Loading…
Makes manufacturing equipment (screen printers, HJT/TOPCon lines) used to build solar cells and modules.
Makes manufacturing equipment (screen printers, HJT/TOPCon lines) used to build solar cells and modules.
Sells production lines to solar manufacturers in large orders, with revenue recognised only after the customer signs off on the line, so results lag orders. It started with screen printers and extended into full HJT cell lines, where it is the main supplier in China.
In one line: A Chinese solar-equipment maker, akin to a photovoltaic-focused Applied Materials.
Moat: narrow (process know-how, installed base). Leading domestic supplier of next-gen solar cell equipment, but tied to solar capex cycles and competitors catching up.
Headquarters: Suzhou, China · Employees: 4,370
Size Suzhou Maxwell Technologies (300751.SZ) is a China Information Technology company (Semiconductors) with a market value of $6.72B, the 367th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥161.00 on 6 Nov 2026.
Performance Over six months the shares fell 32.6%, against -18.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 26.3% over the last twelve months (peer median +21.9%); the operating margin is 6.4% (peer median 9.9%).
Valuation It trades at 72.0× forward earnings against a peer median of 22.4× (2nd most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.2 points below its cost of capital (13.6% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.09B | CN¥8.13B | CN¥9.81B | CN¥8.07B | CN¥4.13B |
| Revenue growth | — | -17% | +22% | +95% | — |
| Gross profit | CN¥3.04B | CN¥2.91B | CN¥2.60B | CN¥2.01B | CN¥1.52B |
| EBITDA | n/a | CN¥1.09B | CN¥798M | CN¥808M | CN¥677M |
| Net income | CN¥344M | CN¥722M | CN¥926M | CN¥914M | CN¥862M |
| Free cash flow | CN¥909M | -CN¥1.32B | -CN¥696M | -CN¥672M | CN¥199M |
| Capital expenditure | CN¥542M | CN¥648M | CN¥770M | CN¥1.45B | CN¥693M |
| Total debt | CN¥7.57B | CN¥6.09B | CN¥4.10B | CN¥3.00B | CN¥1.73B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Suzhou Maxwell Technologies 300751.SZ | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% |
| LAPLACE Renewable Energy Technology 688726.SS | $1.30B | -36% | -22% | 8% | 24.5× | 1.4% |
| Wuxi Autowell Technology 688516.SS | $2.22B | -42% | -14% | 8% | 23.4× | n/a |
| Zhejiang Jingsheng Mechanical & Electrical 300316.SZ | $7.69B | -13% | -25% | 0% | 74.3× | 39.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 300751.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | -22.2% | 6th highest of 21 |
| 6-month return | -32.6% | -18.3% | 6th lowest of 21 |
| Distance from 52-week high | -56.8% | -49.6% | 7th lowest of 21 |
| Revenue growth (TTM) | -26.3% | +21.9% | 2nd lowest of 21 |
| Operating margin | 6.4% | 9.9% | 10th lowest of 21 |
| Forward P/E | 72.0× | 22.4× | 2nd most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 47.7% | 21.3% | most demanding of 8 |
| Growth delivered (Del g) | +29.0% | +13.5% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | +18.6 pp | +4.4 pp | 2nd most demanding of 8 |
| ROIC minus cost of capital | -8.2 pp | -4.4 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Suzhou Maxwell Technologies 300751.SZ | China | $6.72B | -33% | -26% | 6% | 72.0× | 47.7% | +29.0% |
| Jinko Solar 688223.SS | China | $6.73B | -34% | -18% | -11% | n/a | n/a | n/a |
| Rohm 6963.T | Japan | $6.76B | -19% | +12% | 4% | 24.3× | n/a | n/a |
| Vanguard International Semiconductor 5347.TWO | Taiwan | $6.82B | -22% | +10% | 17% | 17.7× | n/a | n/a |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | n/a | n/a | n/a |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 11.9× | 10.8% | +11.0% |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 30.9× | 23.1% | +42.7% |
| Unigroup Guoxin Microelectronics 002049.SZ | China | $6.37B | -35% | -1% | 18% | 25.5× | 24.4% | +13.5% |
| FormFactor FORM | United States | $6.36B | -45% | +29% | 21% | 19.7× | 22.4% | +2.5% |
| GRINM Semiconductor Materials 688432.SS | China | $6.34B | +131% | +36% | 19% | 161.4× | n/a | n/a |
| Alchip Technologies Limitd 3661.TW | Taiwan | $7.35B | -32% | -51% | 23% | 14.4× | n/a | n/a |
| Silicon Laboratories SLAB | United States | $7.39B | +2% | +22% | -3% | 60.3× | n/a | n/a |
| WAAREE Energies WAAREEENER.NS | India | $7.41B | -24% | +75% | 16% | 17.3× | n/a | n/a |
| Shanghai Iluvatar CoreX Semiconductor 9903.HK | Hong Kong | $6.06B | -6% | +158% | -65% | n/a | n/a | n/a |
| Shanghai Biren Technology 6082.HK | Hong Kong | $6.03B | -67% | +542% | -47% | n/a | n/a | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 7.6× | 11.3% | +0.5% |
| Yangzhou Yangjie Electronic Technology 300373.SZ | China | $5.99B | -3% | +29% | 18% | 22.4× | 18.1% | +22.3% |
| Ingenic Semiconductor 300223.SZ | China | $7.59B | -15% | +89% | 35% | 16.7× | 21.3% | +16.9% |
| Hangzhou Silan Microelectronics 600460.SS | China | $5.93B | -18% | +12% | 2% | 41.1× | n/a | n/a |
| Beijing YanDong MicroElectronic 688172.SS | China | $5.86B | -26% | +22% | -89% | 63.3× | n/a | n/a |
| Amlogic (Shanghai) 688099.SS | China | $5.84B | -13% | +39% | 17% | 22.4× | n/a | n/a |