\u3000\u3000 Fujian Haiyuan Composites Technology Co.Ltd(002529) (002529)
The king of Saiwei returned and bound SDIC to enter the photovoltaic industry.
The company started with the business of press, whole line equipment and composite products, and quickly became the leader of the industry. In 2020, Jiangxi Saiwei power, the former photovoltaic leader, acquired 57.2 million shares of the company and became the largest shareholder. In the future, it is expected to build a new business growth pole for the company with its years of accumulation in the photovoltaic field.
The company has carried out in-depth cooperation with SDIC. On the one hand, SDIC plans to participate in the company’s annual additional issuance in 2021; On the other hand, in March 2021, SDIC reached cooperation with the company to jointly develop high-efficiency photovoltaic cells, energy and heat storage technology and other projects. SDIC and its management enterprises will purchase photovoltaic module products of no less than 700MW from the company in the next three years to improve the company’s performance.
Industry level: heterostructures face cost bottlenecks, and new technologies are expected to boost cost reduction and efficiency.
Heterojunction is the fifth technological revolution in the photovoltaic industry and has subversive properties. At present, the main reason why heterojunction technology is difficult to be popularized on a large scale is the high cost. It is estimated that the cost of heterojunction battery is more than 0.2 yuan / W higher than perc. We believe that ingot single crystal + copper plating is expected to solve the cost pain point of heterojunction.
On the one hand, the ingot single crystal is cast by polycrystalline ingot, which has cost advantages in silicon material cost and energy consumption, and is expected to be about 20% lower than the total cost of conventional Czochralski single crystal. On the other hand, as a new metallized electrode scheme, copper electroplating does not use silver paste at all, which can save more than 60% of the cost of metallized electrode. According to the company’s calculation, the cost per watt can be reduced to less than 1 yuan by double-sided copper plating of 120um n-type ingot single crystal heterojunction battery, which has obvious cost performance advantages.
Company level: the layout of ingot single crystal + copper electroplating is leading, and the 10 billion project is located in Yangzhou.
As the major shareholder of the company, Savi’s technical team cooperated with academician Chen Xianhui’s team to develop the world’s first rotary casting single crystal furnace, realizing high yield and low cost of casting single crystal silicon. The yield exceeds 50%, and the cost is 20% lower than that of the traditional direct drawing single crystal process. At present, Savi has become the leader of ingot single crystal in China. At the same time, in November 2021, the company signed the equipment sales framework contract with Suzhou jiedebao, which is the leader of copper electroplating equipment in China. At present, there are about 12 customers verified outside China, including 8 for hjt production line and 4 for TOPCON production line. There are small batch production of copper electroplating equipment, which is expected to be used for production line configuration at the beginning of next year.
The 10 billion project landed in Yangzhou, and local enterprises cooperated to build an “optical storage and charging” industrial park. In November 2021, the company signed the new energy industry framework cooperation agreement with the Management Committee of Yangzhou Economic Development Zone, Southwest Securities Co.Ltd(600369) , Huaneng Power International Inc(600011) and Jiangsu Huahui, with a total investment of about 30 billion yuan. Through multi-party cooperation with large state-owned enterprises and taking advantage of Yangzhou “optical storage and charging” industrial park to give full play to industrial synergy, it is expected to help the company accelerate the implementation of heterojunction projects in the future.
For the first time, give a “buy” rating. We believe that Fujian Haiyuan Composites Technology Co.Ltd(002529) has achieved a leading position in the field of ingot single crystal and copper electroplating
Layout first, fit the current pain points of heterojunction industry, and accelerate the project implementation through cooperation with state-owned enterprises such as state power investment, which is expected to achieve rapid development in the future. It is estimated that the net profit attributable to the parent company in 2021-23 will be – 86 million yuan, 212 million yuan and 1.015 billion yuan respectively, and the corresponding PE will be – 70, 29 and 6 times respectively. For the first time, give a “buy” rating.
Risk tip: the project capacity promotion is not as expected; Risks of policy changes in photovoltaic industry; The risk of weakening the leading edge of technology; The risk that the company’s sales volume and gross profit margin are lower than expected due to the intensification of industry competition; Price fluctuation risk of raw materials; The risk that the information used in the research report is not updated in time.
