The prospect of photovoltaic industry is broad, and the trend of large size and thin chip of silicon wafer is obvious. The photovoltaic industry continues to be booming, and the installation growth rate in the industry is about 30%. Silicon wafer is an important part of the main photovoltaic industry chain. with the progress of technology, the proportion of N-type silicon wafer is increasing, and the trend of large size and thin chip is becoming more and more obvious.
Deep ploughing photovoltaic for 20 years, equity centralized management is stable. The company's predecessor, Oriental Science and Technology, was founded in 2002, specializing in the R & D and production of crystal growth equipment. After years of development, it has formed a situation of taking the new wafer materials as the main industry and the coordinated development of power stations and silicon materials.
The first highlight of the company is that the production capacity of silicon wafers is expanding actively and the market share is increasing steadily. The expansion of first-and second-line silicon wafer enterprises is radical, the concentration of silicon wafer market is expected to decrease in 2022 and 2023, and the competition in the industry will become fierce. The market share of Beijing Express is expected to increase gradually from 3.27% in 2021 to 4.16% in 2022 and 5.76% in 2023, ranking sixth. The company's market share has gradually increased, and it has become the second-tier silicon wafer leader in China.
The second highlight of the company: the equipment is produced and sold by itself, and the cost advantage is remarkable. The company started as crystal growth equipment business, the main products include monocrystalline silicon growth furnace, polysilicon ingot furnace, zone furnace and other photovoltaic and semiconductor equipment. The total investment of the company's project is lower than that of other companies in the industry, and its main advantage is that its equipment is produced and sold by itself, which saves costs to a certain extent.
The third highlight of the company: participate in the upstream and open up the downstream, and enhance the competitiveness. As of June 2022, the company has signed long wafer and rod sales orders with Tianhe, Aixu, Jingao, Jiangsu Xinchao, Tongwei and Jiangsu Runyang, which will help to continue to promote the company's performance by binding downstream customers. In terms of power stations, by the end of 2021, the company's grid-connected photovoltaic and wind power stations have a total installed capacity of 1392.97MW, and electricity revenue provides the company with a stable cash flow. In addition, the company participates in Tongwei's silicon production capacity to further ensure the security of the supply chain.
Performance Forecast and valuation: the company is an operator of photovoltaic wafers and new energy power stations. With the gradual release of wafer capacity and equity silicon production capacity, high performance growth is expected. It is estimated that the return net profit of the company from 2022 to 2024 is 10.91,18.76 and 2.668 billion yuan respectively, the EPS is 0.45,0.78,1.10 yuan respectively, and the corresponding PE is 19,11 and 8 times respectively.
Risk tips: upstream raw material prices continue to rise sharply, resulting in lower-than-expected demand; increasingly fierce competition in the industry; energy consumption double control related policies become more stringent as a whole.
