\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 51 Suzhou Maxwell Technologies Co.Ltd(300751) )
Event: on May 20, 2022, the company plans to jointly invest 320 million yuan with the controlling shareholder to establish Zhuhai Maiwei as the implementation subject of the semiconductor project. The company and its proposed subsidiary, Zhuhai Maiwei, intend to sign a cooperation agreement with Zhuhai high tech Zone and plan to invest 2.1 billion yuan in the construction of Maiwei semiconductor equipment project.
Heavy overweight semiconductor, flat panel display and other equipment layout, hjt whole line leader gives consideration to multi curve development. According to the information of Zhuhai high tech Zone, the company will invest in the construction of semiconductor manufacturing line and PCB production line in Zhuhai high tech Zone on January 15 Suzhou Maxwell Technologies Co.Ltd(300751) as the leader of perc silk screen printing equipment, it turns to hjt whole line with ultra-high R & D efficiency. At the same time, relying on the technologies in laser, graphic printing, vacuum and other links, it develops to semiconductor packaging and flat panel display. According to the official wechat official account of Suzhou Maxwell Technologies Co.Ltd(300751) the company’s semiconductor equipment layout includes semiconductor wafer laser upgrading and cutting equipment, semiconductor wafer laser slotting equipment, semiconductor wafer grinding equipment, etc., OLED flat panel display layout flexible screen laser cutting equipment, OLED flexible screen automatic laser repair equipment, OLED flexible screen laser profiled cutting equipment, OLED flexible screen laser drilling equipment, and flexible screen laser marking equipment; Mini LED wafer laser modification and cutting equipment, micro LED wafer laser stripping equipment, LED wafer laser surface cutting equipment and mini LED wafer splitting equipment are arranged in the micro led field. The 2.1 billion yuan overweight semiconductor and flat panel display will further strengthen Mai’s layout in the pan semiconductor field.
Orders for semiconductors and flat panel display devices continued to break through, and share repurchases encouraged core employees. Semiconductor packaging equipment, panel array and cell end equipment have a wide replacement space. In terms of semiconductor, the company has successively signed supply agreements with Jcet Group Co.Ltd(600584) , Sanan Optoelectronics Co.Ltd(600703) on semiconductor wafer laser slotting equipment at the end of 2021, and signed trial orders with five other enterprises. In addition to laser slotting equipment, the company’s semiconductor wafer laser modification and cutting equipment has also moved from R & D to product verification. In terms of panels, according to the international bidding network, since October 2021, the company has won 6 orders from BOE, including 4 panel repair machines (Chengdu BOE), 2 bending cutting machines (1 Mianyang and 1 Chongqing), 1 flat panel display substrate cutting machine (Chongqing), 1 laser drilling machine (BOE Chongqing) and 14 film cutting machine equipment transformation (Chengdu BOE); And won the bid for one micro LED laser stripping machine in Jiageng Innovation Laboratory (approved by Fujian provincial government and the first class II institution jointly organized by Xiamen municipal government and Xiamen University). Semiconductor packaging and flat panel display orders continue to break through. In addition, the company issued a repurchase plan on February 15, 2012. The total amount of repurchase funds is not less than 162.5 million yuan (inclusive) and not more than 325 million yuan (inclusive). All the repurchased shares are used for employee stock ownership plan or equity incentive. As of April 30, the Company repurchased 436000 shares of the company through centralized bidding transaction, accounting for 0.25% of the total share capital of the company, with a total payment amount of RMB 139.8 million, strengthening the enthusiasm of middle and senior managers and core backbone of the company.
Focus on the progress of hjt orders and parity in 2022. According to the company’s announcement on April 17, Reliance Industries will purchase 8 complete lines of 4.8gw hjt from the company, exceeding 50% of its 21-year revenue. In addition, after announcing the capacity expansion plan of Anhui 4.8gw double-sided microcrystalline hjt battery, Huasheng new energy signed an agreement with Dali state government and Huaneng Lancang River Hydropower Inc(600025) to invest in the construction of 5GW high-efficiency hjt battery and components in Dali on the afternoon of May 18. In addition to the high increase of leading orders brought about by the expansion of hjt production, the improvement of hjt efficiency and the reduction of the cost of slurry, silicon wafer and target have brought about parity progress, which is also the focus of the work of hjt industry this year. After the single-sided microcrystalline efficiency has been preliminarily verified by Huasheng, Guangdong Golden Glass Technologies Limited(300093) etc., we expect that catalysts such as silver clad copper and silicon wafer thinning will be intensively released in the second half of the year. At that time, the single w cost of hjt battery is expected to be significantly reduced, attracting more leading enterprises to increase their production.
Profit forecast and investment suggestions: it is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 890 / 14.4 / 2.04 billion, corresponding to PE 72 / 45 / 31x, maintaining the “overweight” rating.
Risk tip: the iteration of photovoltaic technology is less than expected, the research and development of new technology is less than expected, and the market competition intensifies the risk.
