Main points of investment
The company released its mid-2023 report. 23H1 achieved operating income of 2.146 billion yuan, an increase of 79.61% over the same period last year, due to the high increase in orders and acceptance items during the reporting period, deducting non-return net profit of 153 million yuan, an increase of 105.59% over the same period last year. 23Q2 realized operating income of 1.251 billion yuan, an increase of 67.17% over the same period last year, and a net profit of 132 million yuan, up 91.08% over the same period last year.
In terms of expense rate, the company's 23H1 sales expense rate / management expense rate / financial expense rate is 4.68% 16.97% Mather 0.75%, year-on-year change-2.69pcts/-1.39pcts/-0.73pcts.
Lithium photovoltaic power, full of orders on hand. 1) Lithium field: 23H1's revenue from power battery laser and automation equipment reached 1.804 billion yuan, an increase of 109.98% over the same period last year. The company has won orders from well-known battery factories, such as China New Airlines, Ningde Times, Yiwei Lithium Energy, and so on. At present, the order for lithium equipment reaches 6.9 billion yuan. 2) Photovoltaic field: 23H1 achieved revenue of 3 million yuan from laser and automation equipment in photovoltaic industry. The company's market share in the TOPcon field has reached 40%, its TOPcon doping equipment has achieved mass production, and obtained JinkoSolar Holding Co Ltd, Trina Solar, Tonghe shares and other well-known customer orders, currently in hand orders have reached 350GW.
We will increase investment in research and development and bring forth new products. The company increases its R & D investment and actively enriches the product matrix in the field of lithium electricity / photovoltaic. The R & D cost of 23H1 is 241 million yuan, an increase of 72.71% over the same period last year. 1) Lithium field: during the reporting period, the company launched 1600 double-layer high-speed wide-width coater with a coating speed of 60-100m/min, and the performance indicators of the equipment are in a leading position in the industry.
In addition, the company launched a single-layer double-sided high-speed coating machine, which can achieve high-precision, high-speed double-sided coating at the same time, the coating speed can reach 160m/min, and the coating efficiency is increased by 33%. 2) Photovoltaic field:
The company launched laser-assisted rapid sintering technology (LAS), which can significantly improve the photoelectric efficiency of TOPcon battery with a gain of more than 0.25%. The welding yield of the photovoltaic junction box laser welding equipment independently developed by the company is more than 99.85%, and the energy consumption is only 1.00%. During the reporting period, the photovoltaic junction box laser welding equipment was successfully delivered to the industry's leading customers.
Increase the number of fund-raising projects and continue to expand production capacity. The company's initial investment project "Jiangsu / Jiangmen Laser and Automation equipment expansion Project" has been completed. As of June 23, the fund-raising project has contributed 290 million yuan in income. In addition, the fund-raising project of the "Western Laser Intelligent equipment Manufacturing Base Project (Phase I)" has obtained the land right certificate, and the annual revenue of the project will contribute 2.703 billion yuan after reaching production. With the release of the production capacity of the fund-raising project, the company's market development power will be further enhanced.
[investment advice]
As a laser and automation integrated solution provider, the company lithium electricity, photovoltaic plate performance rapid growth, sufficient orders on hand. We predict that the company's operating income in 2025 will be 64.70Universe 69.99,340 million yuan respectively, with year-on-year growth rates of 57.61%, 8.16% and 19.17%, respectively. The net profit of the parent company will be 6.89%, 8.16% and 19.17% respectively, an increase of 81.11%, 16.19% and 21.03% over the same period last year, corresponding to EPS 3.42,3.97,4.80 yuan and PE 13,11,9 times.
[risk Tip]
The progress of order acceptance is not as expected.
Downstream demand is lower than expected
Competition in the market has intensified.