公司22 年底公告收购普乐新能源，切入光伏电池制造。普乐新能源致力于高效太阳能电池生产制造，拥有数十项高效N 型电池专利，并掌握TOPCon 和IBC 高效电池量产工艺，技术处于行业先进水平。1）技术：独创LD-BC 工艺业内领先，计划本年内在江苏泰兴基地完成LD-BC 电池片首片的研制，预期量产效率在25.5%以上； 2）产能：泰兴一期一阶段1GW 产能5 月中旬TOPCon电池已出片，力争在2023 年扩产至2GW 产能，泰兴二期一阶段4GW 预计明年一季度前完成厂房验收，后续二期二阶段6GW 将视市场情况逐步推进；3）订单：5 月18 日，普乐与天大新能源、航天光伏（土耳其）完成长单签约，预计订单量均在GW 级别以上，公司第二增长曲线逐渐明朗。Incident: On May 18, the company issued the “Notice Concerning the Signing of the 'Letter of Intent for Ultra-Efficient N-Type Photovoltaic Cell Manufacturing Project (Plutaixing Phase II Project) 'by the Company's Holding Subsidiary and the Management Committee of Jiangsu Taixing High-tech Industrial Development Zone”.
The traditional main business ushered in restoration, and the high entry threshold for oncology medicine and the advantages of the valve industry cluster were highlighted: the company's main business was precision cancer radiotherapy and valve fittings business. Due to changes in the international economic situation and foreign trade environment in '22, valve business orders declined. At the same time, due to early public health prevention and treatment conditions, the company's ability to operate hospitals to provide medical services was limited to a certain extent, making business development slow, which put pressure on the company's performance in '22. In 2023, with the optimization of epidemic prevention and control policies and the improvement of the foreign trade environment, the company's traditional main business is expected to recover.
The acquisition of Puller Technology by Epitaxial brought the company's second growth curve with new industry breakthroughs as a development focus:
At the end of the year 22, the company announced the acquisition of Prudential New Energy to enter photovoltaic cell manufacturing. Puller New Energy is committed to the manufacture of high-efficiency solar cells. It has dozens of patents for high-efficiency N-type batteries, and has mastered the TopCon and IBC high-efficiency battery mass production processes. The technology is at the advanced level of the industry. 1) Technology: The original LD-BC process is leading the industry. It is planned to complete the development of the first LD-BC battery at the Jiangsu Taixing base within this year, with an expected mass production efficiency of 25.5% or more; 2) Production capacity: Taixing Phase I Phase 1 1GW production capacity TopCon batteries were released in mid-May, striving to expand production to 2 GW production capacity by 2023. Taixing Phase 2 Phase 1 4GW is expected to complete plant inspection by the first quarter of next year. The next phase 2 phase 6GW will gradually advance depending on market conditions; 3) Order: May 18 Japan, Prudential and Tianda New Energy, Aerospace Photovoltaics (Turkey) has completed the signing of long-term orders. The expected order volume is above the GW level, and the company's second growth curve is gradually becoming clear.
Investment proposal: On the basis of continuing to steadily develop the cancer precision radiation therapy business and the valve, plumbing and pipe fittings business, the company will enter the PV boom circuit to open up future growth space. We expect the company to achieve operating income of 1,786/40.72/5.603 billion yuan in 2023-2025, and net profit of 0.72/179/241 million yuan. The corresponding PE was 56.41/22.8/16.91 times respectively. It was covered for the first time and gave an “increase in holdings” rating.
Risk warning: phased overcapacity in the photovoltaic industry; changes in the foreign trade environment; implementation of health insurance payment reforms
