Overall performance was in line with expectations, and earnings continued to grow at a high level. The company achieved revenue of 4.868 billion yuan in 2022, an increase of 19.14% over the previous year, and the net profit of the mother was 302 million yuan, an increase of 107.04% over the previous year. The gross profit margin was 21.47%, maintaining a slight increase from 2021. The overall performance was in line with expectations. Among them, 22Q4 achieved revenue of 1,760 million yuan, an increase of 28.75% over the previous year, and net profit of the mother was 101 million yuan, an increase of 6838.69% over the previous year, and gross profit margin of 21.96%. At the same time, the company released a report for the first quarter of 2023. 23Q1 achieved revenue of 1,327 million yuan, an increase of 28.01% over the previous year, and Guimu's net profit was 53 million yuan, an increase of 61.49% over the previous year.
The subsidiary Shengcheng PV is a world-renowned supplier of intelligent photovoltaic equipment. The company's newly upgraded ALU-HJP fully automatic ultra-high speed superposition welding machine in 2022 was well received by customers. Shengcheng PV is one of the largest photovoltaic equipment suppliers in North America. It provided Helinene with a new 500MW module production line in '22. Prior to that, it had successfully provided customers with high-efficiency photovoltaic module production lines for Jingke, LG, Sunpower, Mission, etc.; in the Turkish market, it has provided nearly 20 customers with 10 GW photovoltaic module production lines per year, including Kalyon, Kivanc, Elin, Daxler, and Smart in Turkey.
The overall solution for perovskite was perfected. The company is an enterprise that completed perovskite equipment development earlier in the industry and has actual product sales. Currently, the company provides MW grade perovskite and overall solutions, and provides GW grade perovskite mass production equipment output and technical support. At the same time, the company has continuously broken through perovskite technical barriers, invested nearly 100 million yuan to build an efficient perovskite solar cell test center, and conducted process research on large-scale glass-based trans-structured perovskite batteries and silicon-based perovskite laminated batteries. At present, it has completed the construction of a complete large-scale single-junction perovskite battery pilot line and crystalline perovskite laminated battery test line, and is equipped with complete, high-performance precision testing instruments. In addition, the company also cooperates with universities such as Huazhong University of Science and Technology and Nankai University to promote research and development of high-end equipment and processes such as spatial ALD.
HJT equipment has blossomed more and is actively deploying HJT electroplating equipment: the company's first HJT heterojunction cleaning and velvet making equipment has been successfully delivered and verified by customers, and it has obtained orders for 4GW cleaning and velvet cleaning equipment (including supporting automation), pre-cleaning equipment (including supporting automation), and etching cleaning equipment at the end of 2022, marking the launch of the company's new products in the HJT battery market. In addition, the company has developed new electroplating metallization equipment, which can be used in the heterojunction battery copper grid process, which is currently in the laboratory prototype stage.
The first TopCon technology 2-in-1 coating equipment was successfully delivered: the company can provide TOPCON battery PECVD & PVD coating equipment, process equipment such as velvet making and cleaning, and related automation equipment. In 2022, the company's first TopCon technology 2-in-1 coating equipment (PECVD+PVD) was successfully delivered, and it is expected that it will continue to be released in the future.
Investment advice: The company is expected to achieve revenue of 62.93/76.17/9.266 billion yuan in 2023-2025, and net profit of 423/5.88/740 million yuan, an increase of 40.0%/39.1%/25.9% over the previous year. The current stock price corresponding to PE is 28/20/16 times respectively, maintaining the “recommended” rating.
Risk warning: R&D risks of new technology and products, risk of industry policy changes and industry cyclical fluctuations, risk of accounts receivable being prepared for bad debts.