Maxwell(SZ:300751) Soochow Securities·2024-05-27 08:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has won a bid for the 6th generation AMOLED production line project from BOE Technology Group, which opens up growth opportunities in the semiconductor sector [3] - The company has established a comprehensive layout in the core processes of panel equipment, breaking the monopoly of Japanese and Korean manufacturers [3] - The company is positioned as a leader in HJT (Heterojunction Technology) equipment, benefiting from the accelerated expansion of HJT battery production [4] Financial Forecast and Valuation - Total revenue is projected to grow from 8,089 million yuan in 2023 to 21,442 million yuan in 2026, with a compound annual growth rate (CAGR) of 85.30% from 2023 to 2024 [2] - Net profit attributable to shareholders is expected to increase from 1,524 million yuan in 2024 to 2,883 million yuan in 2026, reflecting a growth rate of 66.76% in 2024 [2] - The latest diluted EPS is forecasted to rise from 3.27 yuan in 2023 to 10.33 yuan in 2026, indicating strong earnings growth [2] - The current price-to-earnings (P/E) ratio is projected to decrease from 40.38 in 2023 to 12.80 in 2026, suggesting an attractive valuation [2] Market Position and Strategy - The company has delivered multiple OLED laser cutting and repair devices to leading display manufacturers, enhancing its competitive edge in the flexible display manufacturing sector [3] - The company has diversified its product offerings to include equipment for both OLED and MLED displays, as well as semiconductor packaging solutions [4] - The company has a strong focus on R&D, with significant investments planned to support its growth in the semiconductor and display equipment markets [4]