Maxwell(SZ:300751) Bank of China Securities·2025-09-09 04:59Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][6]. Core Insights - The company's profitability has improved year-on-year, with notable growth in its semiconductor and display business. Despite a 15% decline in net profit for the first half of 2025, the overall profitability has increased. The expansion of new photovoltaic technologies and the ramp-up of the semiconductor business are expected to drive significant revenue growth [4][9]. - The report highlights the company's strong performance in the semiconductor sector, particularly in etching and thin-film deposition equipment, with a remarkable 496.9% year-on-year revenue growth in this segment [9]. - The company is well-positioned for long-term growth due to advancements in photovoltaic technology, particularly HJT technology, which offers high automation and manufacturing efficiency, as well as the rapid expansion of its semiconductor business [9]. Financial Summary - The company reported a total revenue of RMB 4.213 billion for the first half of 2025, a decrease of 13.48% year-on-year. The net profit attributable to the parent company was RMB 394 million, down 14.59% year-on-year [9]. - The forecasted earnings per share (EPS) for 2025-2027 have been adjusted to RMB 2.95, RMB 3.94, and RMB 4.37, respectively, reflecting a significant downward revision from previous estimates [6][8]. - The projected revenue for 2025 is RMB 9.226 billion, with a growth rate of -6.1%, followed by a recovery in 2026 and 2027 with growth rates of 7.4% and 7.8%, respectively [8][11].