Maxwell(SZ:300751) Soochow Securities·2024-08-21 23:30Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company has achieved over 100 cumulative orders for its semiconductor wafer laser grooving equipment, with major clients including Changdian Technology, Huatian Technology, and Baiwei Storage [2][3]. - The demand for wafer laser grooving equipment is primarily driven by the continuous penetration of advanced packaging and 40nm and below chip processes [3][4]. - The company has established itself as a leader in domestic market share for wafer laser grooving equipment, with its technology reaching international advanced levels [3][4]. - The company is expanding its product offerings in the semiconductor sector, including grinding, cutting, and bonding equipment, and plans to enter the CMP and cleaning equipment markets [3][4]. Summary by Sections 1. Wafer Laser Grooving Equipment - The semiconductor wafer laser grooving equipment is crucial for forming cutting paths before wafer slicing, mainly used in advanced packaging applications [3][12]. - The global market for semiconductor wafer laser grooving equipment was approximately $350 million in 2022, with the domestic market accounting for about 30% [3][13]. - The company has quickly gained market share and established itself as a leading domestic supplier of this equipment, achieving over 100 orders since its first order in December 2021 [3][18]. 2. Semiconductor Packaging Equipment - The company focuses on providing comprehensive solutions for semiconductor packaging, including grinding and bonding equipment [20][21]. - Recent developments include the successful launch of advanced bonding equipment, which aligns with market demands for 2.5D/3D advanced packaging [20][27]. - The company has positioned itself against global leader DISCO by offering a complete solution that includes equipment, consumables, and advanced processing techniques [25][27]. 3. Financial Forecast and Valuation - The company is projected to achieve net profits of 1.524 billion, 2.277 billion, and 2.883 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 10, and 8 [4][31]. - The total revenue is expected to grow significantly, reaching 14.988 billion yuan in 2024, reflecting a year-on-year growth rate of 85.30% [4][31].