Maxwell(SZ:300751) Xin Lang Zheng Quan·2025-05-16 08:08Core Viewpoint - Maiwei Co., Ltd. has announced a share transfer plan by its fourth largest shareholder, indicating potential liquidity issues amid declining profits and increasing competition in the photovoltaic equipment sector [1][2]. Financial Performance - In Q1, Maiwei reported a net profit of 162 million yuan, a significant decline of 37.69% year-on-year, marking the first quarterly drop since its IPO seven years ago [2][4]. - The company's revenue remained stable at 2.229 billion yuan, but the net profit margin has been decreasing, diverging from competitors like Jiejia Weichuang, which saw a revenue increase of 116.3% and a net profit growth of 69.2% in 2024 [2][6]. Competitive Position - Maiwei's performance is notably lagging behind Jiejia Weichuang in terms of profitability and cost management, with the latter reducing its expense ratios since 2019 while Maiwei's have remained flat [4][6]. - The shift in the photovoltaic market from P-type to N-type technology has favored Jiejia Weichuang's TOPCon route, which has captured a market share of 71.1% in 2024, while Maiwei's HJT route has less than 5% market share [6][9]. Financing and Debt - Since its IPO in 2018, Maiwei has raised a total of 4.157 billion yuan through direct financing for expansion and working capital, yet its interest-bearing debt ratio remains significantly higher than that of Jiejia Weichuang [7][9]. - Despite multiple financing rounds, the company's debt levels have increased, raising concerns about its financial stability [7]. New Business Ventures - Maiwei has been attempting to diversify into the semiconductor and display panel equipment sectors since 2017, but as of the end of 2024, revenue from these new ventures accounted for only 670.75 million yuan, or 0.68% of total revenue [9]. - The initial hype surrounding HJT and perovskite technologies has not materialized into expected performance, leading to a significant drop in stock price from previous highs [9].