Event: the company released a 23-year third-quarter report, with operating income of 1.152 billion yuan in the first three quarters, + 9.40% year-on-year, and net profit of 339 million yuan, + 0.93%, year-on-year. Q3 alone achieved operating income of 478 million yuan, year-on-year + 23.25%, month-on-month + 46.52%, net profit of 165 million yuan, year-on-year + 37.23%, month-on-month + 104.73%. The company's performance increased month-on-quarter in the third quarter.
The company's profitability remains high and inventory-contract liabilities continue to grow. In the third quarter of 2023, the company's gross profit margin / net profit margin was 49.59% / 34.58% respectively, compared with the same period last year + 2.37/+3.52pct, and profitability remained at a high level. Inventory and contract liabilities continued to grow compared with the same period last year. By the end of the third quarter of 2023, the company's inventory / contract liabilities were 1.671 billion yuan / 1.658 billion yuan respectively, an increase of + 133.96% and 214.58% respectively over the same period last year.
A variety of technical routes are laid out, and new products of LIF equipment are released. As of June 23, the company has obtained laser SE orders and bid-winning production capacity has exceeded 500GW, the amount of more than 2 billion yuan. In August, 23, the company released LIF equipment, which is mainly used in the field of TOPCon. LIF is a new incremental process based on the original production line, which can achieve efficiency improvement of more than 0.2%, and is expected to achieve full coverage of the stock production line. As of October 23, LIF equipment has received orders over 200GW.
The company has a comprehensive layout of TOPCon, HJT, xBC technology routes, while expanding to laser transfer equipment.
(1) TOPCon laser doping can improve efficiency by more than 0.25%; TOPCon laser induced sintering technology can improve efficiency by more than 0.2%. At present, it has been verified by customers, and it is expected that follow-up customers will continue to have orders on the ground. (2) xBC battery: laser slotting equipment continues to obtain head customer orders, as of June 23, the order amount is more than 800 million yuan. (3) HJT battery: LIA laser repair equipment has obtained mass production orders from European customers. (4) Laser transfer equipment: at the end of September 22, the company announced the shipment of the world's first laser transfer equipment and the extension of the vector production stage, and it is expected that the whole line equipment of GW level will be shipped.
Investment suggestion: we estimate that the net return of 2023, 2024, and 2025 will be 537, 009, 000, 000 As the leader of photovoltaic laser equipment, the company lays out a variety of photovoltaic cell technologies, and the development and promotion of new products are progressing smoothly, maintaining the "buy" rating.
Risk tips: photovoltaic technology iteration is not as expected; new equipment penetration is not as expected; market competition is intensified.