Core Viewpoint - Maiwei Co., Ltd. plans to raise up to 1.967 billion yuan through convertible bonds to invest in the industrialization of perovskite tandem solar cell equipment, indicating a strong commitment to the perovskite sector amid growing industry demand [1][2][3] Investment Project Summary - The total investment for the perovskite tandem solar cell equipment project is estimated at 2.138 billion yuan, with Maiwei and its subsidiary responsible for development and production [2] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually after a three-year construction period, with projected annual sales revenue of 4 billion yuan and net profit of approximately 600 million yuan [2] - The financial internal rate of return for the project is estimated at 19.92%, with a payback period of 7.43 years [2] Industry Context - The perovskite and perovskite tandem cell sectors are experiencing significant investment interest, with major companies like Longi Green Energy and Tongwei Co. actively engaging in research and development [3] - The theoretical efficiency of single-junction perovskite solar cells is 33%, while perovskite-silicon tandem cells could reach around 43%, surpassing traditional silicon cell efficiency limits [2][3] - A total of 23 financing events in the perovskite battery field were recorded from 2024 to March 2025, highlighting the sector's growing investment activity [3] Company Development and Financial Performance - Maiwei has invested 1.714 billion yuan in R&D over the past two years, reflecting a strong focus on innovation [1][7] - The company has seen rapid revenue growth since its listing in 2018, with revenues increasing from 788 million yuan in 2018 to 8.089 billion yuan in 2023, representing a compound annual growth rate of approximately 65.55% [6] - Despite challenges in the photovoltaic industry, Maiwei's revenue for 2024 is projected at 9.83 billion yuan, a year-on-year increase of 21.53% [7] R&D and Talent Acquisition - Maiwei has accumulated 640 patents and 197 software copyrights, demonstrating its commitment to innovation [8] - The company has expanded its R&D team to 1,552 personnel, enhancing its capacity for technological advancement [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a robust investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction solar cell manufacturing [7] Financial Projections - Total revenue is projected to reach 9,830 million RMB in 2024, with a year-on-year growth of 21.53%, followed by a decline to 7,561 million RMB in 2025 [1][8] - The net profit attributable to the parent company is expected to be 925.91 million RMB in 2024, with a slight increase of 1.31% from the previous year, and a forecast of 764.86 million RMB in 2025 [1][8] - The earnings per share (EPS) is estimated to be 3.31 RMB in 2024, decreasing to 2.74 RMB in 2025 [1][8] - The price-to-earnings (P/E) ratio is projected to be 20.97 in 2024 and 25.38 in 2025 [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells [7] - The perovskite tandem technology is gaining traction, with multiple players entering the market, indicating a growing investment demand [7] - The company has developed the capability to deliver complete production lines for perovskite-silicon tandem solar cells, leveraging its existing technology in heterojunction cell manufacturing [7] - The projected annual revenue from the new perovskite tandem solar cell manufacturing equipment is estimated at 4 billion RMB, with a net profit of 600 million RMB [7] Financial Summary - Total revenue forecast for 2023 is 8,089 million RMB, with a year-on-year growth of 94.99% [1] - The net profit attributable to the parent company for 2023 is projected at 913.90 million RMB, reflecting a year-on-year increase of 6.03% [1] - Earnings per share (EPS) for 2023 is estimated at 3.27 RMB, with a price-to-earnings (P/E) ratio of 21.24 [1] - The company expects net profits of 764.86 million RMB in 2025, with a decline of 17.39% year-on-year, followed by a recovery in subsequent years [1][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to issue convertible bonds to raise nearly 2 billion RMB for expanding its production capacity in perovskite tandem solar cells, with a total investment of 2.138 billion RMB for the project [7] - The project aims to produce 20 sets of perovskite tandem solar cell manufacturing equipment annually, generating an expected annual revenue of 4 billion RMB (excluding tax) and a net profit of 600 million RMB [7] - The development of perovskite tandem technology is accelerating, with multiple players entering the market, indicating a growing investment demand in the industry [7] - The company has established the capability for complete line delivery of perovskite-silicon tandem battery equipment, leveraging its experience in heterojunction battery manufacturing [7] - The profit forecast for the company indicates a net profit of 764.86 million RMB in 2025, with a projected growth to 1.097 billion RMB by 2027 [7] Financial Summary - Total revenue is projected to be 8,089 million RMB in 2023, with a year-on-year growth of 94.99%, and is expected to reach 9,830 million RMB in 2024 [1] - The net profit attributable to the parent company is forecasted to be 913.90 million RMB in 2023, with a slight increase to 925.91 million RMB in 2024 [1] - The earnings per share (EPS) is expected to be 3.27 RMB in 2023, slightly increasing to 3.31 RMB in 2024 [1] - The price-to-earnings (P/E) ratio is projected to be 21.24 for 2023 and decrease to 20.97 for 2024 [1]

Core Viewpoint - The company, Maiwei Co., plans to issue convertible bonds to raise up to approximately 1.967 billion yuan for the industrialization project of perovskite tandem solar cell equipment, seizing opportunities in the photovoltaic battery technology development [2][3]. Group 1: Project Overview - The total planned investment for the perovskite tandem solar cell equipment industrialization project is 2.138 billion yuan, with 1.9666752 billion yuan to be raised through the bond issuance [3]. - The project will be implemented by Maiwei Co. and its wholly-owned subsidiary Xuancheng Maiwei Intelligent Equipment Manufacturing Co., with construction locations in Suzhou and Xuancheng [3]. - The project aims to achieve an annual production capacity of 20 sets of perovskite tandem solar cell manufacturing equipment after a construction period of three years [3]. Group 2: Market Potential and Industry Trends - The company recognizes the growing potential of perovskite and perovskite tandem batteries, with active investment demand in the industry [4]. - Several leading companies in the crystalline silicon battery sector, such as Longi Green Energy and Tongwei Co., have begun research and development of perovskite crystalline silicon tandem batteries, transitioning from experimental lines to pilot and small-scale production lines [4]. - From 2024 to March 2025, there have been 23 financing events in the perovskite battery sector, indicating a robust investment landscape [4]. Group 3: Financial Performance - In 2024, the company's revenue reached 9.83 billion yuan, a year-on-year increase of 21.53%, while the net profit attributable to shareholders was 926 million yuan, up 1.31% [5]. - In the first quarter of the current year, the company reported revenue of 2.229 billion yuan, a slight increase of 0.47%, but the net profit attributable to shareholders decreased by 37.69% to 162 million yuan [5].

Core Viewpoint - Suzhou Maxwell Technologies Co., Ltd. plans to issue convertible bonds to raise funds for the industrialization of perovskite tandem solar cell manufacturing equipment, aiming to enhance its core competitiveness and market position in the photovoltaic industry [1][14]. Fundraising Plan - The company intends to raise a total of up to 1,966.6752 million yuan through the issuance of convertible bonds, with the funds allocated primarily for a new perovskite tandem solar cell equipment project, which has a total investment of 2,137.9752 million yuan [2][6]. Project Overview - The project involves the construction of manufacturing equipment for perovskite tandem solar cells, with a production capacity of 20 sets per year upon completion. The project will be executed over three years, with the company and its wholly-owned subsidiary, Xuancheng Maxwell Intelligent Equipment Manufacturing Co., Ltd., responsible for different aspects of the project [2][3]. Necessity and Feasibility of the Project - The photovoltaic industry is driven by technological innovation and cost reduction. The transition to n-type battery technology is expected to dominate the market by 2024, with a projected market share of 79.4% for n-type cells [3][4]. The theoretical efficiency of perovskite solar cells is significantly higher than that of traditional silicon cells, making this project essential for capturing market opportunities [4][5]. Economic Benefits - The project is expected to generate annual sales revenue of 4,000 million yuan and a net profit of 599.249 million yuan, with an internal rate of return of 19.92% and a payback period of 7.43 years [11][13]. Impact on Company Operations and Financial Status - The issuance of convertible bonds will enhance the company's operational scale and product competitiveness, leading to improved profitability. The project aligns with the company's strategic goals and is expected to strengthen its market position [14]. The company's total assets and liabilities will increase, but the risk associated with interest payments on the raised funds is low [14]. Policy Support - The project aligns with national policies promoting the development of high-efficiency solar technologies, providing a favorable policy environment for its implementation [7][10]. Technical and Talent Strength - The company has a strong technical foundation and a skilled workforce, with 1,552 R&D personnel across various fields, enabling it to develop advanced manufacturing processes for perovskite solar cells [8][10]. Project Implementation Timeline - The project is planned to be completed within three years, with specific milestones for preparation, construction, equipment procurement, and commissioning [11].