Maxwell(SZ:300751) Soochow Securities·2024-09-03 08:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is under short-term pressure due to impairment losses, but it is expected to benefit from the ramp-up of HJT (Heterojunction Technology) production [1][18] - The company is a leader in HJT production equipment and is well-positioned to benefit from the accelerated expansion of HJT batteries, with long-term growth potential in the broader semiconductor field [18] Financial Performance Summary - In H1 2024, the company achieved revenue of 4.869 billion yuan, a year-on-year increase of 69.74%, with solar cell production line equipment revenue of 4.603 billion yuan, up 82% year-on-year, accounting for 94.54% of total revenue [8][10] - The net profit attributable to shareholders was 461 million yuan, an increase of 8.63% year-on-year, while the net profit after deducting non-recurring items was 405 million yuan, up 6.00% year-on-year [8][10] - For Q2 2024, the company reported revenue of 2.651 billion yuan, a year-on-year increase of 54.84% and a quarter-on-quarter increase of 19.50% [8][10] Profitability Metrics - The gross margin for H1 2024 was 30.95%, a decrease of 1.76 percentage points year-on-year, while the net profit margin was 9.05%, down 4.62 percentage points year-on-year [10][12] - The company has increased its R&D investment to 419 million yuan in H1 2024, a year-on-year increase of 47% [10][12] Inventory and Cash Flow - As of Q2 2024, the company's inventory was 10.983 billion yuan, a year-on-year increase of 19.86%, and contract liabilities were 8.812 billion yuan, up 32.30% year-on-year, indicating a strong order backlog [13][14] - The net cash flow from operating activities for Q2 2024 was 133 million yuan, remaining positive [16] Major Contracts and Risk Management - The company has successfully recovered over 70% of accounts receivable from major contracts, demonstrating strong risk control capabilities [16] - Significant contracts include a completed shipment for Tongwei worth 1.18 billion yuan, with over 99% of accounts receivable collected [16] Strategic Developments - The company is actively expanding into display and semiconductor packaging equipment, achieving breakthroughs in these areas [17] - Recent contracts include winning bids for OLED laser cutting and repair equipment for BOE's AMOLED production line [17] Earnings Forecast and Valuation - The company has adjusted its net profit forecasts for 2024-2026 to 1.2 billion yuan (previously 1.5 billion), 1.8 billion yuan (previously 2.3 billion), and 2.5 billion yuan (previously 2.9 billion), respectively [18] - The current market capitalization corresponds to P/E ratios of 18, 12, and 9 times for the respective years [18]