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捷佳偉創(300724):業績符合預期 TOPCON電池設備訂單實現突破
格隆匯 08-15 00:00
事件:公司發佈2022 年半年報,2022H1 實現營業收入26.79 億元,同比增長2.13%,實現歸母淨利潤5.08 億元,同比增長10.91%;2022Q2 實現營業收入13.17 億元,同比下降8.97%,實現歸母淨利潤2.35 億元,同比下降4.82%,環比下降14.10%。 受疫情影響2022Q2 業績小幅下滑,在手訂單充裕。受到深圳疫情影響,公司2022Q2 業績同比小幅下滑,毛利率環比下降3.37 個pct 至23.76%。截至2022H1,公司存貨規模達47.01 億元,其中發出商品34.41 億元,在產品6.22億元;合同負債(預收商品款)規模達37.33 億元,上述內容均處於歷史相對高位;下半年隨着公司訂單逐步交付,公司收入和利潤規模有望重回快速增長軌道。 PE-Poly 設備連續獲得頭部客户訂單,下半年TOPCon 設備訂單規模有望保持高增。根據公司公眾號在7 月21 日和8 月1 日發佈的信息,公司先後兩次成功中標全球太陽能頭部客户的PE-Poly 路線的TOPCon 電池項目。公司特有的PE-Poly 設備實現了隧穿層、Poly 層、原位摻雜層的“三合一”製備,不僅解決了傳統TOPCon 電池生產過程中繞鍍、能耗高、石英件高損耗的固有難點,而且大大縮短了原位摻雜工藝時間,提高了生產效率。隨着2022H2 多家電池片企業進行TOPCon 電池片產能擴張,公司PE-Poly 路線在獲得頭部電池片企業訂單後有望獲得更多企業認可,TOPCon 設備訂單規模有望保持快速增長。 HJT 差異化設備中試持續推進,鈣鈦礦RPD 設備實現突破。公司的常州HIT 中試線研究院全新的PECVD(其中包括公司特有的管式PECVD 設備)與TCO 設備已於2022 年7 月安裝到位;此外,公司在原有日本住友技術平台上進行授權設計並持續研發製造的鈣鈦礦電池生產關鍵量產設備——RPD 鍍膜設備已於2022 年7 月通過場內驗收,將發運給客户投入生產,並隨後再次中標某領先公司的量產線鍍膜訂單。後續隨着HJT 及鈣鈦礦等新電池技術走向成熟並實現規模化量產,公司有望憑藉領先的技術優勢和豐富的客户資源獲取更多設備訂單。 維持“買入”評級:我們維持原盈利預測,預計公司2022-2024 年實現歸母淨利潤10.56/13.56/16.96 億元,對應EPS3.03/3.89/4.87 元,當前股價對應22-24年PE 為44/34/28 倍。以TOPcon 和HJT 為代表的N 型電池技術步入量產期,公司在TOPCon 電池技術中應用的PE-Poly 設備已成功實現訂單突破,在HJT電池技術中應用的管式PECVD 設備潛在空間廣闊,未來有望保障公司業績穩步提升,維持“買入”評級。 風險提示:公司擴產進度不及預期;新設備推廣應用進度不及預期;存貨規模較大,流動性資金面臨壓力的風險。
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