Maxwell(300751) 民生证券·2024-04-25 06:30Investment Rating - The report maintains a "Recommended" rating for the company [1][2]. Core Views - The company's performance in 2023 met expectations, with a revenue of 8.089 billion yuan, a year-on-year increase of 94.99%, and a net profit attributable to shareholders of 914 million yuan, up 6.03% year-on-year [1]. - The company has successfully broken the overseas monopoly in screen printing equipment for solar cells, achieving overseas sales of 821 million yuan, accounting for 10.15% of total revenue [1]. - The "Three Reductions and One Increase" strategy for HJT technology is expected to accelerate industrialization, focusing on reducing silver, grid lines, and silicon usage while increasing efficiency and lifespan [1]. - The company is actively expanding into the display panel and semiconductor packaging equipment sectors, with successful applications in major industry players [1]. Financial Forecasts - The company is projected to achieve revenues of 11.294 billion yuan, 15.864 billion yuan, and 22.209 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.341 billion yuan, 2.068 billion yuan, and 3.052 billion yuan [2][6]. - The expected growth rates for revenue and net profit from 2024 to 2026 are 39.6%, 40.5%, and 40.0% for revenue, and 46.8%, 54.2%, and 47.6% for net profit [2][6]. - The current price corresponds to a PE ratio of 32 for 2024, decreasing to 10 by 2026 [2][6].