铜电镀项目持续推进，公司有望成为电池工艺设备新进入者根据公司官方微信公众号信息，2023 年2 月28 日，公司向国电投新能源提供的铜电镀设备顺利进场国电投南昌。双方技术团队已顺利完成第一阶段的设备可行性验证，结果超出预期；第二阶段中公司电镀工艺设备将与自动化设备全面对接，整线跑通后收集量产数据，力争三季度成功建成行业内首条大产能铜栅线异质结电池生产线。目前龙港市国电投5GW 高效异质结电池及组件生产基地项目已顺利开工，第一期计划于2023 年9 月投产，设备预计将于7 月进场安装调试。伴随铜电镀项目积极推进，公司有望成为电池工艺设备新进入者。Incident: On the evening of April 13, the company issued an announcement on signing a major contract for daily operations.
A single contract of 120 million yuan was signed with Runyang Technology. The profitability of the automation equipment business will increase the profitability of the automation equipment business. The amount of the single contract signed between the company and Runyang Solar Technology (Thailand) is about 120 million yuan (excluding tax). The subject of the contract is industrial automation equipment. Since the company determined voluntary disclosure standards for major contracts, the company voluntarily disclosed the contracts signed with Yingfa Group, Tianhe Group, Tongwei Group, Runyang Solar, Jingke Group and Junda Group. We expect the profitability of automation equipment to increase in 2023.
The major expansion of TopCon battery production will benefit from the major expansion of production of photovoltaic automation equipment. According to the company announcement, the company expects TopCon battery production expansion to exceed 200 GW in 2023. Optimistic estimates are expected to be close to 300 GW, and downstream demand for automation equipment is strong. We expect TopCon battery production to expand to more than 80 GW in 2022, peak in 2023-2025, and the average annual expansion of production is expected to exceed 200 GW. As a domestic leader in photovoltaic automation equipment, the company actively lays out technological innovation in the field of TopCon batteries. In the future, with the gradual delivery of orders and the continuous increase in new projects, the profitability of the main business is expected to continue to increase.
The copper electroplating project continues to advance, and the company is expected to become a new entrant in battery process equipment. According to the company's official WeChat account information, on February 28, 2023, the copper plating equipment provided by the company to SDIC New Energy successfully entered SDIC Nanchang. The technical teams of the two sides have successfully completed the first stage of equipment feasibility verification, and the results have exceeded expectations; in the second stage, the company's electroplating process equipment will be fully connected to automated equipment, mass production data will be collected after the entire line is completed, and they will strive to successfully build the industry's first high-capacity copper grid heterojunction battery production line in the third quarter. At present, Longgang State Power Investment's 5GW high-efficiency heterojunction battery and module production base project has been successfully started. The first phase is scheduled to be put into operation in September 2023. The equipment is expected to be installed and commissioned in July. With the active promotion of copper electroplating projects, the company is expected to become a new entrant in battery process equipment.
Looking forward to the future: The “new energy+pan-semiconductor” business is developing, and there is a lot of room for upward market capitalization in the future 1) FiConTec: AI development drives demand for computing power. As demand for optical modules rises, demand for global optical module packaging and testing equipment is expected to increase. The current acquisition is terminated due to technical reasons such as the epidemic. In the future, when the time is ripe and all conditions are met, restructuring will be carried out again. It is expected that the overall valuation of the company will be further enhanced in the future; 2) PV process equipment: copper plating projects continue to advance, along with JHT and PERC costs Hit Ping, HJT-related process equipment market space is expected to open up quickly; 3) Pan-semiconductor equipment: products can be compared to Xinyuan Wei and Shengmei in Shanghai; overall, it is expected that there will still be room for the company's total market value to rise in the future.
Profit forecasting
The company's net profit for 2022-2024 is expected to be 0.3, 120, and 220 million yuan respectively, with a year-on-year increase of 273% and 81% in 2023-2024, corresponding to PE 175, 47, and 26X. As a leader in high-end automation equipment, the company is expected to increase its two-wheel drive performance and maintain its “buy” rating in the future.
Risk warning
1) New technology expansion fell short of expectations; 2) The pandemic affected order delivery.