Maxwell(300751) 华鑫证券·2024-12-06 02:30Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Views - The company is positioned as a leader in HJT (Heterojunction Technology) equipment, benefiting from the accelerated industrialization of HJT technology. The global market share of the company's HJT equipment is as high as 70%, with plans to upgrade production capacity to GW-level by 2024 [1]. - The company has successfully delivered equipment to leading industry clients and has achieved the first battery offline production. The mainstream power of HJT components has increased to 720W, with some reaching 744.3W [1]. - The report highlights a significant reduction in cost differences between HJT cells and mainstream technologies, with the cost gap narrowing to 0.04-0.05 yuan/W. Demand for HJT products has surged, with 10.33GW of products tendered this year, indicating a growing acceptance in the market [1]. Summary by Sections Basic Data - Current stock price: 117.42 yuan - Total market value: 32.8 billion yuan - Total shares: 279 million - Circulating shares: 193 million - 52-week price range: 69.15-145.96 yuan, with an average daily trading volume of 361.1 million yuan [1]. Financial Forecast - The company is projected to achieve revenues of 111.47 billion yuan, 142.38 billion yuan, and 169.76 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 3.88 yuan, 5.77 yuan, and 6.83 yuan. The current stock price corresponds to a PE ratio of 30.2, 20.3, and 17.2 for the respective years [4][7]. Market Performance - The report notes that the company is expected to benefit from the accelerated industrialization of HJT technology, with a focus on expanding into panel and semiconductor equipment sectors, including OLED flexible screen laser cutting equipment and semiconductor wafer packaging equipment [1].