[matters]
Jingshan Light Machinery issued an annual performance forecast for 2022, which is expected to achieve a return net profit of 2.8 to 320 million yuan in 2022, an increase of 92 percent to 119.43 percent over the same period last year, and a deduction of 2.65 to 305 million yuan in non-net profit, an increase of 98.31 percent to 128.24 percent over the same period last year.
[comments]
Component automation production line equipment leader, benefiting from the acceleration of industry expansion. The company's component equipment products include assembly lines, laminators, laser slicers, etc., which can provide customers with turnkey solutions, covering photovoltaic component head customers such as Longji, Tianhe, Jingke, Jingao and Ates. According to our statistics, the planned production capacity of components has exceeded 1000GW in 2025, and the demand for photovoltaic module equipment is strong. According to the company announcement, as of 22H1, the company had 4.156 billion yuan in-hand orders (including tax), and as of 22Q3, the company's contract debt was 1.84 billion yuan, an increase of 59.3% over the same period last year.
N-type battery equipment: 1) TOPCon battery equipment: the company began the research and development of TOPCon battery equipment in 2020, completed the research and development of the first PECVD and PVD two-in-one equipment along the TOPCon technology route in 2021, and successfully delivered the first TOPCon two-in-one coating equipment in 22H1. The company adopts PECVD&PVD combined with new process route and dynamic coating technology to effectively solve the winding and plating problems of mainstream LPCVD equipment in the industry and the explosive film problems of PECVD. With the completion of the company's equipment verification, it is expected to benefit from the acceleration of TOPCon production expansion and achieve the rapid promotion of the company's TOPCon equipment. 2) HJT battery equipment: the company carries out in-depth cooperation with Goldstone Energy, which transfers patents related to HJT cleaning equipment to the company, and guides the company's research and development of HJT cleaning equipment. In the future, Jinshi, Goldstone related parties and the third party recommended by the company shall purchase no less than 10GW cleaning equipment. In November 2021, the company's first HJT cleaning equipment was successfully delivered to customers and passed the verification. In December 2022, the company signed an order for 4GW HJT equipment with Jinshi Energy, and the market-oriented promotion of HJT equipment was carried out steadily.
Perovskite equipment: at present, the company has completed the perovskite equipment layout, including PVD coating equipment, cluster type multi-cavity evaporation equipment, perovskite assembly packaging equipment, and has the perovskite whole line delivery capacity. PVD coating equipment: used to deposit electron transport layer (ETL) or hole transport layer (HTL) in the preparation of perovskite batteries. At present, the company has a mature supply capacity. The cluster multi-cavity evaporation equipment is used for the evaporation of perovskite materials and metal electrode materials in the preparation of perovskite battery. the equipment has been mass-produced and has been successfully applied to many clients.
The company is the leader of assembly automation production line equipment, benefiting from the rapid expansion of photovoltaic modules. At the same time, the company vertically extends the layout of N-type and perovskite battery equipment, with the acceleration of photovoltaic cell technological innovation and the demand for equipment upgrading, the company's new products are expected to exceed expectations. We estimate that the company's operating income from 2022 to 2024 will be 51.76x67.80 / 8.364 billion yuan respectively, the net profit of return to the mother will be 3.03 shock 4.26 / 609 million yuan respectively, the EPS will be 0.49 pm 0.68 pm 0.98 yuan, corresponding to PE 0.68 times that of 48-34-24, the company will be covered for the first time and be rated as "overweight".
[risk Tip]
Downstream demand is lower than expected
The promotion of new products is not as expected.
The iteration of photovoltaic technology is not as expected.
Competition in the market has intensified.