Investment Rating - The report gives a "Hold" rating for the company with a target price of 51 CNY per share, while the current price is 47.98 CNY [6]. Core Viewpoints - The company has rapidly developed over the past ten years, focusing on photovoltaic equipment and expanding into silicon carbide equipment, which opens up upward potential [1][3]. - The photovoltaic equipment segment has contributed approximately 95% of the company's revenue from 2021 to 2023, with high gross margins for photovoltaic coating equipment at around 37% [1][19]. - The global silicon carbide market is expected to grow significantly, with the market size projected to reach 10.4 billion USD by 2029, reflecting a CAGR of 25% from 2023 to 2029 [3][59]. Summary by Sections Company Overview - Established in 2016, the company has seen rapid growth, with cumulative shipments of photovoltaic equipment exceeding 12.5 billion CNY [1][13]. - The company has diversified its product line to include semiconductor equipment, particularly in the silicon carbide sector [1][16]. Financial Performance - Revenue has shown significant growth, with 2021-2023 revenues of 1.04 billion, 12.66 billion, and 29.66 billion CNY, respectively, and a projected revenue of 43.02 billion CNY for the first three quarters of 2024 [27][28]. - The company turned a profit in 2022, with net profits of 1.18 billion CNY in 2022 and 4.11 billion CNY in 2023, reflecting a year-on-year growth of 248% [27][29]. Market Demand - The demand for photovoltaic equipment is driven by high growth in global installations, with new installations increasing from 30.2 GW in 2011 to 390 GW in 2023 [34][36]. - The company has a strong order backlog, with 116.7 billion CNY in orders as of mid-2024, primarily for TOPCon and BC battery equipment [10][19]. Silicon Carbide Market - The silicon carbide market is expected to grow rapidly, with the automotive sector projected to account for 82% of the market by 2029 [59][61]. - The company has secured bulk orders for semiconductor equipment from clients like BYD, indicating strong demand and potential for repeat orders [65]. Profitability Forecast - The company's net profit is projected to reach 7.07 billion, 8.02 billion, and 8.72 billion CNY for the years 2024 to 2026, respectively [4]. - The expected revenue for 2024-2026 is 46.87 billion, 51.08 billion, and 54.66 billion CNY, with photovoltaic equipment remaining the primary revenue contributor [4][65].
拉普拉斯：光伏电池设备持续深耕，碳化硅设备打开向上空间