This report is read as follows:
It is expected to complete the laying of the production line as soon as possible before the Lunar New year, and try the first round of production testing. The steel structure has basically achieved the target of 20% Murray and 30% capacity expansion set at the beginning of 2022, and strives to double the existing capacity within 2-3 years.
Events:
The test line equipment of perovskite / crystalline silicon thin film laminated battery will be completed one after another in the near future.
Comments:
Upstream cost reduction catalysis 2023 BIPV installation is expected to accelerate, all perovskite cascade battery efficiency up to 29.0%. (1) Photovoltaic installations in the first 11 months of 2022 accumulated new 66GW, an increase of 89% over the same period last year.
(2) the average price of polysilicon densifier decreased by 37% from 303 yuan / KG on November 16, 2022 to 190 yuan / KG on January 4, 2023. The average price of single crystal silicon wafers fell by 48% over the same period. (3) on December 31, 2022, the steady-state photoelectric conversion efficiency of the all-perovskite laminated battery developed by the scintillation solar team reached 29.0%, breaking the world record. (4) the BIPV products of Hangxiao Steel structure are more inclined to building materials products in appearance, and the integrated design service is done well at the front end, and there is a more perfect integrated scheme in the simple BIPV market.
The test line of perovskite / crystalline silicon thin film laminated battery will be laid as soon as possible before the Spring Festival, and the equity incentive assessment will be put into production before May 10. (1) the company will complete the procurement contract with the supplier in September and October, and the equipment manufacturer will deliver the equipment one after another in the near future in accordance with the established contract plan. (2) under the condition that the factory transformation can be checked and accepted smoothly, it is expected to complete the laying of the production line as soon as possible before the Lunar New year, and try the first round of production test. (3) the performance evaluation requirements of ESOP issued on April 28, 2022: 100 MW pilot production of high conversion efficiency perovskite / crystalline silicon thin film laminated battery will be put into operation no later than May 10, 2023, and the battery conversion efficiency is more than 28%.
Real estate policies will reduce the proportion and probability of impairment of receivables, improve asset quality and improve cash flow. (1) the supply-side policy to repair the balance sheet of real estate developers to enhance the ability to repay loans will reduce the proportion and probability of impairment of receivables in the steel structure industry, boost the asset quality of steel structure business and improve operating cash flow. (2) demand-side policy catalyses sales, and real estate expansion will increase order growth and profit expectations in business-related links such as construction, enhance profit elasticity of steel structure business and improve performance certainty. (3) on January 5, the people's Bank of China and the Bank of China Insurance Regulatory Commission established the first set of dynamic adjustment mechanism of housing loan interest rate policy. The Minister of Housing and Construction expressed strong support for the purchase of the first home, and the down payment ratio and the first home interest rate should be reduced.
The newly signed 12.5 billion in the first three quarters increased by 26%, and we will strive to double the existing production capacity in 2-3 years. (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%. The increase in orders is due to the increasing penetration of steel structures, and the company has 15 subsidiaries and processing bases across the country, which is less affected by the epidemic. (2) the new production base will be put into production and the existing production base will complete the second phase of plant expansion, basically achieving the 20% and 30% capacity expansion target set at the beginning of 2022. The company strives to double its existing production capacity within 2-3 years. (3) maintain and increase holdings. Maintain the forecast growth rate of EPS0.14/0.17/0.20 yuan in 2022-24-28%, 21%, 15%, and maintain the target price of 6.10 yuan, corresponding to 36 times PE in 2023.
Risk tips: raw material price fluctuations, project progress is not as expected, the epidemic situation is repeated.