The traditional main business is the Internet service of SAAS mode, cross-border photovoltaic heterojunction cells:
The company's traditional main business is the SAAS mode of Internet services, the main products include corporate mailboxes, website construction, network domain names and office automation systems, etc., in addition, the company also carries out games, housing rental and other business. In January 23, through the holding subsidiary Tianjin Communication, the company established Meishan Gusheng Photovoltaic Technology Co., Ltd., cross-border photovoltaic heterojunction cells.
The company's shareholders have photovoltaic experience, and cross-border photovoltaic is supported by the company's shareholders: Sichuan Xinghui Hotel Management Group Co., Ltd., Sichuan Juxing Enterprise Group Co., Ltd., Sichuan Xinhong Industry Group Co., Ltd. Among them, Sichuan superstar has cooperated with Tongwei polysilicon project, Sichuan superstar and Sichuan Xinhong industry have participated in Jinyang new energy heterojunction project. In terms of funds, Sichuan Xinghui and Sichuan Xinhong Industry provide financial support by participating in the capital increase and share expansion of Tianjin Telecom, a subsidiary of the listed company. In addition, listed companies also plan to raise funds from controlling shareholders to enrich the financial strength of listed companies.
The company has strong executive ability and is put into production quickly:
The company's heterojunction project planning 8GW, which is put into production in two phases, is at a high level in the industry in terms of scale; among them, the first phase of the project broke ground on January 28, 23, capped on April 14, moved in equipment on July 10, and went offline on August 22, which took only 7 months from start-up to production, reflecting the company's excellent execution.
As for the team, the company's core team members come from the industry benchmarking leading enterprises, with rich first-line experience in heterojunction mass production.
The company has a clear plan and clear goals:
The company has a clear plan for the heterojunction project: at present, the company only produces battery chips, not components, and focuses on specialization; the location of Meishan in Sichuan can make full use of the lower local electricity and labor costs. we estimate that the above two costs can save a total of 0.9 points / W compared with the eastern region, and can also serve the component production capacity of Tongwei and other enterprises in Sichuan. The technical route is clearly planned: the company chooses a more competitive heterojunction route after reducing costs and increasing efficiency in the future, and chooses silver-clad copper and sterling silver routes on the slurry.
Quickly solve the capital problem through the introduction of strategic investors by subsidiaries: since the establishment of Tianjin Communications, the company has repeatedly introduced strategic investors to Tianjin Communications and Meishan Shengsheng to solve the capital problem needed for the rapid production of heterojunction projects.
Based on the pace of the company's production and our assumptions about the price and cost of heterojunction batteries, we expect the company's 2023-2025 net return profit to be-0.2, 0.41 and 0.72 per share, respectively, with a target price of 15.99 yuan and 39 times PE in 24 years, respectively. It is optimistic that the company will cross the border into the photovoltaic heterojunction field to create a new growth point, the company has clear planning and strong execution, heterojunction project sales and profits are expected to exceed expectations, and the first coverage will be given a "buy" rating.
Risk hint: industry installation is not as expected, market competition risk, technology iteration risk, overseas operation risk, production capacity is not as expected; the calculation is subjective and for reference only.