"Fengkou Research Report · Company", a gross profit margin of the company that quickly cuts into the photovoltaic ultra -thin glass, Baya Matton is more than 10 points high, and has the only optical power station glass technology in the country, which has formed a new growth point.

This company with a market value of less than 6 billion quickly cut into photovoltaic ultra -thin glass and formed shipments. The gross profit margin is more than 10 points higher than that of Amaton. The growth rate of profitability in the next two years has accelerated year by year.

Company essence:

① After the company transforms the photovoltaic glass business, follow the market demand, implement the production line technology transformation, and increase the production capacity of 2.0mm thin plates and wide plate photovoltaic glass. By the end of the year, the production capacity will reach 2700T/D;

② The company's single-level cost decreased by 20%in 2016-2021, and the gap between gross profit margin and leader rapidly reduced. In 2021, it was 5/17pct higher than that of Luoyang Glass and Amaton, respectively. Upstream;

③ The principle of light thermal power generation is similar to the thermal power generation methods such as thermal power and nuclear power. Compared with ordinary floating glass and photovoltaic glass technology, light thermal glass is more difficult to produce in batches in China. %At the industry leader level;

④ Zhongtai Securities Zeng Biao is expected to be 2022-2024 Ancai Gaoke's net profit at 2.76/3.71/555 million yuan, an increase of 32%/34%/50%year-on-year. "Buy" rating;

⑤ Risk reminder: The demand for photovoltaic glass is less than expected.

As a high -growth track, photovoltaics have great performance elasticity after the cutting into small companies. In the field of silicon and battery films, companies such as companies such as machine CNC, Junda shares, and high -test shares have staged a good drama of curve overtaking, and the market value has increased significantly.

Zhongtai Securities Zeng Biao's latest covers a small market value company Ancai Hi -Tech (600207) that cut into the field of photovoltaic glass. The quarterly production capacity reaches 2700T/d, and the current profit level stabilizes the upper reaches of the second echelon.

In addition, with the gradual maturity of the light and thermal power generation technology, the second path of the light and thermal glass into solar power generation is more difficult than ordinary floating methods and photovoltaic glass technology. Ancai Light thermal is the only company in China that has related manufacturing capabilities.

Zeng Biao expects that the net profit of Ancai Gaoke returned to the mother of Ancai Gaoke is 2.76/3.71/555 million yuan, a year-on-year increase of 32%/34%/50%. "Rating.

Transforming photovoltaic glass again

Ancai Hi -Tech currently mainly includes photovoltaic glass, natural gas and floating glass. From the perspective of revenue structure, the operating income of photovoltaic glass and natural gas business in 2021 accounted for 40%and 53%, respectively. From the perspective of gross profit structure, the proportion of gross profit of photovoltaic glass and natural gas business in 2021 was 65%and 18%, respectively.

Photovoltaic glass: The price of photovoltaic glass in the Q1 quarter of 2022 was a short -term low in the price of photovoltaic glass, and the cumulative increase of 10%since March.

The company's photovoltaic glass differentiation strategy has been taken shape. At the end of the year, production capacity will reach 2700T/D:

On the one hand, the company's transformation of photovoltaic glass business follows the market demand, implements the production line technology transformation, and improves the production capacity of 2.0mm thin plates and wide plate photovoltaic glass.

On the other hand, my country's photovoltaic glass production capacity is mainly concentrated in the southeast coastal areas. The company's photovoltaic glass production lines are located in Henan, so they have certain advantages in the central and northwest markets.

At present, the company currently produces 3 production lines: 1) Anyang Headquarters 900T/D photovoltaic glass project, which was put into production in 2019; 2) Jiaozuo Ancai annual output of 180,000 tons of photovoltaic glass projects, which was ignited on April 24th. It is expected to be produced early in the third quarter; 3) Xuchang Ancai's annual output of 48 million square meters of photovoltaic glass projects has been ignited on April 20, and it is expected to reach the production at the end of the third quarter.

This year, the specifications of photovoltaic glass produced by Jiaozuo Ancai and Xuchang Ancai are mainly 2.0mm. It is expected that the proportion of 2.0mm photovoltaic glass will continue to increase.

On June 17, 2022, the company disclosed a strategic cooperation agreement signed with Jing'ao Solar Energy Technology Co., Ltd. about 2.5 billion yuan to further enhance the company's new production capacity to consider the certainty and increase the large -sized, thin plate and other photovoltaic glass Product sales, enhance continuous profitability.

Profitability: The company's single-level cost decreased by 20%in 2016-2021, and the gap between gross profit margin and the leading leader has narrowed rapidly. In 2021, it is 5/17PCT higher than the Luoyang glass and Armaton, respectively. It shows that the cost control capabilities of Ancai Hi -Tech have been significantly improved, and the profitability of profitability has stood up to the second echelon of the photovoltaic glass industry.

Layout light glass, supplemented with photovoltaic glass

In 2021, the company acquired Ancai Light Heat Technology from Henan Investment Group and obtained 600T/D of ultra -white floating glass capacity, which has the capacity of light and heat glass.

The principle of light thermal power generation is similar to the thermal power generation methods such as thermal power and nuclear power, that is, the use of thermal energy to heat the water into high temperature and high -voltage steam, and drive the steam turbine to drive the generator to achieve power generation.

The light -heat power station is used to reflect the sun mirror that focuses on the sunlight. The light and thermal glass is manufactured. The technology of light and thermal glass is more difficult than ordinary floating glass and photovoltaic glass technology. Only two companies in China can produce in batches.

Ancai Light heat achieved sales revenue of 228 million yuan in 2021, net profit of 39.24 million yuan, and a net interest rate of 17.2%. It is at the industry's leading level, which fully reflects the added value of differentiated products.As the light and thermal power generation technology has gradually matured and the optical power plant continues to land, the company's optical glass business will contribute to the company's growth.

- END -