在手订单饱满，光伏设备多元化布局。截至2023 年12 月31 日，公司光伏板块在手订单97.79 亿元（含税），公司光伏装备业务主体为晟成光伏核心布局组件设备与电池片设备。组件设备领域，公司为通威、晶科、天合、晶澳等知名客户在国内外多个基地打造业内标杆项目案例，2023年11 月晟成光伏总部基地在苏州启用，同时晟成光伏北方生产基地也顺利投产，公司在层压机领域的优势地位进一步巩固；电池片设备领域，公司核心布局钙钛矿设备，目标打造钙钛矿单结及叠层设备的整体解决方案，目前公司拥有完整MW 级产能钙钛矿整线展示线和晶硅钙钛矿叠层电池实验线等。公司目前已经覆盖PVD、ALD、蒸镀等多种技术路线，技术优势显著。Incidents:
Recently, the company released the fourth draft employee stock ownership plan. The participants included 67 key management and technical business personnel of the company and its wholly-owned subsidiaries and holding subsidiaries, and 67 other core key employees determined by the board of directors to have made outstanding contributions. The total amount of capital raised by the current employee stock ownership plan is not more than 13.8567 million yuan. The comments are as follows:
The gross margin decreased slightly, and the expense ratio increased during the period. In 2023, the company's gross sales margin was about 20.98%, about -0.49pct year on year; the net profit margin was about 5.45%, -1.29pct year on year. The main reason may be due to increased competition in the photovoltaic industry. The company's cost ratio for the period was 13.95%, +0.87pct year on year. Of these, sales/management/R&D/finance expenses accounted for about 3.47%/4.40%/6.34%/-0.26% of operating income, respectively. The main R&D and financial expenses ratio were +0.88pct and +0.34pct year on year, and overall cost control was good. In 2023, the company achieved a net operating cash flow of 1,191 million yuan, of which net operating cash flow of -431 million yuan was achieved in the 24Q1 alone.
There are plenty of orders in hand, and the layout of photovoltaic equipment is diversified. As of December 31, 2023, the company's photovoltaic division had orders of 9.779 billion yuan (tax included). The company's photovoltaic equipment business entity is Shengcheng PV core layout module equipment and cell equipment. In the field of component equipment, the company has created industry benchmark project cases for well-known customers such as Tongwei, Jingke, Tianhe, and Jingao. The Shengcheng PV headquarters base was opened in Suzhou in November 2023, and Shengcheng PV's northern production base was also successfully put into operation, further consolidating the company's dominant position in the field of laminators; in the field of cell equipment, the company has a core layout of perovskite equipment, with the goal of creating an overall solution for perovskite single junction and laminated perovskite batteries. Currently, the company has a complete MW production capacity perovskite display line and crystalline silicon perovskite laminated battery test line. The company has now covered various technical routes such as PVD, ALD, and evaporation, and has significant technical advantages.
The demand for intelligence+automation is remarkable, and the packaging equipment business is progressing steadily. The company has been deeply involved in corrugated packaging equipment for many years, benefiting from changes in downstream customer demand for intelligent and automated equipment. In 2023, the company's packaging sector achieved revenue of 817 million yuan, +19.75% over the same period. The company continues to set a demonstration benchmark for smart factory business. At the same time, the digital printing business is expected to enter the early stages of the industry explosion, and the company's digital printing line has also achieved customer breakthroughs in the North American market.
Investment rating: The company's net profit for 2024-2026 is estimated to be 581 million, 651 million, and 762 million, respectively. The corresponding PE is 15x, 13x, and 12x, respectively, covered for the first time, giving it an “increase in wealth” rating.
Risk warning: downstream prosperity falls short of expectations; risk of failure of profit forecasting and valuation models
