2024 Q1 performance: 18% year-on-year increase; expected to accelerate performance in 2024 1) Performance: Revenue of 2.22 billion yuan, up 92% year on year, expected to benefit from continued increase in revenue confirmation from the company's HJT equipment; net profit to mother was 260 million yuan, up 17.8% year on year.
2) Profitability: The gross profit margin was 30.9%, a year-on-year decline of 3.1 pct, which is expected to be due to the high investment costs of the company's HJT equipment in the early stages; the net interest rate is 10.8%, a decrease of 6.9 pcts year on year.
3) Orders: As of the end of the first quarter of 2024, the company's contract debt was 8.89 billion yuan, an increase of 66.6% over the previous year. Benefit from continuous breakthroughs in photovoltaic HJT equipment, display panel equipment, and semiconductor packaging and testing equipment.
4) R&D expenses: Q1 2024 reached 210 million yuan, an increase of 82% year-on-year, accounting for 9.3% of revenue. The company continues to promote research and development in the fields of photovoltaic HJT equipment, display panel equipment, and semiconductor packaging equipment.
2023: Performance increased 6% year on year; contract debt increased 96% year on year 1) Performance: revenue of 8.1 billion yuan, up 95% year on year; net profit to mother was 9.1 billion yuan, up 6% year on year.
2) Profitability: In 2023, the company's gross profit margin was 30.5%, down 7.8 pcts year on year; net profit margin was 10.8%, down 9 pcts year on year.
3) Orders: As of the end of 2023, contract liabilities reached 8.46 billion yuan, an increase of 96.3% over the previous year.
4) R&D expenses: In 2023, it reached 760 million yuan, an increase of 56.2% year-on-year, accounting for 9.4% of revenue.
Maiwei Co., Ltd.: leading photovoltaic HJT equipment; entering pan-semiconductor equipment 1) Photovoltaic equipment: The company is a leader in HJT equipment and has a leading market share, benefiting from the expansion of production in the HJT battery industry. At present, the first phase of the company's heterojunction solar cell equipment industrialization project has been completed and put into operation, and the second phase of the project will be put into operation in 2024.
2) Semiconductor packaging equipment: The company has laid out integrated equipment for laser grooving, laser modification cutting, cutter wheel cutting, grinding and polishing. Related products are introduced to mainstream domestic sealing and testing manufacturers such as Changdian Technology, Huatian Technology, and San'an Optoelectronics. The “Maiwei Semiconductor Equipment Project” invested and built by the company in Zhuhai is expected to be put into operation in 2024 to develop and produce semiconductor packaging equipment.
3) Display panel equipment: For Mini LEDs, we have independently developed a full set of equipment such as wafer invisibility, chip removal, and laser bonding. For Micro LED - we have independently developed a full set of equipment for wafer bonding, laser peeling, laser giant rotation, laser bonding and repair. Related products have been used by well-known companies in the industry such as BOE, Shenzhen Tianma, and Vicente.
Profit forecast: Optimistic about the company's strategic position in the future development of the photovoltaic and semiconductor equipment industry, the net profit due to 2024-2026 is 12.9/17/1.98 billion yuan, an increase of 41%/32%/17% over the previous year, corresponding to PE 23/17/15 times. Maintain a “buy” rating.
Risk warning: Heterojunction batteries are advancing at a pace that falls short of expectations; demand for photovoltaics falls short of expectations; downstream production expansion falls short of expectations.