Events:
On January 29, 2023, the company issued a pre-increase announcement of 2022 performance. In 2022, the company is expected to achieve a net profit of 1.10-129 million yuan, an increase of 69.62%-98.92% over the same period last year, and an estimated deduction of 1.04-123 million yuan, an increase of 68.23%-98.96% over the same period last year.
Rapid growth of net profit:
With the rapid development of the photovoltaic industry in 2022, the demand for photovoltaic accessories continues to grow. With its own global marketing and brand advantages, the company continues to open up domestic and foreign markets, and the shipments of its main products and revenue scale have achieved considerable growth. At the same time, benefiting from the company's product technological innovation, production line technical transformation and upgrading, the release of new production capacity, effective raw material procurement cost control and other positive factors, the company's operating performance increased significantly compared with the previous year. In 2022, the company is expected to achieve a net profit of 1.10-129 million yuan, an increase of 69.62%-98.92% over the same period last year, and an estimated deduction of 1.04-123 million yuan, an increase of 68.23%-98.96% over the same period last year.
In the single quarter of Q4 in 2022, the company expects to achieve a net profit of RMB 0.23-42 million, an increase of 43.75% and 162.5% over the same period last year, with continuous expansion of production capacity in the field of smart junction boxes:
In the field of forward-looking layout intelligent junction box, the company is an early enterprise involved in the research and development of intelligent junction box among domestic companies in the same industry. at present, it has developed turn-off intelligent junction box and optimizer intelligent junction box. in the future, it is expected to benefit from the increased demand of the industry and its own advantages of sufficient technology reserves to enhance its share in the intelligent junction box market. The company's production capacity continues to expand, and the production expansion of Suzhou production base, Huai'an production base and Vietnam production base is steadily in progress, with the goal of reaching a maximum production capacity of 300,000 sets / day of junction boxes in 2023. The increase in production capacity and the company's forward-looking product layout are expected to lead to the continuous improvement of the company's market share.
Investment advice:
The company's performance has maintained rapid growth, the forward-looking layout of the field of intelligent junction boxes, and the continuous expansion of production capacity.
We expect the company's operating income from 2022 to 2024 to be 1.162 billion yuan (+ 57.9%), 1.677 billion yuan (+ 44.3%) and 2.411 billion yuan (+ 43.8%), respectively. The estimated net profit is 119 million yuan (+ 82.9%), 174 million yuan (+ 46.3%) and 253 million yuan (+ 46.0%), respectively, and the corresponding EPS is 1.85,2.71,3.96 yuan respectively. We give the company 44 times PE in 2023, corresponding to the target price of 119.24 yuan, and maintain the "buy-A" investment rating.
Risk hint: the risk of being greatly affected by the change of industrial policy in the photovoltaic field, the intensification of market competition, the rise of raw material prices, and the risk that R & D results fall short of expectations.