Event: on October 31, Saiwu Technology announced that the company and the Management Committee of Xuancheng Economic and technological Development Zone signed the "Investment Framework Agreement for Solar Optical transfer Film Project", which intends to put into construction the annual production of 50GW solar phototransfer film and other advanced photovoltaic cell packaging materials project, which is divided into three phases, of which the first phase is the annual production of 6GW solar photoconversion film project, with a total investment of about 500 million yuan.

Following the development of N-type technology, the application of optical transfer film in HJT has outstanding advantages. N-type battery has put forward higher requirements for packaging materials because of the differences in multi-layer structure, surface materials and silver paste composition. Because the TCO layer of HJT battery absorbs ultraviolet light, the existing high permeability film will cause photoaging and decay of the cell.

The photoconversion film can transform the transition and refraction of ultraviolet light into visible light by adding special substances, which can improve the conversion efficiency and anti-aging, and increase the power and reliability of HJT battery.

The company promotes the new product light to plastic film, which helps to optimize the product structure and improve the profitability. 23H1's film sales reached 126 million square meters, of which the optical transfer film products for N-type HJT modules were the only domestic manufacturers to achieve mass delivery. Shipments increased by 413.67% month-on-month in the first half, and the supply of customers expanded from Huasheng New Energy to 5. At the same time, the customers who are testing and nearing the end of the test cover almost all HJT component manufacturers in the world. At present, the traditional photovoltaic film production capacity is more, and the competition among manufacturers is fierce, and the optical transfer film products are expected to become the standard configuration of heterojunction components and the core auxiliary materials to accelerate the process of heterojunction industrialization. The company signed the optical conversion project investment agreement this time. After the first phase of 6GW optical conversion capacity reaches production, it will greatly help the company optimize product structure, enhance product premium and drive profitability reversal.

The company's diversified product R & D platform is the company's core competitiveness. The company has the advantage of R & D innovation based on concentric circle model, and can develop a number of products with different functions and applications with small single market space in downstream photovoltaic, lithium, communications, 3C and other industries with fast response and low cost. Relying on the R & D advantages of polymer materials platform enterprises, the company is expected to open up new growth points in 3C, lithium and other non-photovoltaic fields and tap the company's long-term growth potential.

Profit forecast: the forecast company's operating income for 23-25 years is 46.75 Universe 5735max RMB 7.119 million, net profit 1.19pm 223max RMB 310 million, net profit growth rate-30.46% Universe 87.09% Universe 39.12% penny 0.70 yuan, PE 57.90max 30.94max 22.24 respectively. Maintain the company's "recommended" rating.

Risk tips: photovoltaic industry installation is not as expected; industry competition intensifies; raw material price fluctuation