Introduction to this report:
The average PE of Hangxiao Steel in 2022 was 24 times, and the average PE of heterojunction perovskite companies was 99 times. Net profit increased 48% in Q2, which accelerated over the same period last year.
A pilot line for heterojunction perovskite laminated batteries is scheduled to be completed by the end of '22 and put into operation in May '23, with a target efficiency of over 28%.
Key points of investment:
Maintain the increase in holdings. Maintain the forecast EPS growth rate of 0.21/0.26/0.3 yuan in 22-24, 24/21/ 17%, and maintain the target price of 8.54 yuan, corresponding to 40 times PE in 2022.
Net profit of the mother increased 4% in the first half of the year, with Q2 increasing 48% faster compared to the same period last year. (1) Revenue of 4.6 billion yuan in the first half of 22 increased 6% (22Q1/Q2 increased 10/ 2%, 21Q1-Q4 increased 108/31/4/ -7%), and net profit of 190 million yuan increased 4% (22Q1/Q2 increased -40/ 48%, 21Q1-Q4 increased -59/-65/6/ -33%); (2) 22 gross profit margin for the first half of the year was 14.91% (+0.35pct), net interest rate of 4.06% (-0.08pct), weighted ROE 3.71% (-0.71pct). (3) Operating cash flow - 424 million yuan (same period in '21 - 506 million yuan), accounts receivable of 1.37 billion yuan (1.45 billion yuan at the end of 21), balance ratio 57% (60.6% at the end of '21).
In the first half of the year, 8.1 billion new BIPV contracts were signed, an increase of 36%. As of August 26, Hete Optoelectronics signed a new BIPV contract of 37.62 million yuan. (1) In the first half of the year, 8.1 billion new contracts were signed, an increase of 36%, of which 5.3 billion (66%) were signed for steel structures, an increase of 36%, and the number of new contracts signed by Wanjun Green Construction increased by 33% (accounting for 33%). (2) At the end of 2021, it held 65% of Hete Optoelectronics's million-square BIPV intelligent production line and put it into operation. As of August 26, 22, a total of 37.62 million new contracts had been signed, including the Hebei Huanghua Yuguang complementary photovoltaic power generation project and the Hangzhou West Railway Station BIPV procurement project.
The pilot line of heterojunction perovskite batteries is scheduled to be put into operation in May '23, and the company's competitive advantage has been underestimated. (1) Hete Optoelectronics will pilot the “High Efficiency Heterojunction+Perovskite Laminated Battery” to be built in 2022. The conversion efficiency target for mass production is not less than 28%. It is scheduled to be put into operation in May 23. (2) Compared with the current progress of its peers, Hete Optoelectronics completed the laboratory stage ahead of schedule in this technical direction, and has basically met the technical conditions for putting the production line into operation. (3) The commissioning of the laminated battery production line not only allows BIPV products to have more room to reduce costs on the manufacturing side, but also effectively enhances the economic efficiency of the products and increases the market competitiveness of the products.
Risk warning: fluctuating raw material prices, project progress falling short of expectations, recurrent epidemics