Maxwell(SZ:300751)2024-05-07 02:00Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 114.60 and a sector rating of "Outperform" [1][4]. Core Views - The company reported a revenue of RMB 8.09 billion in 2023, representing a year-on-year growth of 94.99%, and a net profit of RMB 914 million, which is a 6.03% increase compared to the previous year [4][6]. - In Q1 2024, the company achieved a revenue of RMB 2.22 billion, marking a year-on-year growth of 91.80%, and a net profit of RMB 260 million, which is a 17.79% increase [4][7]. - The company is experiencing significant growth in photovoltaic equipment production and sales, with a total production of 28,413 units in 2023, up 147.72% year-on-year, and sales of 16,502 units, up 55.49% year-on-year [4][6]. - The company is positioned to benefit from the competitive cost structure of HJT technology, with a contract liability of RMB 8.455 billion, reflecting a year-on-year increase of approximately 96% [4][6]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of RMB 8,088.55 million, with a gross profit of RMB 2,468.04 million and a net profit of RMB 913.90 million [6][9]. - The EBITDA for 2023 was RMB 808 million, with a net profit margin of 11.3% [10]. Revenue and Profit Forecast - The forecast for 2024 estimates a revenue of RMB 11,379 million, with a projected net profit of RMB 1,313 million, indicating a growth rate of 43.7% [5][9]. - The adjusted earnings per share (EPS) for 2024 is projected to be RMB 4.70, with a price-to-earnings (P/E) ratio of 24.4 [5][10]. Market Position and Growth Drivers - The company is one of the few that can provide complete production lines for HJT batteries, with significant clients including Anhui Huasheng and Reliance Industries [4][6]. - The company is actively working on cost reduction technologies for HJT, which is expected to enhance its growth potential in the photovoltaic sector [4][6].