occurrences
The first HJT battery project of the company went offline
On March 12, the first of King Kong Glass's 210 size HJT batteries went offline successfully in the photovoltaic cell workshop of the Wujiang plant.
Brief review
The world's first GW grade 210 heterojunction battery line, leading binding equipment, the advanced process King Kong Glass 1.2 GW heterojunction battery project is the world's first GW grade mass produced 210 size, 600 MW single-wire production capacity, and a microcrystalline process with mass production efficiency of 24.5% or more. The project uses full-line heterojunction equipment from the equipment leader Mai Co., Ltd., equipped with an MES tracking system, which can achieve piece-level tracking and traceability for large-scale mass production, use big data to achieve precise online process control, and realize digital intelligent manufacturing.
The target power of component products is 710W, which is expected to significantly reduce LCOE
According to the HJT700+W double glass double-sided HJT component parameters released by King Kong, the component product has excellent performance. Among them, the component parameter power is 710W. Based on 210 half-sheets (1303x2384x35mm), the component conversion efficiency is 22.9%, the attenuation is 85% over 30 years, the temperature coefficient is -0.24%, and the double-sided ratio is over 90%. At the same time, it has a high low light response and no PID/LID, which can significantly reduce LCOE.
The parameters are now steadily being debugged, and subsequent indicator data is being tracked
At present, the company is streaming the film for the first time. Various parameters are still being tested, and no stable data has yet been released. We judge that according to the industry's normal flow level, it is expected that the company will have small-batch mass production and related stable data by April, and it is expected that the next stage of battery module expansion projects will be promoted. If progress and data are smooth, it will significantly improve the valuation and performance expectations of the company and related equipment companies. It is recommended to continue to monitor progress.
Maintain the company's “increase holdings” rating
Profit forecast and valuation: It is estimated that in 2021-2023, the company will achieve operating income of 321/14.82/2,585 million yuan respectively, and net profit of -174/0.32/122 million yuan, corresponding to the current PE of -46/250/66 times respectively.
Risk warning: HJT production line construction fell short of expectations; traditional main business performance fell short of expectations; industry competition intensified.