Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding the ramp-up of semiconductor and display equipment [1] - Revenue for 2024 is projected to be 9.83 billion yuan, with a year-on-year growth of 21.53%, while net profit is expected to be 925.91 million yuan, reflecting a slight increase of 1.31% [1] - The company is increasing its R&D investment, particularly in the semiconductor and display sectors, with R&D spending expected to reach 950 million yuan in 2024, a year-on-year increase of 24.6% [1] Financial Summary - Total revenue for 2023 is reported at 8.09 billion yuan, with a significant year-on-year increase of 94.99% [1] - The projected net profit for 2025 is 764.86 million yuan, a decrease of 17.39% compared to 2024 [1] - The company's gross margin for 2024 is expected to be 28.1%, down 2.4 percentage points year-on-year [1] - The company’s cash flow from operating activities for 2024 is projected to be 56 million yuan [8] Market Data - The closing price of the company's stock is 69.48 yuan, with a market capitalization of 19.41 billion yuan [5] - The price-to-earnings ratio (P/E) for the current price and latest diluted earnings is 21.24 for 2023 and projected to be 25.38 for 2025 [1][8] Operational Insights - The company has successfully launched several core devices in the semiconductor field, achieving a leading market share in laser grooving equipment [7] - The company is also expanding its product matrix in the semiconductor sector, with new products entering trial production [7] - In the display sector, the company has developed a complete set of equipment for Mini/Micro LED, enhancing its market position [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is expected to benefit from the ramp-up in semiconductor and display equipment [1] - Revenue for 2024 is projected to be 9.83 billion yuan, with a year-on-year growth of 21.53%, while net profit is expected to be 925.91 million yuan, reflecting a slight increase of 1.31% [1] - The company is increasing its R&D investment, particularly in the semiconductor and display sectors, with R&D spending expected to reach 950 million yuan in 2024, a year-on-year increase of 24.6% [7] Financial Summary - Total revenue for 2023 is reported at 8.09 billion yuan, with a significant year-on-year increase of 94.99% [1] - The projected net profit for 2025 is 764.86 million yuan, a decrease of 17.39% compared to 2024 [1] - The company's gross margin for 2024 is expected to be 28.1%, down 2.4 percentage points year-on-year [7] - The company’s total assets are projected to be 23.84 billion yuan in 2024, with total liabilities of 16.31 billion yuan [8] Market Position and Strategy - The company is focusing on advanced packaging in the semiconductor sector and has successfully launched several core devices, achieving a leading market share in laser grooving equipment [7] - In the display sector, the company has expanded its product offerings to include solutions for Mini/Micro LED technologies [7] - The company aims to enhance its production capacity and reduce operational costs through technological upgrades, targeting a component power output of 780W by the end of 2025 [7]

Core Insights - The company reported a revenue of 9.83 billion yuan for 2024, a year-on-year increase of 21.53%, while the net profit attributable to shareholders was 926 million yuan, a slight increase of 1.31%, which was below expectations due to pressure in the photovoltaic industry and delays in order acceptance [1] - In Q1 2025, the company generated a revenue of 2.23 billion yuan, showing a year-on-year and quarter-on-quarter increase of 0.47% and 8.01% respectively, but the net profit dropped to 162 million yuan, a decrease of 37.69% year-on-year and 3.18% quarter-on-quarter, primarily due to significant credit impairment losses [1][2] Financial Performance - The company faced a significant decline in operating cash flow, with a net cash flow from operating activities of 561 million yuan in 2024, down 92.57% year-on-year, and a negative cash flow of 352 million yuan in Q1 2025, attributed to increased bank acceptance bill payments and slow customer payments [3] - The gross margin for 2024 was 28.11%, down 2.40 percentage points year-on-year, while the net margin was 9.80%, down 1.01 percentage points, mainly due to changes in accounting policies [2] - In Q1 2025, the gross margin improved to 29.10%, with a year-on-year decrease of 1.84 percentage points but a quarter-on-quarter increase of 10.61 percentage points, while the net margin was 6.98%, reflecting a year-on-year and quarter-on-quarter decline [2] Market Outlook - The company is optimistic about the overseas market expansion for HJT equipment and the development of its display and semiconductor business, with HJT technology offering lower labor and operational costs and higher photoelectric conversion efficiency [3] - The company has achieved a leading market share in domestic wafer laser grooving equipment and has made significant progress in key equipment deliveries, with semiconductor and display sectors generating revenue of 67 million yuan in 2024, an increase of 88.41% year-on-year [3] Profit Forecast and Valuation - The company has revised down its net profit forecasts for 2025 and 2026 by 21% to 1.19 billion yuan and 1.31 billion yuan respectively, with an expected net profit of 1.46 billion yuan for 2027 [4] - The target price has been adjusted to 89.04 yuan, based on a 21 times PE ratio for 2025, maintaining a "buy" rating despite the downward revision due to potential short-term supply-demand mismatches in the photovoltaic sector [4]

Group 1: Financial Performance and Market Strategy - The company reported a research and development expenditure of 951.1425 million yuan, accounting for 9.68% of its operating income [4] - The overseas orders for photovoltaic equipment are expected to significantly increase this year, with non-photovoltaic orders also projected to rise substantially [9][12] - The company is actively pursuing the development of HJT (Heterojunction Technology) equipment and aims to enhance its market presence in the semiconductor sector [2][3] Group 2: Product Development and Technological Advancements - The company is optimistic about the commercialization timeline for perovskite heterojunction batteries, with pilot production expected in 2026 and mass production anticipated between 2027 and 2028 [3] - The company is focusing on the research and sales of heterojunction and perovskite stacked battery equipment [2][4] - The company has established six laboratory platforms, including a new solid-state lithium battery laboratory, indicating a diversification in research capabilities [5] Group 3: Market Position and Competitive Landscape - The company acknowledges the competitive pressure from peers in the semiconductor equipment sector and is committed to strategic planning to enhance its market position [4][10] - The company believes that the perovskite heterojunction stacked battery will become the ultimate product form in photovoltaics [4][11] - The company is exploring entry into larger market segments within the semiconductor equipment industry, such as etching and thin-film deposition equipment [4][12] Group 4: Shareholder Engagement and Stock Management - The company has implemented measures such as mid-term dividends and share buybacks to manage its market value and stabilize stock prices [10][11] - The management is encouraged to maintain good relationships with investment institutions and provide timely updates on order progress and research developments to improve stock performance [10][11]

Financial Performance - In 2024, the company achieved a revenue of 9.83 billion CNY and a net profit of 925 million CNY [2] - In Q1 2025, the company reported a revenue of 2.23 billion CNY and a net profit of 162 million CNY [2] Industry Impact - The photovoltaic industry has impacted the company's operations, leading to prudent impairment provisions based on customer aging and specific operational conditions [2] - The company is increasing R&D investments in next-generation photovoltaic technologies and expanding into the semiconductor business, which has temporarily raised costs [3] Semiconductor Business - Since 2019, the company has been investing in the semiconductor sector, with R&D expenditures in this area nearing 50% of total R&D [4] - The company expects rapid growth in non-photovoltaic orders, diversifying its revenue structure [4] Photovoltaic Technology - The HJT technology is a key focus for overseas expansion, offering advantages such as reduced labor and energy consumption [5] - The company is advancing the development of perovskite tandem cells, with pilot line efficiencies exceeding 29% and expected to surpass 30% soon [7] HJT Technology Developments - Upgrades to existing production lines include photon sintering and edge optimization, which can increase module power by 15-18W [9] - New production lines for HJT cells are projected to achieve power outputs of 775-780W through the integration of advanced equipment [10] Challenges and Future Outlook - The semiconductor and display business has slower revenue recognition due to longer validation cycles and the need for equipment integration [10] - The company is committed to balancing R&D investments with shareholder returns while sharing long-term value with investors [3]

Core Viewpoint - The net profit growth of Maiwei Co., Ltd. has significantly slowed down due to inventory and accounts receivable issues, despite a revenue increase in 2024. Financial Performance - In 2024, the company achieved an operating revenue of 9.83 billion yuan, a year-on-year increase of 21.53%, and a net profit attributable to shareholders of 926 million yuan, a growth of 1.31% [3] - From 2018 to 2023, the company's revenue grew from 788 million yuan to 8.09 billion yuan, with a compound annual growth rate (CAGR) of 59%, while net profit increased from 117 million yuan to 914 million yuan, with a CAGR of 40% [3] Market Dynamics - The photovoltaic market is experiencing a parallel development of multiple technology paths, including heterojunction, Topcon, BC, and perovskite technologies, which has provided new growth points for the company [3] - The company's heterojunction equipment has captured over 70% market share, with major clients including Huasheng New Energy, REC, and Dongfang Risen [5] Asset Impairment - The company conducted impairment tests on inventory and accounts receivable, resulting in an asset impairment provision of 524 million yuan, primarily for bad debt provisions of 388 million yuan and inventory write-downs of 136 million yuan [4] - As of the end of 2024, the company's inventory value was 8.92 billion yuan, accounting for 37.43% of total assets [4] Technological Advancements - In 2024, the company upgraded the annual production capacity of its bifacial microcrystalline heterojunction high-efficiency battery production line to GW level [5] - The company developed the second-generation no-busbar technology (NBB) and its string welding equipment, which reduces silver paste consumption by 30%, further driving cost reduction and efficiency improvement in heterojunction batteries [5]

业绩简评 2025 年 4 月 28 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 98.30 亿元，同比+21.53%；实现归母净利 润 9.26 亿元，同比+1.31%；2025 年一季度实现营业收入 22.29 亿 元，同比+0.47%，实现归母净利润 1.62 亿元，同比-37.69%，业绩 符合预期。 经营分析 大额减值拖累 24 年及 25Q1 业绩，持续推进 HJT 工艺进步：公司 2024 年全年计提减值 5.2 亿元，其中信用减值 3.9 亿元，较 2023 年同期增加 297%；2025Q1 计提信用减值 1.8 亿元，主要是受行业 影响公司部分订单执行放缓或停滞及个别客户继续履约能力较弱 所致。根据公司年报，公司太阳能电池成套生产设备毛利率 27.8%， 同比+2.4PCT，单机毛利率 23.8%，同比+0.8PCT，光伏行业总体毛 利率为 28.0%，同比+1.9PCT,尽管光伏行业当前景气度欠佳，但公 司仍然通过较强的产品竞争力及优化产品结构实现了毛利率的企 稳。在光伏领域，公司前瞻布局 HJT 电池设备领域并逐步放量成 为新的业绩增长点，一方 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 9.83 billion RMB for 2024, a year-on-year increase of 21.53%, and a net profit of 926 million RMB, up 1.31% year-on-year. For Q1 2025, revenue was 2.23 billion RMB, a slight increase of 0.47%, but net profit decreased by 37.69% to 162 million RMB [2]. - The company faced significant impairment losses, totaling 520 million RMB for 2024, with credit impairment accounting for 390 million RMB, a 297% increase from the previous year. In Q1 2025, credit impairment was 180 million RMB, primarily due to industry impacts and weak customer performance [3]. - The company is advancing its HJT technology, launching a 1.2GW HJT battery production line that significantly reduces costs in various areas compared to previous models. The company is also implementing a comprehensive cost reduction and efficiency enhancement strategy [3]. - In the display and semiconductor sectors, the company has made progress in domestic production of precision equipment, including the world's first G3.5 bonding equipment and over 100 units of nanosecond laser equipment for high-end CMOS processing [4]. Summary by Sections Performance Review - In 2024, the company achieved a total revenue of 9.83 billion RMB, with a year-on-year growth of 21.53%. The net profit for the same year was 926 million RMB, reflecting a modest increase of 1.31%. For Q1 2025, the revenue was 2.23 billion RMB, showing a slight growth of 0.47%, while the net profit fell to 162 million RMB, a decrease of 37.69% [2]. Operational Analysis - The company recorded a substantial impairment charge of 520 million RMB in 2024, with credit impairment rising to 390 million RMB, marking a 297% increase from the previous year. The Q1 2025 credit impairment was 180 million RMB, attributed to industry challenges and customer performance issues. Despite the overall industry downturn, the company maintained a gross margin of 27.8% for its solar cell production equipment, up 2.4 percentage points year-on-year [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised down to 870 million RMB and 610 million RMB, respectively, with a new estimate for 2027 at 680 million RMB. The corresponding EPS for these years is projected to be 3.12, 2.19, and 2.45 RMB, with current price-to-earnings ratios of 37, 52, and 47 times [5].

苏州迈为科技股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职情况评估及履 行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》和苏州迈为科技股份 有限公司（以下简称"公司"）的《公司章程》《董事会审计委员会议事规则》 等规定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将董事会审计委员会对会计师事务所 2024 年度履职评估及履行监督职责的情 况汇报如下： 一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本情况 苏亚金诚会计师事务所（特殊普通合伙）（以下简称"苏亚金诚"）前身为 江苏苏亚审计事务所（原隶属于江苏省审计厅），创立于 1996 年 5 月。1999 年 10 月改制为江苏苏亚会计师事务所有限责任公司。2000 年 7 月，经江苏省财政 厅批准重组设立江苏苏亚金诚会计师事务所有限责任公司。2013 年 12 月 2 日， 经批准转制为特殊普通合伙企业。注册地址为南京市建邺区泰山路 159 号正太中 心大厦 A 座 14-16 层，首席合伙人为詹从才先生，苏亚金 ...

证券代码：300751 证券简称：迈为股份 公告编号：2025-019 苏州迈为科技股份有限公司 关于公司2025年第一季度计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 苏州迈为科技股份有限公司（以下简称"公司"）根据《企业会计准则》及 《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》 等相关规定，以 2025 年 3 月 31 日为基准日，对公司各类资产进行了减值测试， 对预计存在较大可能发生减值损失的相关资产计提减值准备。现将具体情况公告 如下： 一、本期计提资产减值准备情况概述 （一）本期计提资产减值准备的原因 根据《企业会计准则》和公司会计政策的相关规定，并基于谨慎性原则，为 真实、准确地反映公司截止 2025 年 3 月 31 日的财务状况和经营成果，公司及合 并报表范围内的子公司对存在可能发生减值迹象的资产进行全面清查和资产减 值测试，公司拟对 2025 年第一季度可能发生资产减值损失的相关资产计提资产 减值准备。 单位：万元 | 类型 | 项目 | 本期计提减值 准备 | 收回或转回 | 本期发 ...