\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 24 Shenzhen S.C New Energy Technology Corporation(300724) )
Event overview
The company issued the annual report of 2021 and the first quarterly report of 2022. In 2021, the company realized an operating revenue of 5.047 billion yuan / yoy + 24.80%; The net profit attributable to the owner of the parent company is 717 million yuan / yoy + 37.16%. In the first quarter of 2022, the revenue was 1.363 billion yuan / yoy + 15.77%, and the net profit attributable to the parent company was 273 million yuan / yoy + 29.26%.
Analysis and judgment:
Both revenue and profit increased, and the ability of expense control was strong
1) benefiting from the high vision of the photovoltaic industry and the strong competitiveness of the company, the company’s revenue and net profit attributable to the parent company increased in 21 years. In a single quarter, the revenue and net profit attributable to the parent company of 21q4 were 1.302 billion yuan and 118 million yuan respectively, with a year-on-year increase of 35.61% and 62.69%. In terms of profitability, the company’s gross profit margin decreased slightly from 1.83pct to 4.60% in 21 years, mainly due to the rise of raw material prices; The net interest rate was 14.14%, with a year-on-year increase of 1.49pct. The company’s expense control ability was strengthened. The sales / Management (including R & D) / financial expense rates in 21 years were 1.41%, 6.71% and -0.13% respectively, with year-on-year changes of -0.59pct, – 0.13pct and -1.42pct respectively.
2) 22q1 company achieved an operating revenue of 1.363 billion yuan, an increase of 15.77% on a month on month basis, and the revenue recognition was accelerated; The net profit attributable to the parent company was 273 million yuan, a year-on-year increase of 29.26%. In terms of profitability, the gross profit margin and net profit margin of 22q1 company were 27.13% / 19.99% respectively. The gross profit margin decreased by 1.84pct year-on-year and the net profit margin increased by 2.18pct year-on-year.
Rich technical reserves and smooth progress in multi field layout
While continuously developing perc business space, the company actively distributes TOPCON, hjt, perovskite and other technologies. At the same time, actively expand to the semiconductor industry, and the second growth curve can be expected.
1) on the Topcon technical route, the company has the ability to deliver the whole line of equipment. The core equipment PE poly and boron diffusion equipment have been successfully delivered to customers for mass production and operation. LPCVD has also been verified at the client. Among them, PE poly realizes the “three in one” preparation of tunnel layer, poly layer and in-situ doping layer, which not only solves the inherent difficulties of winding plating, high energy consumption and high loss of quartz parts in the production process of traditional TOPCON batteries, Moreover, the in-situ doping process time is greatly shortened, the production efficiency is improved, and the conversion efficiency and yield of TOPCON are effectively improved.
2) on the technical route of hjt, create a turnkey solution for the whole process of efficient hjt technology, establish a pilot test line of hjt in Changzhou, and the first high-efficiency battery of the pilot test line of hjt will be offline in July 2021. The company’s innovative tubular PECVD has entered the process matching and mass production finalization; Par independently developed by the company continues to optimize, stabilize performance and help heterojunction reach a new high. Its significant advantages in conversion efficiency have been fully verified at the client.
3) on the technical route of perovskite battery, the company’s RPD equipment has obtained the order of perovskite pilot line, and the whole line equipment of perovskite has also entered the research and development stage.
4) in the field of semiconductor equipment, Chuangwei electronics, a wholly-owned subsidiary of the company, 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 strategic expansion of the company from the field of photovoltaic equipment to the field of semiconductor equipment.
Investment suggestion: we adjusted the forecast of the company’s revenue of 7.779 billion yuan and 10.797 billion yuan in 22-23 years to 6.834 billion yuan and 8.437 billion yuan, and increased the forecast of 24-year revenue of 10.85 billion yuan; Adjust the forecast of the company’s 22-23 year net profit attributable to the parent company of 1.223 billion yuan and 1.671 billion yuan to 1.156 billion yuan and 1.499 billion yuan, and increase the forecast of 24-year net profit attributable to the parent company of 1.938 billion yuan; Adjust Eps3 in 22-23 years 52 / 4.81 yuan to 3.32 yuan and 4.30 yuan, increasing the 24-year EPS forecast by 5.57 yuan. Corresponding to the closing price of 47.59 yuan / share on April 26, 2022, PE in 22-24 years is 14, 11 and 9 times respectively. Maintain the “buy” rating.
Risk tip: the prosperity of downstream industries is less than expected, product R & D is less than expected, competition is intensified, etc.
