Event description
The company disclosed its performance in 2022, KuaiBao. In 2022, the company achieved operating income of 4.11 billion yuan, + 106.9% year-on-year; net profit of 380 million yuan, + 249.5%; and non-return net profit of 290 million yuan, + 305.3% of the same period last year. Among them, 22Q4 achieved operating income of 1.74 billion yuan, + 81.2% year-on-year, 47.6% month-on-month; net profit of 160 million yuan, + 120.9%, and + 27.6%.
Event comment
Li-ion equipment business high growth, gross profit margin improved. Benefiting from the increased capacity expansion of downstream power battery manufacturers, the demand for power battery production equipment increased, on-hand orders continued to grow, and acceptance projects increased significantly in the reporting period. At the same time, the company continues to increase R & D investment, optimize the production process, improve internal operational efficiency, and improve the overall gross profit margin.
The winning rate of TOPCon doping equipment is more than 60%. According to official WeChat, since 2023, the company has repeatedly won the full order of photovoltaic head customers from multiple bases, and as of February 15, the bid winning rate of the project company that has opened a bid for TOPCon doping equipment has exceeded 60%. The cumulative mass production of the company's TOPCon doping equipment is close to 20GW, and the photoelectric efficiency of mass production is increased by about 0.3%. It is expected to improve the efficiency by 0.5% in the future.
Launch 280Ah energy storage battery assembly line. In order to meet the two major demands of the energy storage application market for improving the performance and reducing the cost of 280Ah products, the company launched an innovative product polar ear laser welding machine to promote the application of polar ear laser welding process. The company's 280Ah energy storage battery assembly line can be intelligently built according to customers' different process routes, such as non-standard customization of the fully automatic assembly line. According to Gao Gong Lithium, at present, more than 20 domestic battery companies have launched or planned 280Ah products and matching production capacity, including Ningde Times, Yiwei Lithium Energy, Haichen Energy Storage, Penghui Energy, Guoxuan Hi-Tech, etc.
High on-hand order scale forms performance support. According to the performance forecast, the company's orders continued to grow. by the end of 2022, the company's newly signed orders were about 7.7 billion yuan (including tax), an increase of about 35 percent over the same period last year, while existing orders were about 8.1 billion yuan (including taxes), an increase of about 59 percent over the same period last year.
Profit forecast, valuation analysis and investment advice: the company's net return profit from 2022 to 2024 is expected to be RMB 3.8pm, 77pm, 1.15 billion, an increase of 249.5%, 100.8%, 49.8%, 1.893.80, and 10.7 times, respectively, for PE and PE, respectively. Maintain the "Buy-A" investment rating.
Risk hints: downstream production expansion is not as expected; market competition aggravates risks; market expansion is not as expected