In 2021, the annual operating income was 5.961 billion yuan, + 56% compared with the same period last year, and the net profit returned to the mother was 1.718 billion yuan, + 100% compared with the same period last year. Q4 achieved 1.969 billion yuan in revenue in a single quarter, + 16% from the previous quarter, + 49% from the same period last year, and a net profit of 607 million yuan from the previous quarter, with a net profit of + 19% / 82% compared with the same period last year. In the field of photovoltaic equipment, the company can provide related equipment in the main silicon wafer process. As the company further expands the sales of new product slicer and truncation-body machine, the amount of equipment supporting the single GW production line that the company can provide is expected to increase.

Benefiting from the upstream boom, the company's 2022H1 performance exceeded expectations. 2022H1's net profit is 1.21 billion yuan, + 101% over the same period last year; deducting 1.11 billion yuan from the same period last year, + 104% from the same period last year; 2022Q2's net profit in a single quarter is 770 million yuan, + 140% from the same period last year, + 73% from the previous quarter; and 680 million yuan from the same period last year, + 124% from the same period last year, and + 57% from the previous year.

2022Q3 performance is partial to forecast. Upper limit, Q3 newly signed order is still at a high level. The revenue in the first three quarters of 2022 was 7.46 billion yuan, + 87% compared with the same period last year, and the net profit returned to the mother was 2.01 billion yuan, + 81% compared with the same period last year. The net profit deducted from non-return to the mother was 1.91 billion yuan, + 82% compared with the same period last year. Q3 single-quarter revenue of 3.09 billion yuan, year-on-year + 82%, month-on-month + 28%, return-to-mother net profit 802 million yuan, year-on-year + 57%, month-on-month + 5%, deducting non-return net profit is 798 million yuan, year-on-year + 58%, month-on-month + 18%.

Profit forecast:.

Photovoltaic equipment is the first curve of Jingsheng Mechatronics, the second curve is the output of semiconductor large silicon wafer equipment, and the third curve is the complete output of sapphire material and silicon carbide material. We expect the company's 2022-2024 net profit to be 25.953587 / 4.344 billion yuan, the corresponding dynamic PE is 36-26-21 times, maintaining the "buy" rating.

Long-term market space measurement: 2500-300 billion yuan market capitalization

Risk hint: downstream silicon wafer factory expansion is not as expected, new product research and development is not as expected.