Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 143.69 CNY per share, compared to the current price of 114.60 CNY [4]. Core Insights - The company's performance slightly missed expectations, with 2023 revenue reaching 8.089 billion CNY, a year-on-year increase of 94.99%, and a net profit attributable to shareholders of 914 million CNY, up 6.03% year-on-year [2][3]. - Profit margin decline was the main factor for the performance miss, although there was improvement in Q1 2024 compared to Q4 2023 [2]. - The company's layout in the semiconductor sector is becoming clearer, with ongoing advancements in HJT technology and diversification into non-photovoltaic businesses expected to contribute significantly to revenue in the next five years [2]. Financial Summary - For 2023, the company reported a revenue of 8.089 billion CNY, with a growth rate of 95.0% compared to 2022 [3]. - The projected revenues for 2024, 2025, and 2026 are 12.369 billion CNY, 15.270 billion CNY, and 17.995 billion CNY, respectively, with corresponding growth rates of 52.9%, 23.4%, and 17.8% [3]. - The net profit attributable to shareholders for 2024 is forecasted to be 1.604 billion CNY, with a significant growth rate of 75.6% [3]. - The company's EBITDA for 2023 was 1.004 billion CNY, with projections of 2.063 billion CNY for 2024 [3]. Profitability Metrics - The gross margin for Q4 2023 was 27.05%, a decrease of 10.30 percentage points year-on-year, while the net margin was 6.91%, down 7.19 percentage points year-on-year [2]. - In Q1 2024, the gross margin improved to 30.93%, with a net margin of 10.84% [2]. - The company's return on equity (ROE) for 2023 was 12.8%, with projections of 18.4% for 2024 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near term [9][12]. Core Views - The company has shown significant revenue growth, with a 94.99% year-on-year increase in 2023, reaching 8.089 billion yuan, and a projected continued growth of 91.80% in Q1 2024 [4][6]. - The net profit for 2023 was 914 million yuan, reflecting a slower growth rate of 6.03% compared to the previous year, primarily due to increased competition and upfront costs [5][9]. - The company is focusing on expanding its HJT (Heterojunction Technology) equipment sales and has signed contracts with key clients, indicating a strong demand for its products [5][8]. Summary by Sections Financial Performance - In 2023, the company achieved an operating income of 8.089 billion yuan, with a net profit of 914 million yuan, and a significant increase in contract liabilities to 8.455 billion yuan, up 96.34% year-on-year [4][5]. - The first quarter of 2024 saw an operating income of 2.218 billion yuan, with a net profit of 260 million yuan, marking a 17.79% increase [4][6]. Business Development - The company is advancing its HJT technology and has developed new applications such as NBB (No Busbar) technology, which reduces silver paste consumption by over 30% [8]. - Strategic partnerships have been established, including a three-year agreement with Huasheng New Energy for a minimum of 20GW of high-efficiency NBB component orders [8]. Research and Development - R&D investment reached 763 million yuan in 2023, a 56.25% increase, with a focus on new solar cell technologies and semiconductor equipment [8]. - The company has obtained 344 patents and 134 software copyrights, indicating a strong commitment to innovation [8]. Market Position - The company is positioned as a leader in HJT equipment, with expectations for continued growth in the semiconductor and display panel sectors [9]. - The projected net profits for 2024-2026 are estimated at 1.282 billion, 1.734 billion, and 2.225 billion yuan respectively, with a dynamic PE ratio decreasing from 23.3 to 13.4 times [9].

证券代码：300751 证券简称：迈为股份 公告编号：2024-020 关联关系说明：公司与受托方无关联关系。 二、投资风险分析及风险控制措施 （一）投资风险 1、虽然投资产品均经过严格的评估，受金融市场宏观经济影响较大，不排 序 号 受托方 产品 类型 产品名称 认购金额 （万元） 起息日 到期日 预期年 化收益 率 资金 类型 1 中国建设 银行股份 有限公司 保 本 浮 动 收 益 型 人民币定 制型结构 性存款 23,600 2024 年 4 月 25 日 2024 年 6 月 28 日 1.05%- 2.7% 闲 置 募 集 资金 一、本次购买理财产品的基本信息及关联关系说明 苏州迈为科技股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 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"）于 2023 年 10 月 24 日召 开了第三届董事会第六次会议及第三届监事会第六次会议，会议分别审议通过了 《关于使用部分闲置募集资金进行现金管理的议案》，同意公司使用不超过 95,000 万元的闲置募集资金进 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a revenue of 8.089 billion yuan in 2023, a year-on-year increase of 94.99%, and a net profit of 914 million yuan, up 6.03% year-on-year. For Q1 2024, revenue reached 2.218 billion yuan, reflecting a 91.80% year-on-year growth, with a net profit of 260 million yuan, up 17.79% year-on-year and 29.85% quarter-on-quarter [2] - The company has confirmed revenue from HJT battery production line equipment, marking a significant breakthrough in the display panel and semiconductor packaging equipment sectors. The successful confirmation of HJT battery production line equipment orders is expected to become a new growth point for the company's performance [2][3] - The company has maintained high R&D investment, with a 56.25% increase in R&D spending to 763 million yuan in 2023. This investment supports advancements in HJT and perovskite solar cell technologies, as well as developments in display panel and semiconductor packaging equipment [2] Summary by Relevant Sections Financial Performance - In 2023, the company achieved a revenue of 8.089 billion yuan, with a growth rate of 94.99%. The net profit was 914 million yuan, with a growth rate of 6.03%. For Q1 2024, revenue was 2.218 billion yuan, a 91.80% increase year-on-year, and net profit was 260 million yuan, up 17.79% year-on-year and 29.85% quarter-on-quarter [2][3] - The company sold 16,500 solar energy devices in 2023, a 55.49% increase year-on-year, contributing to a 96.84% growth in the photovoltaic industry revenue to 8.051 billion yuan [2] Market Position and Strategy - The company has successfully confirmed orders for HJT battery production line equipment, with projects such as the 2.4GW and 3GW bifacial microcrystalline heterojunction battery projects marking significant milestones. The conversion efficiency of these projects has surpassed 25.0%, indicating the company's entry into the bifacial microcrystalline era [2] - The company’s contract liabilities and inventory as of Q1 2024 were 8.890 billion yuan and 11.097 billion yuan, respectively, showing a year-on-year increase of 63.58% and 66.64%, indicating a robust order backlog [2] Future Outlook - The report forecasts net profits for the company of 1.524 billion yuan, 2.052 billion yuan, and 2.510 billion yuan for the years 2024 to 2026, respectively, with a downward adjustment of 27% and 33% for the 2024 and 2025 estimates [2] - The company is expected to benefit from a new round of battery production capacity innovation, with a focus on enhancing the HJT technology ecosystem [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing rapid revenue growth, with 2023 revenue reaching 8.09 billion yuan, a year-on-year increase of 95%. However, net profit growth is slower due to increased expenses related to R&D and expansion [3][9] - The company has a strong market position in the HJT (Heterojunction Technology) sector, with a projected market share of over 70% and new orders expected to reach approximately 35GW in 2023 [4][16] - The company is actively expanding into display and semiconductor packaging equipment, enhancing its growth potential in the semiconductor field [4][17] - Profitability is expected to improve as the proportion of high-margin HJT revenue increases, with Q1 2024 showing a gross margin of 30.9% [11] Summary by Sections Revenue and Profitability - In 2023, the company reported total revenue of 8.09 billion yuan, with a net profit of 913.9 million yuan, reflecting a 6% year-on-year increase. The fourth quarter of 2023 saw revenue of 2.98 billion yuan, up 163% year-on-year [3][9] - The first quarter of 2024 showed revenue of 2.22 billion yuan, a 92% increase year-on-year, with net profit rising 18% to 260 million yuan [3][9] Financial Metrics - The company's gross margin for 2023 was 30.5%, down 7.8 percentage points year-on-year, while the net profit margin was 10.8%, down 9.1 percentage points [11] - The company’s inventory as of the end of 2023 was 10.8 billion yuan, a 102% increase year-on-year, with contract liabilities at 8.46 billion yuan, up 96% [14] Market Position and Growth Potential - The company is well-positioned in the HJT market, with expectations of significant growth as traditional manufacturers begin large-scale production in 2024 [4][16] - The company has been expanding its product offerings in the display and semiconductor packaging sectors, which are expected to contribute to future revenue growth [4][17] Earnings Forecast - The forecast for net profit has been adjusted to 1.524 billion yuan for 2024 and 2.277 billion yuan for 2025, with a new estimate of 2.883 billion yuan for 2026. The current price-to-earnings ratio is projected to be 19, 13, and 10 times for 2024, 2025, and 2026 respectively [18]

Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's performance in 2023 met expectations, with a revenue of 8.089 billion yuan, a year-on-year increase of 94.99%, and a net profit attributable to shareholders of 914 million yuan, up 6.03% year-on-year [1]. - The company has successfully broken the overseas monopoly in screen printing equipment for solar cells, achieving overseas sales of 821 million yuan, accounting for 10.15% of total revenue [1]. - The "Three Reductions and One Increase" strategy for HJT technology is expected to accelerate industrialization, focusing on reducing silver, grid lines, and silicon usage while increasing efficiency and lifespan [1]. - The company is actively expanding into the display panel and semiconductor packaging equipment sectors, with successful applications in major industry players [1]. Financial Forecasts - The company is projected to achieve revenues of 11.294 billion yuan, 15.864 billion yuan, and 22.209 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.341 billion yuan, 2.068 billion yuan, and 3.052 billion yuan [2][6]. - The expected growth rates for revenue and net profit from 2024 to 2026 are 39.6%, 40.5%, and 40.0% for revenue, and 46.8%, 54.2%, and 47.6% for net profit [2][6]. - The current price corresponds to a PE ratio of 32 for 2024, decreasing to 10 by 2026 [2][6].

2021年9月28日，深圳证券交易所出具了《关于苏州迈为科技股份有限公司申请向特 定对象发行股票的审核中心意见告知函》，深圳证券交易所发行上市审核机构对公司向特 定对象发行股票的申请文件进行了审核，认为符合发行条件、上市条件和信息披露要求。 2021年11月4日，公司收到了中国证监会出具的《关于同意苏州迈为科技股份有限公 司向特定对象发行股票注册的批复》（证监许可〔2021〕3407号），同意公司向特定对象 发行股票的注册申请。 东吴证券股份有限公司 关于苏州迈为科技股份有限公司 2023年度募集资金存放与使用情况的核查意见 根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《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》《深圳证券交 易所上市公司自律监管指引第13号——保荐业务》等相关规定，东吴证券股份有限公司（以 下简称"东吴证券"、"保荐机构"）作为苏州迈为科技股份有限公司（以下简称"迈为 股份"、"公司"）的保荐机构，对公司2023年度募集资金存放与使用情况进行了核查。 具体情况如下： 一、募集资金基本情况 （一）募集资金金额、资金到位情况 公司本次向特定 ...

苏州迈为科技股份有限公司 2023 年度内部控制自我评价报告 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。董 事会、监事会及董事、监事、高级管理人员保证此报告不存在虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进公司实现发展战略。由于内部控 制存在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的 变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据 内部控制评价结果推测未来内部控制的有效性具有一定的风险。 二、内部控制评价结论 一、重要声明 根据公司财务报告内部控制缺陷的认定情况，截至内部控制评价报告基准日， 公司不存在财务报告内部控制重大缺陷和重要缺陷，公司已按照企业内部控制规 范体系和相关规定的要求在所有重大方面保持了有效的财务报告内部控制。 根据公司非财务报 ...

关于向控股子公司提供财务资助的公告 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。 证券代码：300751 证券简称：迈为股份 公告编号：2024-016 苏州迈为科技股份有限公司 重要内容提示： 1、苏州迈为科技股份有限公司（以下简称"公司"）决定对控股子公司迈 为技术（珠海）有限公司（以下简称"珠海迈为"）提供财务资助借款金额不超 过 50,000 万元，使用期限不超过 24 个月，借款利率不低于母公司最近一年向银 行借款的平均利率； 2、本次财务资助事项已经公司第三届董事会第七次会议、第三届监事会第 七次会议审议通过，保荐机构发表了核查意见； 3、本次财务资助对象的其他股东未按出资比例提供同等条件的财务资助， 也未提供担保，主要系因为珠海迈为为公司控股子公司，公司可以及时掌握被资 助对象的经营管理情况和资金状况，可对其履约和还款能力进行有效监控。公司 将对被资助对象的资金管理与运作进行严密监督，积极防范和化解借款风险，确 保资金按期收回，且珠海迈为资信良好，未发生过逾期无法偿还借款的情形，本 次财务资助事项不会对公司本期及未来财务及经营状况产生不利影响。 ...

东吴证券股份有限公司 关于苏州迈为科技股份有限公司 2023 年度持续督导跟踪报告 东吴证券股份有限公司对苏州迈为科技股份有限公司（以下简称"迈为股份" 或"公司"）2023 年度的持续督导跟踪报告如下： | 保荐机构名称：东吴证券股份有限公司 | 被保荐公司简称：迈为股份 | | --- | --- | | 保荐代表人姓名：曹飞 | 联系电话：0512-62938583 | | 保荐代表人姓名：左道虎 | 联系电话：0512-62938583 | （本页无正文，为《东吴证券股份有限公司关于苏州迈为科技股份有限公司 2023 年度持续督导跟踪报告》之签署页） | 6.发表独立意见情况 | | | --- | --- | | （1）发表独立意见次数 | 9 | | （2）发表非同意意见所涉问题及结论意见 | 无 | | 7.向本所报告情况（现场检查报告除外） | | | （1）向本所报告的次数 | 0 | | （2）报告事项的主要内容 | 不适用 | | （3）报告事项的进展或者整改情况 | 不适用 | | 8．关注职责的履行情况 | | | （1）是否存在需要关注的事项 | 否 | | （2）关注事项的主要内 ...