Maxwell(SZ:300751) Soochow Securities·2026-03-10 04:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has achieved a conversion efficiency of 32.5% for its perovskite HJT stacked cells and plans to invest 3.5 billion RMB to continue enhancing this technology [2] - The company is accelerating breakthroughs in semiconductor front-end equipment, with a planned investment of 1.5 billion RMB for expansion [3] - The HJT technology is identified as the optimal solution for space photovoltaics, with the company positioned to benefit significantly from the evolution of space solar technology [3] - The profit forecast for the company indicates a net profit of 0.76 billion RMB in 2025, 0.88 billion RMB in 2026, and 1.10 billion RMB in 2027, with corresponding P/E ratios of 94, 82, and 66 [3] Financial Summary - Total revenue is projected to be 8.09 billion RMB in 2023, increasing to 9.83 billion RMB in 2024, before declining to 7.56 billion RMB in 2025 [1] - The net profit attributable to the parent company is expected to be 0.91 billion RMB in 2023, with a slight increase to 0.93 billion RMB in 2024, followed by a decrease to 0.76 billion RMB in 2025 [1] - The latest diluted EPS is forecasted to be 3.27 RMB in 2023, 3.31 RMB in 2024, and decreasing to 2.74 RMB in 2025 [1]