Event description
The company disclosed its third quarterly report for 2022. In the first three quarters of 2022, the company realized operating income of 1.45 billion yuan, + 37.6% compared with the same period last year, and net profit of 50 million yuan,-30.0% compared with the same period last year. Among them, 22Q3 achieved operating income of 500 million yuan, year-on-year + 43.1%, month-on-month + 0.7%; net profit of 20 million yuan,-31.1%, + 73.4%.
Event comment
Impairment provision is a drag on performance. 22Q3's revenue yoy+43.1%, net profit yoy-31.1%, is mainly due to the impairment provision dragging down the performance. Q3 company respectively set aside 0.5 / 10 million yuan of credit impairment and asset impairment, a total increase of nearly 50 million yuan over the same period last year, accounting for 11.2% of income. In terms of profitability, 22Q3 has a gross profit margin of 31.1%/yoy-1.0pct, a net profit rate of 4.1%, and a total period expense rate of 15%/yoy-4.8pct, in which the financial / R & D expense rate is-3.9% and 5.8%, respectively, compared with the same period last year.-4.2pct/-1.5pct.
The number of orders on hand has increased. By the end of the third quarter, the company had contract liabilities of 630 million yuan, + 20.5% from the beginning of the year, and inventory of 1.21 billion yuan, + 29.0% from the beginning of the year. The company continues to expand overseas markets and signed the 2.5GW high-efficiency photovoltaic module automation production line project with Waaree, the largest manufacturer of photovoltaic modules in India, in August, according to the company's official Wechat account.
Layout TOPCon/HJT PECVD devices. (1) PE-Poly tubular PECVD equipment for TOPCon, in cooperation with Ningbo Institute of Materials, Chinese Academy of Sciences, has broken through the equipment problem from R & D to production line, and is now able to deliver all tubular thermal process and vacuum equipment and processes. (2) PECVD equipment for HJT. According to the company's official Wechat account, the company's first microcrystalline HJT PECVD production equipment was successfully delivered in August; in terms of overall layout, it is announced that it will integrate other manufacturers to provide full-line resources in the future, and it is expected to provide HJT full-line delivery program in the second half of next year. In addition, the company continues to promote R & D investment, and the construction of supporting facilities for the "High efficiency Battery & High efficiency component R & D Laboratory" with an investment of 102 million yuan has been completed, and it is expected that the laboratory's N-type high-efficiency battery module R & D line will be completed by the end of this year.
Profit forecast, valuation analysis and investment advice: the leading supplier of component equipment, actively developing N-type battery core equipment, has become one of the few manufacturers providing TOPCon & HJT core equipment, and it is expected that PECVD equipment will enter the harvest period of batch supply. It is estimated that the company's homing net profit from 2022 to 2024 will be 0.9Universe 2.33 billion yuan, an increase of 48.7%, 128.7% and 58.7% respectively over the same period last year. The corresponding EPS is 0.78, 1.78 and 2.82 yuan, respectively. The corresponding closing price on October 28 is 93.84 yuan, and the PE is 33.2 times of 120.7, 52.8, and 33.2 respectively. Cover for the first time, giving a "Buy-A" investment rating.
Risk tips: downstream demand is not as expected; technology research and development is not as expected; market expansion is not as expected