This report is read as follows:
The first pilot line of crystalline silicon thin film + perovskite laminated battery is scheduled to be put into production by the end of 22 years, with a target conversion efficiency of more than 28%. The capital increase holding company has an annual production capacity of 1 million square meters of BIPV intelligent production line, and the company's performance has been accelerated by the stable growth policy.
Main points of investment:
Maintain and increase holdings. Maintain the forecast for 22-24 EPS0.21/0.26/0.3 yuan growth rate of 240.21 pound 17%. The heterojunction battery pilot line is scheduled to be put into production by the end of the year, raising the target price to 6.94 yuan, corresponding to 33 times PE in 2022.
Layout of digital intelligent manufacturing, industrial Internet platform, BIPV, steady growth plus performance accelerated reversal. (1) in November, 21, the first intelligent production line with an annual output of 1 million square meters of BIPV was officially put into production, and a total contract of more than 2300 million yuan was signed by April 22. (2) build an industrial Internet platform to expand digital capacity scheduling services beyond the expansion of enterprises' own capacity. By the end of May 22, the production efficiency of Xiaoshan factory production line had increased by more than 35% compared with the same period last year, and the production cycle had been shortened by more than 17%. (3) 830 million yuan was raised at 3.86 yuan per share in February, and the lock-up period was 6 months.
The world record of heterojunction battery efficiency has been refreshed again, and the path of cost reduction is clear and feasible when the economic inflection point is approaching. (1) the conversion efficiency of Longji heterojunction battery reached 26.5% to set a new world record, and King Kong Glass has achieved an average mass production efficiency of 24.95% of 210-size microcrystalline HJT. (2) according to the forecast of China Photovoltaic Industry Association, the market share of heterojunction cells will reach nearly 40% by 2030. (3) the cost reduction is promoted by MBB multi-main gate, silver-coated copper paste, localization of silver paste and thin silicon wafer, and the economic inflection point is approaching.
The first test line of crystalline silicon thin film + perovskite laminated battery is scheduled to be put into production by the end of 22 years, and the target conversion efficiency is more than 28%. (1) Hete Optoelectronics has completely independent intellectual property rights, the company's crystal silicon thin film / heterojunction perovskite laminated battery technology, through new materials and new processes to adjust the semiconductor material band gap and interface passivation, can achieve more than 30% conversion efficiency. (2) the first pilot line of crystalline silicon thin film + perovskite laminated battery is planned to be put into production by the end of 22nd, and the target conversion efficiency is more than 28%. The production line will greatly increase the market competitiveness of Hete optoelectronic products. (3) Heterojunction battery target company average PE92, company PE24.
Risk tips: raw material price fluctuations, project progress is not as expected, epidemic situation is repeated.