The company's steel structure production capacity has expanded steadily, promoting the rapid growth of performance. At the same time, hand in hand with the special power BIPV business, it is planned to put into production the first silicon thin film + perovskite laminated battery pilot line by the end of the year, the conversion efficiency has much room for improvement, and the performance is expected to usher in the second growth pole.
Steel structure industry leader, actively develop photovoltaic building integration. Through forward-looking strategic cooperation, the company now forms "15 holding production bases + 100 strategic cooperation participating companies", which is the first steel structure enterprise in the industry to realize business radiation across the country. The company has strong technical research and development capabilities, in order to build a "BIPV photovoltaic" new building materials and "green environmental protection" traditional matching "double track" development pattern, the company increased capital to invest in special optoelectronics in 2021, hand in hand to enter the BIPV market.
Deep ploughing the field of steel structure for more than 30 years, the whole industry chain green integrated service provider. The company is a five-in-one green building integrated service provider of "design and development + production + project package + green building materials + e-commerce platform". It has won more than 600 industry awards and national patent achievements respectively. The company has strong production capacity and its own production capacity is expanding steadily. The steel structure output in 2021 is 872400 tons, the capacity utilization rate is about 90%, and the annual production capacity of 23 is expected to reach 1.66 million tons. With the release of production capacity, the company's performance is expected to be thickened.
The research and development capability of Hete optoelectronics is outstanding, and the medium-and long-term potential of laminated batteries is great. The company has the core technology of producing high-efficiency crystalline silicon thin film laminated solar cells and the technology research and development of heterojunction cells; its BIPV products are diversified and have the advantages of economy and differentiation compared with the products on the market; and it is the early entrant of TIPV.
Hete plans to put into production the first pilot line of crystalline silicon thin film + perovskite laminated battery by the end of 2022, which is expected to achieve a breakthrough in conversion efficiency or become a new growth pole for the company's performance.
Orders were higher than the same period last year, and gross profit margin gradually rebounded. From 2017 to 2021, the newly signed order volume of the company showed an upward trend, with an average annual compound growth rate of 29.79%, and the amount of orders on hand was sufficient. In terms of BIPV business, by July 2022, Hete had signed contract orders of 37.62 million yuan; the company's revenue grew steadily, with a five-year compound growth rate of 19.94%. Revenue in 2022 increased by 5.81% compared with the same period last year, mainly affected by the epidemic; the gross profit margin in the first half of 2022 was 14.91%, up 0.35% from the same period last year, mainly due to the decline in steel prices.
Investment suggestion: the core advantage of the company's steel structure business is outstanding, and the development potential of the BIPV industry is great. In addition, with the stability of steel prices and the penetration of BIPV business, the company's profitability is expected to continue to improve. We estimate that the company's EPS will be 0.21,0.25,0.30 yuan per share in 2022-2024, and give the company a target price of 6.75 yuan per share in 2023, with a "overweight" rating for the first time.
Risk tip: it is not as good as to cooperate with Hete.