\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 24 Shenzhen S.C New Energy Technology Corporation(300724) )
The company issued the annual report of 2021. 1) In 2021, the company achieved a revenue of 5.047 billion yuan, a year-on-year increase of + 24.80%; The net profit attributable to the parent company was 717 million yuan, a year-on-year increase of + 37.16%. 2) From the fourth quarter alone, the revenue was 1.302 billion yuan (year-on-year + 35.56% / month on month + 16.04%); The net profit attributable to the parent company was 118 million yuan (year-on-year + 62.69% / month on month – 16.80%); 3) 2022q1: the company achieved a revenue of 1.363 billion yuan (year-on-year + 15.77% / month on month + 4.69%); The net profit attributable to the parent company was 273 million yuan (year-on-year + 29.26% / month on month + 131.64%).
The revenue of wet equipment business still maintained a high growth rate. In 2021, in terms of revenue, process equipment (including dry process and wet process equipment) and automation supporting equipment reached 4.2 billion yuan and 680 million yuan respectively, with a year-on-year increase of 22.62% and 44.72%. Among them, the subsidiary Changzhou jiejiachuang is mainly engaged in cleaning, cashmere making, etching and other equipment and production. We roughly calculate the revenue scale and corresponding growth rate of wet and dry process equipment through the revenue of the subsidiary. It is expected that the wet and dry process equipment will be 1.439 billion yuan and 2.761 billion yuan respectively, with a year-on-year increase of 73.6% and 6.3%. Benefiting from the high prosperity of the photovoltaic industry, the company’s wet equipment continued to maintain high growth. In terms of gross profit margin, the company’s equipment and automation equipment were 26.22% and 9.38% respectively, with a year-on-year increase of + 0.38pct / – 12.46pct. We believe that it is mainly due to the adjustment of the sales mode of automation equipment, which leads to the obvious decline of gross profit margin. With the advancement of standardized production process, the gross profit margin of automation equipment may increase. In addition, due to the more mature production process of the company’s wet equipment, the gross profit margin is relatively high. Wet equipment continued to maintain a high growth rate, which also contributed to the improvement of the company’s gross profit margin in the first quarter of 2022.
During this period, the expense rate remained basically stable and the profitability was significantly restored. In 2021, the company’s sales expense rate / management expense rate / R & D expense rate were 1.41% / 2.01% / 4.71% respectively, with a year-on-year rate of -0.59pct / – 0.10pct / – 0.02pct respectively, and the expense rate remained basically stable during the period. In terms of operating cash flow, the net cash inflow from the company’s operating activities in 2021 was 1.349 billion yuan, a year-on-year increase of 304.33%. We believe that it is mainly due to the continuous growth of orders and the increase of payment recovery with the expansion of the company’s business scale.
A number of photovoltaic cell technology fields have layout and achieved phased breakthroughs. 1) TOPCON field: at present, 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, and LPCVD has also been verified at the client. 2) Hjt field: the company’s tubular PECVD has entered the stage of process matching and mass production finalization, which is expected to help reduce the cost and increase the investment of the whole line of hjt battery equipment; In addition, the par independently developed by the company continues to optimize, stabilize performance and promote the conversion efficiency of heterojunction battery. At present, it has been fully verified on the client. 3) Perovskite battery field: the company’s RPD equipment has obtained the order of perovskite pilot line, and the whole line equipment has also entered the research and development stage.
Investment suggestion: we expect the company to achieve a revenue of 5.795/69.56/8.454 billion yuan from 2022 to 2024, and a net profit attributable to the parent company of 8.71/10.68/1.335 billion yuan, with a year-on-year increase of 21.4% / 22.6% / 24.9%. The corresponding PE of the current stock price is 24 times / 19 times / 15 times respectively, maintaining the “recommended” rating.
Risk tip: the downstream demand of photovoltaic is less than expected, and the battery path changes.
