Maxwell(SZ:300751) Soochow Securities·2025-06-02 09:51Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells, with a total investment of 2.138 billion RMB for the project [7] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually, generating an expected annual revenue of 4 billion RMB (excluding tax) and a net profit of 600 million RMB [7] - The development of perovskite tandem technology is accelerating, with multiple players entering the market, indicating a growing investment demand in the industry [7] - The company has established the capability for complete line delivery of perovskite-silicon tandem battery equipment, leveraging its experience in heterojunction battery manufacturing [7] - The profit forecast for the company indicates a net profit of 764.86 million RMB in 2025, with a projected growth to 1.097 billion RMB by 2027 [7] Financial Summary - Total revenue is projected to be 8,089 million RMB in 2023, with a year-on-year growth of 94.99%, and is expected to reach 9,830 million RMB in 2024 [1] - The net profit attributable to the parent company is forecasted to be 913.90 million RMB in 2023, with a slight increase to 925.91 million RMB in 2024 [1] - The earnings per share (EPS) is expected to be 3.27 RMB in 2023, slightly increasing to 3.31 RMB in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 21.24 for 2023 and decrease to 20.97 for 2024 [1]