Goldman Sachs: Suzhou Maxwell Technologies (300751) Result Briefing: Strong Order Momentum and Sustainable High Margins in 2026; Reiterate Buy
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Following Suzhou Maxwell Technologies' earnings briefing, Goldman Sachs gained increased confidence in the company's robust order momentum and sustainable high profitability. Management reaffirmed its 2026 order target of RMB 10 billion, representing 67% year-over-year growth. This includes RMB 5 billion in solar orders, entirely from overseas turnkey projects, and a doubling of semiconductor orders to RMB 4 billion.
Backed by the current backlog mix, management expects future quarterly gross margins to sustain the exceptional 51% level achieved in 1Q26. Margin expansion has been driven by a strategic optimization toward overseas and semiconductor projects, which yield gross margins of 53% and 46%, respectively. Long-term technological catalysts remain intact, including heterojunction (HJT) cell efficiency targets reaching 800W/pc in 2026 and scheduled deliveries of multi-junction perovskite tandem cell equipment.
Reflecting the higher profitability from overseas and semiconductor orders, Goldman Sachs upgraded its 2026-2030E EBITDA forecasts by an average of 42%. Consequently, the 12-month target price was raised from RMB 263 to RMB 278, based on 22x 2027E EV/EBITDA. Goldman Sachs reiterates a Buy rating on Suzhou Maxwell Technologies (300751.SZ), with the new target implying 24.7% upside from the current price of RMB 222.98.