Financial Performance - The company's operating revenue for 2023 reached ¥8,088,549,152.74, representing a 94.99% increase compared to ¥4,148,248,486.96 in 2022[16]. - Net profit attributable to shareholders for 2023 was ¥913,896,261.50, a 6.03% increase from ¥861,919,515.86 in 2022[16]. - The net profit after deducting non-recurring gains and losses was ¥857,152,224.04, up 7.51% from ¥797,283,128.81 in the previous year[16]. - The company's total assets at the end of 2023 were ¥23,216,628,175.00, a 59.79% increase from ¥14,526,837,662.10 in 2022[16]. - The net assets attributable to shareholders increased by 10.34% to ¥7,119,179,856.08 from ¥6,452,036,416.84 in 2022[16]. - The basic earnings per share for 2023 was ¥3.29, compared to ¥4.99 in 2022, reflecting a decrease of 34.13%[16]. - The diluted earnings per share was ¥3.28, down from ¥4.94 in the previous year[16]. - The weighted average return on equity for 2023 was 13.53%, a slight decrease from 14.15% in 2022[16]. - The net cash flow from operating activities for 2023 was ¥755,259,352.06, down 11.72% from ¥855,480,583.27 in 2022[16]. - The company reported a total revenue of ¥2,981,711,583.54 in Q4 2023, with a net profit of ¥200,326,834.34 attributable to shareholders[19]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 11 RMB per 10 shares to all shareholders, with no bonus shares issued[4]. - The total cash dividend for the 2023 fiscal year is projected to be 306,521,882.70 RMB, with a distribution of 11 RMB per 10 shares (including tax)[177]. - The cash dividend distribution plan complies with the relevant regulations and fully protects the rights of minority investors[177]. - The company has maintained a cash dividend payout ratio exceeding 20% annually, reaching over 30% for the fiscal year 2022[139]. Market and Industry Trends - The company acknowledges risks such as the decline in the photovoltaic industry, long acceptance cycles, intensified market competition, and potential decreases in gross margin, which may impact the achievement of operational goals for 2024[3]. - The domestic photovoltaic market saw a significant increase, with 216.88 GW of new installations in 2023, representing a year-on-year growth of 148.1%[29]. - The global photovoltaic market is projected to continue growing, with an expected addition of 390 GW to 430 GW of new installations in 2024[32]. - The domestic photovoltaic industry has experienced a continuous decline in product prices since 2023, leading to significant operational pressure on companies lacking scale and integration advantages[33]. - In 2024, the photovoltaic industry is expected to enter a consolidation phase, with a significant increase in market concentration among leading manufacturers[33]. Technological Development and R&D - The company is focused on the development of new technologies and products, particularly in the photovoltaic sector, to enhance its market position[8]. - The company has developed the latest HJT screen printing equipment, enhancing its supply capabilities in the HJT battery sector[35]. - The company has successfully upgraded its microcrystalline heterojunction high-efficiency battery mass production equipment, significantly improving light conversion efficiency[36]. - The company has accumulated 344 patents and 134 software copyrights, reinforcing its core competitiveness and commitment to innovation in the photovoltaic equipment sector[53]. - The company has established four major laboratories to support its R&D efforts, including a high-efficiency solar cell laboratory and a component technology laboratory[53]. - The company is actively promoting the industrialization of technologies such as 0BB and silver-copper solutions to enhance competitiveness in the HJT battery market[36]. Strategic Initiatives and Market Expansion - The company is exploring market expansion opportunities and potential mergers and acquisitions to strengthen its competitive edge[8]. - The company is actively expanding its product line to include core equipment for display panels and semiconductor packaging, alongside its main products for solar cell production[49]. - The company is exploring new applications for photovoltaic technology, including integration with agriculture and desertification control, to expand its market reach[48]. - The company is focusing on high-end intelligent manufacturing equipment, with a strong market share in solar cell production equipment[121]. - The company has established a sales subsidiary in Singapore to expand its international market presence, particularly in the photovoltaic sector[123]. Governance and Compliance - The company emphasizes the importance of high-quality governance and has established a governance structure involving the shareholders' meeting, board of directors, supervisory board, and management[141]. - The company has committed to enhancing information disclosure quality, ensuring that disclosures are truthful, accurate, complete, and timely[140]. - The company has established independent systems for assets, business, personnel, institutions, and finance, ensuring no interference from controlling shareholders[142]. - The company has not faced any administrative regulatory measures from supervisory authorities during the reporting period[141]. - The company has successfully maintained independence from its controlling shareholders in all operational aspects[143]. Environmental Responsibility - The company adheres to national environmental laws and has established an environmental management system certified to GB/T24001-2016/ISO14001:2015 standards[191]. - The company emphasizes low carbon emissions and resource conservation as core operational goals, integrating environmental risk management into its internal risk management[190]. - The company has implemented strict pollution discharge standards that exceed national requirements to mitigate environmental impacts during production[192]. - The company has installed a distributed photovoltaic power generation system with a capacity of 4.77MW on its factory rooftops, generating approximately 1.71 million kWh of electricity in 2023, which reduced carbon emissions by about 1,704,800 kg[200]. - The company has not experienced any environmental pollution incidents or government penalties in 2023, demonstrating compliance with environmental laws and regulations[198]. Employee Development and Management - The company emphasizes the importance of employee training, offering both internal and external training programs to enhance employee skills and reduce turnover[172]. - The company has established a comprehensive training system to support employee career development and talent retention[173]. - The total number of employees at the end of the reporting period is 9,332, with 7,580 in the parent company and 1,752 in major subsidiaries[170]. - The company has 3,630 production staff, 61 sales personnel, 5,141 technical staff, 46 financial staff, and 454 administrative staff, totaling 9,332 employees[170]. - The company’s management team is evaluated based on their performance and responsibilities, with a compensation and assessment committee overseeing the process[183].

Financial Performance - The company's operating revenue for 2023 reached ¥8,088,549,152.74, representing a 94.99% increase compared to ¥4,148,248,486.96 in 2022[16]. - Net profit attributable to shareholders for 2023 was ¥913,896,261.50, a 6.03% increase from ¥861,919,515.86 in 2022[16]. - The net profit after deducting non-recurring gains and losses was ¥857,152,224.04, up 7.51% from ¥797,283,128.81 in the previous year[16]. - The total assets at the end of 2023 amounted to ¥23,216,628,175.00, a 59.79% increase from ¥14,526,837,662.10 in 2022[16]. - The net assets attributable to shareholders increased by 10.34% to ¥7,119,179,856.08 from ¥6,452,036,416.84 in 2022[16]. - The basic earnings per share for 2023 was ¥3.29, compared to ¥4.99 in 2022, reflecting a decrease of 34.13%[16]. - The diluted earnings per share was ¥3.28, down from ¥4.94 in the previous year[16]. - The net cash flow from operating activities for 2023 was ¥755,259,352.06, a decrease of 11.72% from ¥855,480,583.27 in 2022[16]. - The weighted average return on equity for 2023 was 13.53%, down from 14.15% in 2022[16]. - The company reported a quarterly revenue of ¥2,981,711,583.54 in Q4 2023, contributing to a total annual revenue of over ¥8 billion[19]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 11 RMB per 10 shares to all shareholders, with no bonus shares issued[4]. - The total cash dividend for the 2023 fiscal year is projected to be 306,521,882.70 RMB, with a distribution of 11 RMB per 10 shares (including tax)[176]. - The company has maintained a dividend payout ratio exceeding 20% annually, reaching over 30% for the fiscal year 2022[139]. - The profit distribution policy remains unchanged, with a minimum cash dividend ratio of 20% during the company's growth phase[177]. Risks and Challenges - The company faces risks including a decline in the photovoltaic industry, long acceptance cycles, intensified market competition, and potential decreases in gross margin, which may affect the achievement of operational goals for 2024[3]. - The company emphasizes the importance of reading the full annual report, particularly regarding the outlined risk factors[3]. - The company's gross profit margin decreased by 7.79% due to increased cost-cutting demands from downstream customers and intensified competition in the photovoltaic market[62]. - The company acknowledges potential financial risks, including inventory and accounts receivable management challenges, which could impact profitability[125]. Market and Industry Trends - The global photovoltaic market is expected to grow, with new installations projected to reach 390 GW conservatively and potentially 430 GW optimistically in 2024[32]. - The domestic photovoltaic industry is expected to enter a consolidation phase in 2024, with leading manufacturers significantly increasing market concentration due to ongoing price declines in various product segments[33]. - The company operates in the intelligent manufacturing equipment sector, which is a key development direction in China's strategic emerging industries[25]. - The intelligent manufacturing equipment market in China is expected to exceed a 70% satisfaction rate by 2025, indicating strong growth potential[29]. - The diversification of photovoltaic applications is increasingly evident, with trends in water-solar, agriculture-solar, and fishery-solar integration gaining traction across various sectors[45]. Technological Advancements - The company has developed the latest HJT screen printing equipment, enhancing its supply capabilities for HJT battery production lines[35]. - The introduction of the "three reductions and one increase" solution in the HJT industry aims to reduce silver usage, busbar count, and silicon consumption while increasing efficiency and lifespan[36]. - The company has successfully upgraded its microcrystalline heterojunction high-efficiency battery mass production equipment, significantly improving light conversion efficiency[36]. - The company has achieved a leading position in the global solar cell screen printing equipment and HJT solar cell production line equipment sectors, breaking the import monopoly in the photovoltaic equipment field[56]. - The company has accumulated 344 patents and 134 software copyrights, reinforcing its core competitiveness and commitment to innovation in the photovoltaic equipment sector[53]. Research and Development - Research and development expenses amounted to 76,325,080 yuan, representing a year-on-year growth of 56.25% and accounting for 9.44% of operating revenue[63]. - The number of R&D personnel increased to 1,777 in 2023, a rise of 40.81% compared to 1,262 in 2022[93]. - The company has established four major laboratories to support its R&D efforts, including a high-efficiency solar cell laboratory and a component technology laboratory, enhancing its technological capabilities[53]. - The company is focusing on next-generation photovoltaic equipment, particularly HJT solar cell production lines, to meet the growing demand for high-efficiency solar cells as the market shifts towards cost reduction and efficiency improvement[52]. Environmental and Sustainability Efforts - The company adheres to national environmental laws and has established an environmental management system compliant with GB/T24001-2016/ISO14001:2015 standards[192]. - The company emphasizes low carbon emissions, low energy consumption, and biodiversity in its operational strategy[190]. - The company installed a distributed photovoltaic power generation system with a capacity of 4.77MW on its factory rooftops, generating approximately 1.71 million kWh of electricity in 2023, which reduced carbon emissions by about 1,704,800 kg[200]. - The company reported zero environmental pollution incidents, exceeding discharge limits, or government penalties in 2023[198]. Governance and Shareholder Engagement - The company emphasizes the importance of high-quality governance and has established a governance structure involving the shareholders' meeting, board of directors, supervisory board, and management[141]. - The company has conducted three temporary shareholders' meetings in 2023, with investor participation rates of 62.75%, 67.95%, and 55.56% respectively[144]. - The company has implemented measures to protect minority investors' rights and enhance their participation in governance[138]. - The company has established independent systems for assets, business, personnel, institutions, and finance, ensuring no interference from controlling shareholders[143].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 8.089 billion RMB in 2023, representing a year-on-year increase of 94.99%, and a net profit of 914 million RMB, up 6.03% year-on-year [2][5]. - In Q4 2023, the company reported a revenue of 2.982 billion RMB, a significant year-on-year increase of 163.23%, and a net profit of 200 million RMB, up 14.46% year-on-year [2]. - The company's gross margin for 2023 was 30.51%, down 7.80 percentage points year-on-year, while the net margin was 10.81%, down 9.06 percentage points year-on-year [2]. - The company is actively expanding into display panel and semiconductor packaging equipment markets, which is expected to open a second growth curve [2][5]. - The long-term outlook for profitability is positive as the HJT production lines mature, which is anticipated to significantly improve the company's profit levels [2]. Financial Summary - The company forecasts revenues of 11.761 billion RMB for 2024, with a growth rate of 45.40%, and a net profit of 1.331 billion RMB, reflecting a growth rate of 45.61% [5]. - The diluted earnings per share (EPS) are projected to be 4.767 RMB for 2024, 5.031 RMB for 2025, and 6.221 RMB for 2026, with corresponding price-to-earnings (P/E) ratios of 24.76, 23.46, and 18.97 respectively [2][5]. - The company's return on equity (ROE) is expected to improve from 12.84% in 2023 to 17.43% by 2026 [5].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 114.60 and a sector rating of "Outperform" [1][4]. Core Views - The company reported a revenue of RMB 8.09 billion in 2023, representing a year-on-year growth of 94.99%, and a net profit of RMB 914 million, which is a 6.03% increase compared to the previous year [4][6]. - In Q1 2024, the company achieved a revenue of RMB 2.22 billion, marking a year-on-year growth of 91.80%, and a net profit of RMB 260 million, which is a 17.79% increase [4][7]. - The company is experiencing significant growth in photovoltaic equipment production and sales, with a total production of 28,413 units in 2023, up 147.72% year-on-year, and sales of 16,502 units, up 55.49% year-on-year [4][6]. - The company is positioned to benefit from the competitive cost structure of HJT technology, with a contract liability of RMB 8.455 billion, reflecting a year-on-year increase of approximately 96% [4][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 8,088.55 million, with a gross profit of RMB 2,468.04 million and a net profit of RMB 913.90 million [6][9]. - The EBITDA for 2023 was RMB 808 million, with a net profit margin of 11.3% [10]. Revenue and Profit Forecast - The forecast for 2024 estimates a revenue of RMB 11,379 million, with a projected net profit of RMB 1,313 million, indicating a growth rate of 43.7% [5][9]. - The adjusted earnings per share (EPS) for 2024 is projected to be RMB 4.70, with a price-to-earnings (P/E) ratio of 24.4 [5][10]. Market Position and Growth Drivers - The company is one of the few that can provide complete production lines for HJT batteries, with significant clients including Anhui Huasheng and Reliance Industries [4][6]. - The company is actively working on cost reduction technologies for HJT, which is expected to enhance its growth potential in the photovoltaic sector [4][6].

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].