Tianfeng Securities Co., Ltd. Bao Rongfu, Wang Tao, Wu Huidong recently conducted research on Jinjing Technology and released a research report " perovskite orders are implemented, and demand is expected to increase". This report gave Jinjing Technology buy rating , believing that its target price is 13.72 yuan, the current stock price is 8.88 yuan, and the expected increase is 54.5%.
Jinjing Technology (600586)
Company recently announced that it had signed an strategic cooperation agreement with Hangzhou Xianna Optoelectronics, the leader of perovskite battery. The two parties will cooperate in the field of TCO series glass for perovskites. It is agreed that Jinjing will invest in the construction of corresponding TCO glass production lines according to the expansion plan of Xianna Optoelectronics in the future, and as its main supplier. If Xianna Optoelectronics increases its production capacity in the future, Jinjing will need to match TCO glass production capacity of no less than 5 million square meters per year. The two parties will conduct product upgrades and research and development innovations for the perovskite process to promote the improvement of the efficiency of perovskite batteries.
perovskite production capacity layout is accelerating, and the demand for TCO glass is expected to increase. The advantages of perovskite batteries are mainly high conversion efficiency (single-junction limit conversion efficiency can reach 33%), low manufacturing cost (GW scale production line as low as 0.6 yuan/W), and short production links (all process flows are completed in one factory, and it only takes 45 minutes from raw materials to components). In the future, it is expected to become a new generation of photovoltaic technology with broad development space. The leading domestic companies are mainly Finanoplastic, GCL Optoelectronic and Electroelectric Optoelectronics. Finanoplastics has completed and put into production at the beginning of the year and has been shipped. The Quzhou base is planned to be 5GW. GCL and Electroelectric are also accelerating the construction of megawatt-level pilot lines and are expected to be put into production within 22 years. Jinjing Technology has established cooperative relationships with domestic customers such as Nano Optoelectronics and GCL Optoelectronics. With the subsequent implementation of GW line production capacity, it is expected to drive the rapid increase in TCO glass demand.
potential overseas demand is expected to continue to exceed expectations, and the cooperation process with FS continues to advance
The United States FirstSolar is the world's largest thin-film photovoltaic module manufacturer (accounting more than 90% of the global market share in 21 years). Its planned 25-year production capacity target is 20GW (vs 21 annual output 7.9GW). According to the glass demand corresponding to a single GW, it is estimated that FS's TCO glass demand will reach 120 million square meters in 25 years. Jinjing Technology Malaysia factory backplane glass has been launched, and TCO panel glass is expected to be put into production and operation this year. The company and FS cooperation process are continuing to advance. Recently, another American cadmium telluride component manufacturer (ToledoSolar) announced the expansion of production, and potential overseas demand is expected to continue to exceed expectations.
The company has obvious first-mover advantages, and the TCO glass sector is expected to become a new growth point. We believe that TCO glass has a high competitive barrier, and there may be no new entrants in the industry in the short term. The company is a leading domestic TCO conductive film glass enterprise, with obvious first-mover advantages in production capacity, technology, customers, etc. At present, the batch stable production capacity reaches 30 million square meters, and it is planned to upgrade the TCO glass second line to change it to the TCO glass production line, which is expected to be put into production next year. In the future, with the accelerated expansion of production by the US FS companies, as well as the breakthrough of domestic perovskite battery technology and the promotion of BIPV, the TCO glass sector is expected to become a new growth point. Maintain the profit forecast for 22-24 years of 91/140/1.86 billion yuan, maintain the 23-year 14-fold target PE, with a target price of 13.72 yuan, and maintain the "buy" rating.
risk warning: downstream demand is lower than expected, industry competition is intensifying, production costs are rising sharply, etc.
Securities Star Data Center calculates based on the research report data released in the past three years, and the team of Bao Rongfu, a researcher of the stock has been thoroughly researched. The average prediction accuracy in the past three years is 76.25%. It predicts that the attributable net profit in 2022 will be 911 million yuan, and the predicted PE based on the current price conversion is 13.75.
latest profit forecast details are as follows:
A total of 7 institutions have given ratings in the stock in the past 90 days, 5 buy ratings and 2 increase ratings; the average target price of institutions in the past 90 days was 9.01. According to the financial report data in the past five years, Securities Star valuation analysis tool shows that Jinjing Technology (600586) has good competitiveness in the industry, average profitability and average revenue growth. Relatively healthy financially. The stock has a good company index of 3 stars, a good price index of 3.5 stars, and a comprehensive index of 3 stars.(Indicators are for reference only, indicator range: 0 ~ 5 stars, maximum 5 stars)
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