-on-year increase of 34% / 26% / 24%, corresponding to 17 / 14 / 11 times of PE. Maintain the “buy” rating.
Risk warning: the promotion speed of new technology does not meet expectations; The downstream expansion is less than expected; Bad debt risk of downstream customers
