Maxwell(SZ:300751) SINOLINK SECURITIES·2024-05-09 08:30Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company achieved a revenue of 8.089 billion RMB in 2023, representing a year-on-year increase of 94.99%, and a net profit of 914 million RMB, up 6.03% year-on-year [2][5]. - In Q4 2023, the company reported a revenue of 2.982 billion RMB, a significant year-on-year increase of 163.23%, and a net profit of 200 million RMB, up 14.46% year-on-year [2]. - The company's gross margin for 2023 was 30.51%, down 7.80 percentage points year-on-year, while the net margin was 10.81%, down 9.06 percentage points year-on-year [2]. - The company is actively expanding into display panel and semiconductor packaging equipment markets, which is expected to open a second growth curve [2][5]. - The long-term outlook for profitability is positive as the HJT production lines mature, which is anticipated to significantly improve the company's profit levels [2]. Financial Summary - The company forecasts revenues of 11.761 billion RMB for 2024, with a growth rate of 45.40%, and a net profit of 1.331 billion RMB, reflecting a growth rate of 45.61% [5]. - The diluted earnings per share (EPS) are projected to be 4.767 RMB for 2024, 5.031 RMB for 2025, and 6.221 RMB for 2026, with corresponding price-to-earnings (P/E) ratios of 24.76, 23.46, and 18.97 respectively [2][5]. - The company's return on equity (ROE) is expected to improve from 12.84% in 2023 to 17.43% by 2026 [5].