The hottest Jinjing technology actively transforms

2022-08-23
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Jinjing technology actively transforms photovoltaic glass and injects new growth momentum, with a target price of 11.2

recently, Guojin securities released a research report that it gave Jinjing Technology () a buy rating, with a target price of 11.2 yuan. The summary is as follows:

domestic flat glass standard setter, transforming photovoltaic to restart growth: the company's traditional business has formed a soda ash glass deep processing industry chain, and its products are widely used in real estate, automobiles, solar energy Industrial products and other fields. According to the company's announcement, a 500t/d thin-film module photovoltaic glass production line and a 600t/d photovoltaic calendered glass production line will be put into operation in Malaysia and Shizuishan, Ningxia respectively in 2021. It is expected that the company's photovoltaic glass business will contribute 180 million yuan and 460 million yuan of net profits in 202 years when parents and community personnel enter the campus

the tight production capacity of photovoltaic calendered glass will continue in 2021: we estimate that the production capacity of photovoltaic calendered glass will reach about 45000 tons/day by the end of 2021, an increase of 44% compared with the end of 2020, but the annual effective output will only increase by about 28% compared with 2020, while the demand for photovoltaic glass is expected to increase by more than 35%, so the overall supply and demand is still tight; At the same time, considering the energy consumption, emission indicators, resources, location, technical reserves and other constraints, after the liberalization of the policies of the Ministry of industry and information technology, the barriers to the expansion of photovoltaic calendered glass still exist

the price of photovoltaic glass is high, and switching to the production of ultra white floating photovoltaic backplane will improve profits: at present, mm high-end cannot pick up building glass at the price of 20+ yuan/m2, while 2mm ultra white floating backplane is at the price of 30+ yuan/m2, and the gross profit margin of photovoltaic glass is much higher than that of building glass. The company has a 600t/d float glass production line, which meets the production conversion conditions of 2mm ultra white float backplane. If it can be successfully ignited and put into production in 2021h1, it will bring a certain profit increment to the company

film module packaging glass is expected to benefit from the growth of the U.S. market: in 2019, the world's film module shipped a total of 7.5GW, of which cadmium telluride components accounted for 76%, mainly used in large-scale ground power station projects in the United States. We expect that ITC's postponement and the policy after Biden took office will accelerate the growth of the U.S. market in, and firstsolar, the local manufacturer of cadmium telluride thin film components, is expected to benefit

the price of float glass continued to repair, and the performance forecast increased significantly in 2020: China's production capacity of float glass has entered a stable period since 2014, the downstream demand of 20q3 has gradually recovered, and the price of float glass has stopped falling and rebounded and reached a new high in recent ten years, driving the company's performance in the fourth quarter. Spray free plastic is greatly improved by adding special pearlescent powder or metallic pigments to specific resins. According to the announcement, around the needs and expectations of enterprises and the public, It is expected to deduct 313million yuan in 2020, an increase of 80.7% year-on-year, of which 160million yuan will be deducted in Q4. Considering factors such as cold repair production lines, conversion to photovoltaic glass and capacity replacement indicators, we believe that the improvement of supply and demand pattern in the float glass industry is sustainable and is expected to support the company's float glass business to maintain a high level of profitability

profit forecast and investment suggestions: the annual net profit attributable to the parent company is expected to be 390, 760 and 1.14 billion yuan respectively, with a year-on-year increase of 296%, 94% and 50%; The corresponding EPS is 0.27, 0.53 and 0.80 yuan respectively. Based on the segment valuation, the company is given a target price of 11.2 yuan, corresponding to 21 times 2021pe, and the coverage is given a "buy" rating

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