Event: the company issued a performance forecast for 2022, realizing a net profit of 2.8-320 million yuan (yoy+92%-119.43%) attributable to shareholders of a listed company in 2022, and a net profit of 2.65-305 million yuan (yoy+98.31%-128.24%) after deducting non-recurring profits and losses. Comments are as follows:
Photovoltaic business growth is strong, multi-technology route layout of battery link equipment. The main body of the company's photovoltaic business is in charge of wholly-owned subsidiary Sheng Cheng Photovoltaic, and the company has laid out technical routes such as TOPCon and HJT. In the field of TOPCon, the company distributes PECVD & PVD two-in-one equipment, which can avoid problems such as winding plating and film burst, and improve production capacity and film quality. At the same time, the coating temperature is low to achieve the effect of low energy consumption, which was officially delivered in June 2022; in the field of HJT, the company has reached a cooperation with Goldstone in cleaning cashmere and automation equipment. On December 20, 2022, the company announced that Kunshan Shengcheng Optoelectronics, a wholly-owned subsidiary of Shengcheng Photovoltaic, signed a "procurement contract" including 4GW cleaning equipment (including matching automation), front cleaning equipment (including matching automation) and etching cleaning equipment, which played a positive role in opening up the market for the company.
Deep ploughing photovoltaic module automation, equipment orders continue to land. Sheng Cheng Photovoltaic, a wholly owned subsidiary, ranks first in the market share of PV module automation production line segmentation, providing customers with photovoltaic module manufacturing solutions for the whole line, compatible with the needs of conventional, double glass, half-chip, MBB, stacked tiles and other different component products. On January 13, 2023, the company announced that Shengcheng Photovoltaic signed a $41.78 million (equivalent to RMB 282 million) contract for solar module assembly line and laminating equipment with Reliance New Solar; on January 16, 2023, Shengcheng Photovoltaic official account announced the completion of the project and equipment production in the northern base, enhancing the company's equipment strength in the field of photovoltaic module automation.
Leading the layout of perovskite equipment, the follow-up development is worth looking forward to. Sheng Cheng Photovoltaic reached a cooperative development agreement with Xiexin Optoelectronics on perovskite laminated cell technology as early as May 2021; it was announced in June 2022 that perovskite battery cluster multi-cavity evaporation equipment has now been mass-produced and is expected to rise and expand with perovskite.
Investment advice and rating: the company's net profit from 2022 to 2024 is expected to be 292 million, 435 million and 575 million respectively, corresponding to PE of 50x, 34x and 25x respectively.
Risk hint: perovskite progress is not as expected; order delivery is not as expected