Maxwell(300751)2024-10-28 03:15Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's Q3 performance met expectations, with a significant increase in revenue and profit levels. For the first three quarters of 2024, the company achieved a revenue of 7.767 billion RMB, a year-on-year increase of 52.09%, and a net profit attributable to shareholders of 759 million RMB, up 6.30% year-on-year. In Q3 alone, revenue reached 2.898 billion RMB, reflecting a year-on-year growth of 29.47% and a quarter-on-quarter increase of 9.32% [3][4] - The company is experiencing a clear recovery in profitability, with the gross margin for Q3 at 30.19%, a slight decrease of 2.11 percentage points year-on-year, while the net margin improved to 13.07%, an increase of 0.73 percentage points year-on-year. This improvement is attributed to the HJT (Heterojunction Technology) equipment entering mass acceptance, enhancing profitability [4] - The company has been recognized for its quality as it was among the first to receive special loan funds for stock repurchase, indicating strong growth potential and commitment to shareholder value [4] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 7.767 billion RMB, a 52.09% increase year-on-year, and a net profit of 759 million RMB, up 6.30% year-on-year. Q3 revenue was 2.898 billion RMB, a 29.47% increase year-on-year and a 9.32% increase quarter-on-quarter [3] - The gross margin for Q3 was 30.19%, down 2.11 percentage points year-on-year, while the net margin improved to 13.07%, up 0.73 percentage points year-on-year [4] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted upwards to 1.122 billion RMB (+9%), 1.367 billion RMB (+14%), and 1.570 billion RMB (+5%), with corresponding EPS of 4.02, 4.90, and 5.62 RMB. The current stock price corresponds to PE ratios of 28.6, 23.5, and 20.4 times respectively [5]