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晶盛机电：1Q23E profit beat expectations; Multiple catalysts ahead

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简介晶盛机电(300316)ZhejiangJingsheng(JSG)preannouncedovertheweekendthatnetprofitin1Q23i

晶盛机电(300316)

ZhejiangJingsheng(JSG)preannouncedovertheweekendthatnetprofitin1Q23isexpectedtosurge81-103%YoYtoRMB800-900mn,whichisbetterthanexpectation.Webelievethiswaslikelydrivenbystronggrowthofcruciblesrevenueandmargin,aswellasfaster-than-expectedequipmentdelivery.Wereviseupourearningsforecastin2023E/24E/25Eby11%/10%/7%.WereviseupourTPtoRMB106,basedon32x2023EP/E,onthebackof32%earningsCAGRin2023E-24E.ReiterateBUY.Upcomingcatalystsinclude:(1)thelaunchofthe5thgenerationcrystalgrowingfurnacein2Q23E;(2)newordersonsolarcell&moduleequipment;and(3)spin-offofcruciblebusinessunit.

5thgenerationcrystalgrowingfurnacetobelaunched.JSGrecentlycompletedtheR&Dofthe5thgenerationfurnace.AccordingtoJSG,thenewgenerationfurnacewillallowthecustomerstodeveloptheirownsoftwaresystemssoastoofferdifferentiatedproducts.WeexpectJSGtoannouncethenewproductinMay.

TCLZhonghuan’slatestexpansionplanpositivetoJSG.TCLZhonghuan(002129CH,NR)announcedlastweekthatitplanstoraiseRMB13.8bnthroughtheissuanceofCBtofinancetwocapacityexpansionplans(totalcapexRMB14.3bn).First,ZhonghuanplanstospendRMB3.65bnonasmartfactorywithannualwafercapacityof35GW.WeexpectJSGwillwinthemajorityofequipmentorders.Second,ZhonghuanwillspendRMB10.7bntobuildasmartfactoryforTOPConsolarcell(annualcapacity:25GW).Giventhelong-standingcooperationbetweenZhonghuanandJSG,weseechanceforJSGtostartwinningordersforsolarcellequipment.

Spin-offofcruciblebusiness.JSGannouncedlastweekthatitplanstospinoffMeijingNewMaterials(美晶新材料)forseparatelisting.MeijingisthesubsidiaryofJSG,whichismainlyengagedintheproductionandsalesofcruciblesforbothsolarpowerandsemiconductorsector.Themonthlyproductioncapacityofcruciblesisexpectedtoincreasefrom15kunitsasofend-2022to>20kunitsin3Q23E.JSGcurrentlyowns57.8%ofMeijing.OJingScience&Technology(001269CH,NR),majorpeerofMeijing,iscurrentlytradingat27x2023EP/E(Bloombergconsensus).

Wereviseupournetprofitforecastin2023E/24E/25Eby11%/10%/7%toreflect(1)21%/19%/16%increaseinrevenue,drivenbyhighergrowthassumptiononmaterialsandfasterequipmentdelivery;(2)highergrossmarginduetopricehikeofcrucibles.OurnetprofitrevisionislessthanthatoftherevenueasourMIassumptionishigher(JSGowns57.8%ofcruciblebusiness).

百科

晶盛机电：1Q23E profit beat expectations; Multiple catalysts ahead

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