Maxwell(SZ:300751) GUOTAI HAITONG SECURITIES·2025-12-31 06:16Investment Rating - The report assigns a rating of "Buy" for the company [6] Core Insights - The company has established a product matrix based on three major technology platforms: vacuum, laser, and precision equipment, covering downstream sectors such as photovoltaics, displays, and semiconductors. Recently, the company secured the first perovskite/silicon heterojunction tandem line order in the industry, which will accelerate mass production in the sector. Additionally, the company's semiconductor and display business layouts are accelerating, potentially creating a second growth curve [2][12] Financial Summary - Total revenue is projected to reach 8,089 million in 2023, increasing to 9,830 million in 2024, before declining to 8,078 million in 2025, and then recovering to 8,555 million in 2026 and 9,410 million in 2027, reflecting a growth rate of 95.0% in 2023 and a decline of 17.8% in 2025 [4] - Net profit attributable to the parent company is expected to be 914 million in 2023, with slight increases to 926 million in 2024 and 896 million in 2025, followed by a rise to 1,052 million in 2026 and 1,169 million in 2027 [4] - Earnings per share (EPS) are forecasted to be 3.27 in 2023, 3.31 in 2024, 3.21 in 2025, 3.77 in 2026, and 4.18 in 2027 [4][15] Valuation - The company is positioned as a leading manufacturer of photovoltaic equipment, with accelerated platform layouts in displays and semiconductors. A price-to-earnings (PE) valuation of 60 times is applied for 2026, resulting in a target price of 225.94 [15][12] Market Data - The company's stock has a 52-week price range of 65.29 to 205.32, with a total market capitalization of 53,674 million [7] - The company has a net asset value per share of 28.13, with a price-to-book (P/B) ratio of 6.8 [8]