Maxwell(SZ:300751) Soochow Securities·2025-06-02 10:23Investment Rating - The report maintains a "Buy" rating for the company [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 [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a growing investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction cell manufacturing [7] - The projected annual revenue from the new perovskite tandem solar cell manufacturing equipment is estimated at 4 billion RMB, with a net profit of 600 million RMB [7] Financial Summary - Total revenue forecast for 2023 is 8,089 million RMB, with a year-on-year growth of 94.99% [1] - The net profit attributable to the parent company for 2023 is projected at 913.90 million RMB, reflecting a year-on-year increase of 6.03% [1] - Earnings per share (EPS) for 2023 is estimated at 3.27 RMB, with a price-to-earnings (P/E) ratio of 21.24 [1] - The company expects net profits of 764.86 million RMB in 2025, with a decline of 17.39% year-on-year, followed by a recovery in subsequent years [1][8]