This report is read as follows:
On Sept. 29, the company said on the investor interactive platform that the pilot project in the laminated battery is progressing normally as planned. In the first three quarters, 12.5 billion new signatures increased by 26%, of which steel structure new signatures 9.1 billion increased by 34% (73%).
Main points of investment:
Maintain and increase holdings. The results for the third quarter were lower than expected. The forecast for 2022-24 EPS0.14/0.17/0.20 (formerly 0.211x0.26x0.3) was reduced by-2821max 15%, and the target price was lowered to 6.1RMB, corresponding to 45 times PE for 22 years.
The return net profit in the first three quarters fell 36% less than expected, and fell 76% in the third quarter alone. (1) in the first three quarters, the operating income of 7.3 billion yuan increased by 9% (22Q1-Q3 increased by 10pm 2max 14% Magi 21Q3mer Q4 increased by 4.7%), and the return net profit of RMB 230 million decreased by 36% compared with the same period last year (22Q1-Q3 increased-40qqqqqure Q4 increased by 6gamer 33%).
2) the gross profit margin of the first three quarters is 14.5% (+ 0.9pct), and the return net profit rate is 3.1% (- 2.2pct). (3) operating net cash flow-410 million (for the same period in 21 years-430 million), accounts receivable 1.5 billion (25 per cent year-on-year increase), impairment 40 million (turning back to 10 million in the same period in 21 years), and asset-liability ratio 58.8 per cent (+ 0.4pct).
In the first three quarters, newly signed 12.5 billion increased by 26%, and as of August 26, newly signed BIPV contracts totaled 37.62 million yuan.
(1) 12.5 billion new signatures in the first three quarters increased by 26%, and 4.4 billion new signatures in the third quarter increased by 11%. (2) the newly signed business in the first three quarters: steel structure 9.1 billion increased by 34% (73%), building materials sales increased by 212% (1.5%), and Wanxian Green Construction 3.2 billion increased by 5% (26%). (3) 65% of the optoelectronic million-flat BIPV intelligent production line was put into production at the end of 2021, and a total of 37.62 million newly signed by August 26, 22.
The normal progress of the test line of heterojunction perovskite batteries will increase the market competitiveness of the products. (1) in the pilot line of "High efficiency Heterojunction + perovskite stacked Battery", the conversion efficiency of mass production is not less than 28%, and it is planned to be put into production in May of 23 years. On September 29, the company said on the investor interaction platform that the pilot project in the stack battery is progressing normally as planned. (2) the production line of laminated battery will effectively improve the economic efficiency and market competitiveness of the product. (3) the average PE82 times of the target company of heterojunction perovskite battery in 2022 (PE275 times of Vajra photovoltaic, PE93 times of shares), PE30 times of the company.
Risk tips: raw material price fluctuations, project progress is not as expected, the epidemic situation is repeated.