\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 76 Wuhan Dr Laser Technology Corp.Ltd(300776) )
Core view
In 2021, the revenue increased by 17.21% year-on-year, and the net profit attributable to the parent company increased by 2.11% year-on-year. The company achieved a revenue of 1.257 billion yuan in 2021, with a year-on-year increase of 17.21%; The net profit attributable to the parent company was 381 million yuan, with a year-on-year increase of 2.11%. The performance growth was mainly due to the continuous improvement of the prosperity of the photovoltaic industry, the continuous iteration of technology and the strong demand for perc laser ablation equipment and Se laser doping equipment. In 2021, the gross profit margin / net profit margin was 45.42% / 30.32%, with a year-on-year change of -1.12 / – 4.48 PCT. In 2021, the company’s sales / management / R & D / financial expense ratio was 2.91% / 2.59% / 8.24% / – 1.81%, with a year-on-year change of -0.28 / + 0.15 / + 2.98 / + 1.33 PCTs. The increase in R & D expense ratio was due to the company’s increase in R & D investment in new products and processes, and the increase in financial expense ratio was due to the accrual of interest on convertible bonds. The net operating cash flow of the company was 237 million yuan, a year-on-year increase of 67.70%. In 2022q1, the revenue was 311 million yuan, a year-on-year increase of 13.25%; The net profit attributable to the parent company was 93 million yuan, a year-on-year increase of 26.37%.
R & D investment continues to increase and actively expand new application fields. The company’s R & D expenses in 2021 were 104 million yuan, a year-on-year increase of 83.74%. The company continues to increase R & D investment and enhance technological innovation ability. It has made R & D layout for perc battery process, n-type battery process and perovskite process, and has made a number of breakthroughs. Among them, in terms of hjt battery, the company’s LIA laser repair technology has obtained mass production orders; In terms of IBC battery, the company’s laser slotting technology has been mass produced; In terms of components, the company’s laser non-destructive dicing has been delivered with mass production equipment. In August 2021, the company raised 840 million yuan through the issuance of convertible bonds, mainly for the R & D of laser printing technology and the application of laser technology and equipment in new display industry, so as to further expand the types and fields of the company’s products.
Laser equipment may increase both quantity and price, and transfer technology opens up new growth space. The company is a leader in photovoltaic laser equipment. Its main products are photovoltaic laser processing equipment. Its customers include photovoltaic leaders such as Longji, Tongwei and Jingke. At the same time, the company actively extends to the fields of high-end consumer electronics and display panels. Under the background of the continuous increase of new installed capacity of global photovoltaic and the iterative upgrading of n-type cell technology, the market demand of laser equipment and the value of single GW are expected to continue to increase, and the company, as an industry leader, is expected to benefit deeply. In addition, the laser transfer technology mainly developed by the company has many advantages over screen printing: 1) the grid line is thinner and saves slurry; 2) High consistency and uniformity of printing; 3) It can realize the fixed grid shape and improve the electrical performance; 4) Reduce cracks, fragments, pollution, scratches and other problems. At present, the prototype can be used in top and con line, and the effect is good. Under the background of continuous cost reduction of n-type battery, laser transfer printing is expected to open up new growth space for the company.
Risk warning: downstream expansion is less than expected; The promotion of new products is less than expected; Market competition intensifies.
Investment suggestion: photovoltaic cells have entered a new round of technology expansion cycle. As the leader of laser equipment, the company is expected to benefit deeply. We expect that the net profit attributable to the parent company in 202224 will be RMB 491 / 636 / 831 million, corresponding to PE40 / 31 / 24 times. It will be covered for the first time and given a “buy” rating.
