\u3000\u3000 Suzhou Maxwell Technologies Co.Ltd(300751) (300751)
Events
On January 16, Suzhou Maxwell Technologies Co.Ltd(300751) released the performance forecast for 2021. It is expected that the annual net profit attributable to the parent company will be RMB 580-680 million, with a year-on-year increase of 47.05% – 72.4%, which is in line with the expectation.
Performance review
In the smooth transition of hand orders, the silk screen printing business grew steadily: the rapid growth of the company’s net profit in 2021 was mainly due to the steady growth of the company’s screen printing business. The company has been paying attention to technical optimization and maintaining good cooperative relations with head customers for many years. Therefore, it can still enjoy the technical dividend brought by the high market share under the background of the slowdown of perc’s production expansion. As of Q3 in 2021, the company’s contract liabilities were about 2.2 billion yuan, there were abundant orders on hand, and some heterojunction orders began to recognize revenue in the second half of the year. As the company’s heterostructure equipment orders will continue to increase, the company’s performance is expected to maintain rapid growth.
There are frequent good news and the leading position of heterojunction equipment is stable: since the second half of the year, the company has successively won the bid for Guangdong Golden Glass Technologies Limited(300093) 1.2gw, Huasheng phase II 2gw, Aikang phase II 4.4gw and other large heterojunction projects in China, accounting for more than 80% of the market. At the end of November 2021, REC ordered 400MW whole line equipment from Maiwei to realize the first export of domestic hjt whole line equipment. At the same time, REC plans to realize 15gw heterojunction capacity by 2023, which does not rule out the possibility of further deepening cooperation with Maiwei. According to our prediction, the market space of hjt is expected to reach 3.3/86/10.2 billion yuan from 2021 to 2023 respectively. As the leader of heterojunction whole line equipment, the company is expected to continue to earn income.
The cost reduction parameters of the third generation line deserve attention, or accelerate the penetration of heterojunction Technology: at the end of 2021, the company delivered 600MW heterojunction whole line equipment to Guangdong Golden Glass Technologies Limited(300093) and is currently waiting for commissioning. The core equipment of Guangdong Golden Glass Technologies Limited(300093) production line uses Maiwei 3.0 brand-new products, and introduces new processes such as annealing impurity absorption, MBB, 210 large size, front half chip, flake and microcrystalline silicon. It is a low-cost intelligent mass production hjt project, and the subsequent parameter disclosure deserves special attention.
Steadily enter the semiconductor equipment, and the subsequent orders can be expected: the company has a strong R & D team in the field of laser technology, and has successively achieved a breakthrough in the orders of semiconductor wafer laser slotting equipment and OLED flexible screen bending laser cutting equipment at the end of 2021. The layout of the company in the pan semiconductor field is expected to open a new growth space for the company.
Profit adjustment and investment suggestions
According to our latest judgment on the company’s order structure and hjt industrialization process, we raised the company’s net profit forecast for 2021-2023e to RMB 640 (+ 15%), 8.4 (+ 14%) and 1.18 (+ 32%) billion respectively, with corresponding EPS of RMB 6.22, 8.13 and 11.41 respectively. The current stock price corresponding to PE is 92, 70 and 50 times respectively, maintaining the “buy” rating.
Risk warning: order confirmation is less than expected; The demand for downstream orders is lower than expected; New business development was less than expected.
