Maxwell(SZ:300751) GF SECURITIES·2024-05-06 05:02Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 143.69 CNY per share, compared to the current price of 114.60 CNY [4]. Core Insights - The company's performance slightly missed expectations, with 2023 revenue reaching 8.089 billion CNY, a year-on-year increase of 94.99%, and a net profit attributable to shareholders of 914 million CNY, up 6.03% year-on-year [2][3]. - Profit margin decline was the main factor for the performance miss, although there was improvement in Q1 2024 compared to Q4 2023 [2]. - The company's layout in the semiconductor sector is becoming clearer, with ongoing advancements in HJT technology and diversification into non-photovoltaic businesses expected to contribute significantly to revenue in the next five years [2]. Financial Summary - For 2023, the company reported a revenue of 8.089 billion CNY, with a growth rate of 95.0% compared to 2022 [3]. - The projected revenues for 2024, 2025, and 2026 are 12.369 billion CNY, 15.270 billion CNY, and 17.995 billion CNY, respectively, with corresponding growth rates of 52.9%, 23.4%, and 17.8% [3]. - The net profit attributable to shareholders for 2024 is forecasted to be 1.604 billion CNY, with a significant growth rate of 75.6% [3]. - The company's EBITDA for 2023 was 1.004 billion CNY, with projections of 2.063 billion CNY for 2024 [3]. Profitability Metrics - The gross margin for Q4 2023 was 27.05%, a decrease of 10.30 percentage points year-on-year, while the net margin was 6.91%, down 7.19 percentage points year-on-year [2]. - In Q1 2024, the gross margin improved to 30.93%, with a net margin of 10.84% [2]. - The company's return on equity (ROE) for 2023 was 12.8%, with projections of 18.4% for 2024 [3].