Maxwell(SZ:300751) Zheng Quan Zhi Xing·2025-05-30 10:59Core Viewpoint - Suzhou Maxwell Technologies Co., Ltd. plans to issue convertible bonds to raise funds for the industrialization of perovskite tandem solar cell manufacturing equipment, aiming to enhance its core competitiveness and market position in the photovoltaic industry [1][14]. Fundraising Plan - The company intends to raise a total of up to 1,966.6752 million yuan through the issuance of convertible bonds, with the funds allocated primarily for a new perovskite tandem solar cell equipment project, which has a total investment of 2,137.9752 million yuan [2][6]. Project Overview - The project involves the construction of manufacturing equipment for perovskite tandem solar cells, with a production capacity of 20 sets per year upon completion. The project will be executed over three years, with the company and its wholly-owned subsidiary, Xuancheng Maxwell Intelligent Equipment Manufacturing Co., Ltd., responsible for different aspects of the project [2][3]. Necessity and Feasibility of the Project - The photovoltaic industry is driven by technological innovation and cost reduction. The transition to n-type battery technology is expected to dominate the market by 2024, with a projected market share of 79.4% for n-type cells [3][4]. The theoretical efficiency of perovskite solar cells is significantly higher than that of traditional silicon cells, making this project essential for capturing market opportunities [4][5]. Economic Benefits - The project is expected to generate annual sales revenue of 4,000 million yuan and a net profit of 599.249 million yuan, with an internal rate of return of 19.92% and a payback period of 7.43 years [11][13]. Impact on Company Operations and Financial Status - The issuance of convertible bonds will enhance the company's operational scale and product competitiveness, leading to improved profitability. The project aligns with the company's strategic goals and is expected to strengthen its market position [14]. The company's total assets and liabilities will increase, but the risk associated with interest payments on the raised funds is low [14]. Policy Support - The project aligns with national policies promoting the development of high-efficiency solar technologies, providing a favorable policy environment for its implementation [7][10]. Technical and Talent Strength - The company has a strong technical foundation and a skilled workforce, with 1,552 R&D personnel across various fields, enabling it to develop advanced manufacturing processes for perovskite solar cells [8][10]. Project Implementation Timeline - The project is planned to be completed within three years, with specific milestones for preparation, construction, equipment procurement, and commissioning [11].