Maxwell(SZ:300751) Xin Lang Cai Jing·2025-09-09 06:42Core Viewpoint - The company reported a 15% year-on-year decline in net profit attributable to shareholders for the first half of 2025, while its overall profitability improved. The semiconductor and display business showed significant growth, and with the expansion of new photovoltaic technologies and the ramp-up of the semiconductor business, the company's revenue is expected to achieve high growth. The buy rating is maintained [1][4]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 4.213 billion yuan, a decrease of 13.48% year-on-year. The net profit attributable to shareholders was 394 million yuan, down 14.59% year-on-year. The net profit after deducting non-recurring gains and losses was 364 million yuan, a decrease of 10.18% [2]. - In Q2 2025, the company achieved a net profit attributable to shareholders of 232 million yuan, an increase of 15.31% year-on-year and a 43% increase quarter-on-quarter [2]. Business Growth - The semiconductor and display business achieved operating revenue of 127 million yuan in the first half of 2025, a remarkable year-on-year growth of 496.90%. The company focuses on etching and thin-film deposition equipment in the semiconductor wafer manufacturing sector, with significant breakthroughs in high-selectivity etching and atomic layer deposition equipment, entering mass production [2]. - The company has pioneered an "etching + bonding overall solution" in the semiconductor packaging equipment sector, securing the top market share in domestic wafer laser grooving equipment [2]. Long-term Growth Potential - The company is expected to benefit from the expansion of new photovoltaic technologies, particularly HJT technology, which offers high automation, high unmanned operation, and high manufacturing yield, providing advantages for overseas expansion. The development of silicon-based perovskite/heterojunction tandem solar cell technology is identified as a key direction for future photovoltaic technology [3]. - The rapid breakthrough in the company's semiconductor business, particularly in selective etching technology, is anticipated to create a second growth curve for the company [3]. Valuation - Based on the company's semi-annual performance and the industrialization of HJT technology, the earnings per share forecasts for 2025-2027 have been adjusted to 2.95, 3.94, and 4.37 yuan, respectively, with corresponding price-to-earnings ratios of 31.8, 23.8, and 21.5 times. The buy rating is maintained due to breakthroughs in the semiconductor business [4].