Maxwell(SZ:300751) Soochow Securities·2024-10-27 22:06Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant recovery in Q3 performance, with a notable reduction in impairment losses. The revenue for the first three quarters of 2024 reached 7.767 billion yuan, a year-on-year increase of 52.09%, while the net profit attributable to shareholders was 759 million yuan, up 6.30% year-on-year. The Q3 single-quarter revenue was 2.898 billion yuan, reflecting a year-on-year growth of 29.47% and a quarter-on-quarter increase of 9.32% [2] - The gross margin slightly declined, but the net profit margin improved significantly quarter-on-quarter. The gross margin for the first three quarters of 2024 was 30.67%, down 1.86 percentage points year-on-year, while the net profit margin was 10.55%, down 2.54 percentage points year-on-year. The company has enhanced its cost control capabilities, with R&D expenses increasing by 32% year-on-year [2] - The company is accelerating its layout in semiconductor packaging and display equipment, achieving breakthroughs in advanced packaging and display technologies. In 2024, the company successfully developed several new products in the semiconductor field and secured contracts for OLED laser cutting and repair equipment for BOE's production lines [3] - The company is expected to benefit from the accelerated expansion of HJT (Heterojunction Technology) production, with long-term growth potential in the semiconductor sector. The net profit forecasts for 2024-2026 are 1.2 billion yuan, 1.8 billion yuan, and 2.5 billion yuan, respectively, corresponding to a current P/E ratio of 27, 18, and 13 times [3] Financial Summary - For 2024, the company is projected to achieve total revenue of 11.842 billion yuan, with a year-on-year growth rate of 46.40%. The net profit attributable to shareholders is expected to be 1.210 billion yuan, reflecting a growth rate of 32.44% [1][9] - The company's cash flow from operating activities for 2024 is estimated at 4.202 billion yuan, indicating a strong operational cash generation capability [10] - The company's total assets are projected to reach 30.670 billion yuan by 2024, with total liabilities of 22.455 billion yuan, resulting in a debt-to-asset ratio of 73.21% [9][10]