\u3000\u3 Shengda Resources Co.Ltd(000603) 396 Yingkou Jinchen Machinery Co.Ltd(603396) )
2021: performance declines by 26%; The R & D investment increased rapidly, and the hjt and TOPCON equipment continued to be overweight
1) performance in 2021: the revenue reached 1.61 billion yuan, with a year-on-year increase of 52%. The net profit attributable to the parent company was 60 million yuan, a year-on-year decrease of 26%.
2) profitability: the gross profit margin was 30.1%, with a year-on-year decrease of 4.5pct, mainly due to the intensified market competition of component production lines and the rise in the price of bulk raw materials. The net interest rate was 4.8%, with a year-on-year decrease of 3.4pct, mainly due to the increase of R & D investment and the provision for credit impairment.
3) contract liabilities: 520 million yuan, with a year-on-year increase of 28.7%. It is expected that the company will fully benefit from the downward demand for double-layer automation components in the Chinese market in 2022. At the same time, the company continued to overweight hjt and TOPCON equipment, increasing the company’s future order growth potential.
4) inventory: up to 940 million yuan, with a year-on-year increase of 17%. Among them, the issued goods accounted for 57% of the inventory (corresponding to RMB 550 million). At the same time, the inventory turnover days of the company were shortened from 357 days to 278 days in 2021, and the operation efficiency continued to improve.
5) R & D Investment: 130 million yuan, a significant increase of 80% year-on-year, accounting for 8.1% of revenue. This is mainly due to the increase of investment in R & D materials for hjt’s prototype production of PECVD and other projects.
Highlights of the company’s operation in 2021: hjt technology and TOPCON technology two wheel drive
1) module equipment: it has the “whole chain” supply capacity of photovoltaic module equipment. In 2021, the company’s new orders for photovoltaic module equipment reached a record high, and its overseas business achieved considerable development. And actively layout the next generation of new hjt chip high-efficiency component packaging technology.
2) battery equipment: the company actively carries out R & D and market expansion of PECVD, the core production equipment of photovoltaic hjt and TOPCON high-efficiency batteries. Among them, PECVD equipment for amorphous hjt has been verified by Jinneng production line. The average efficiency of 166 size battery chips has reached 24.38%, and the average efficiency of the optimal batch has reached 24.55%. Meanwhile, the company’s first microcrystalline hjtpecvd equipment has been delivered to Jinneng technology.
Q1 in 2022: the performance increased by 6% year-on-year, and the R & D investment continued to increase
1) performance of the first quarterly report: the revenue was 460 million yuan, with a year-on-year increase of 57.5%. The net profit attributable to the parent company was 28 million yuan, a year-on-year increase of 5.6%.
2) profitability: gross profit margin 29.9%, down 4.8pct year on year; The net interest rate was 6.4%, down 3.6pct year-on-year.
3) contract liabilities: up to 480 million yuan, down 1.3% year-on-year. Inventory: up to 990 million yuan, with a year-on-year increase of 23.5%.
4) R & D Investment: RMB 30 million, with a significant year-on-year increase of 70%, accounting for 6.6% of revenue.
Profit forecast
It is estimated that the net profit of the company from 2022 to 2024 will be 140 / 2 / 280 million yuan, with a year-on-year increase of 124% / 48% / 40%, corresponding to 40 / 27 / 19 times of PE. Considering the scarcity of photovoltaic heterojunction equipment of the company, the “buy” rating is maintained.
Risk warning: the photovoltaic demand is lower than expected; The propulsion speed of heterojunction battery is not as expected; The downstream expansion was less than expected.
