Analysis of the Strong Performance of Mawei Technology (300751): Driven by Perovskite and Semiconductor Businesses

January 13, 2026 08:46 (UTC+8)
This stock entered the strong stock pool today, with a daily gain of +13.38% and hitting a record high

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Mawei Technology performed extremely strongly today, closing at ¥233.73 with a daily gain of

, hitting an intraday high of ¥239.56 to set a new record [0]. In terms of trading volume, 18.09 million shares were traded today, representing a increase compared to the average daily volume of 14.66 million shares. The strong coordination between volume and price indicates active capital inflows [0].

From a longer-term perspective, the stock has shown a stunning upward momentum recently: a

gain in the past 5 days, in the past month, in the past 3 months, and an impressive in the past 6 months [0]. Such a sustained sharp rise is extremely rare in the A-share market, indicating that the market’s recognition of the company’s fundamentals is rapidly increasing.

Capital flow data shows that on January 8, Mawei Technology led the rise of the CSI 500 Equal-Weight Index, with retail capital net inflow of

and hot money net inflow of , reflecting strong enthusiasm among individual investors and short-term capital to chase the upward trend [3].

On December 26, 2025, Mawei Technology announced the signing of a full-line supply contract for perovskite and silicon heterojunction tandem cells with a domestic new energy enterprise, which is the most direct catalyst for the recent sharp rise in the stock price [1][2]. This technical solution is based on the G12 half-cell large-size full-area technology platform, covering all processes of cell manufacturing, and integrates multiple core technologies such as high-coating-quality vacuum technology, pre-printing technology, and inkjet printing. It has comprehensive advantages including high efficiency, large production capacity, intelligence, automation, and cost-effectiveness [1]. Analysts from Huaxin Securities pointed out that this order confirms the company’s leading strength in tandem cell full-line equipment and technical solutions [1].

The company has made significant breakthroughs in its semiconductor deployment, and has established close partnerships with leading domestic packaging enterprises including Changjiang Electronics Technology (JCET), Tongfu Microelectronics, Huatek Technology, ICV Semiconductor, and Yongxi Electronics [1][2]. Semiconductor orders are growing rapidly, and the business transformation has exceeded expectations. The company is strategically transforming from a traditional photovoltaic equipment provider to a pan-semiconductor equipment supplier. Liu Xiaoning from Huayuan Securities believes that the company has strong technical barriers, has successfully entered the supplier list of leading domestic packaging enterprises, and is expected to usher in a new growth cycle [1].

Notably, on the evening of January 7, Zhou Jian, the company’s actual controller, disclosed a share reduction plan (planning to reduce holdings by no more than 2.7 million shares, accounting for 0.97% of total share capital). However, the stock price soared

the next day (January 8), hitting an intraday high of ¥219.84 per share, approaching the daily limit [1]. This phenomenon of “rising despite negative news” indicates that the market is extremely optimistic about the company’s fundamentals, with strong willingness to go long, further verifying the solid foundation of the upward trend.

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Mawei Technology’s strategic layout of transforming from a single photovoltaic equipment supplier to a pan-semiconductor equipment platform is showing results. The company’s core capabilities accumulated in the photovoltaic field, such as precision manufacturing, vacuum technology, and automatic control, have high synergy with the technical requirements of advanced semiconductor packaging equipment. This “photovoltaic + semiconductor” dual-driven business model not only reduces dependence on a single industry, but also opens up broader growth space for the company. The landing of cooperation between the semiconductor business and leading domestic packaging enterprises marks the industry’s recognition of the company’s technical strength, and the sustainability of future orders is worth looking forward to.

The current stock price corresponds to a PE ratio of

, which is significantly higher than the company’s historical valuation level [0]. However, from the perspective of comparable company valuations, the industry average PE ratios for 2025-2027 are 86.90x, 58.52x, and 42.66x respectively. The market’s profit forecast for Mawei Technology is net attributable profits of ¥923 million, ¥1.007 billion, and ¥1.11 billion for 2025-2027, corresponding to PE ratios of 62.34x, 57.17x, and 51.84x respectively [1]. This means that the market has given a certain valuation premium for the company’s semiconductor business transformation, but it has not fully reflected the full potential of the business transformation. If semiconductor orders can continue to grow, further valuation expansion cannot be ruled out.

From the perspective of capital structure, the main capital showed a net outflow state (-¥10.282 billion) on January 8, but the stock still performed strongly [3]. This phenomenon of “main capital exiting, retail capital entering” indicates that the stock may be dominated by retail investors and hot money in the short term, with the characteristic of chasing upward trends. At the same time, the implementation window for the actual controller’s share reduction plan is from January 29 to April 28, 2026 [1]. During this period, the game between shareholder share reduction and market long positions will have a phased impact on the stock price.

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: The current PE valuation of 78x is at a historical high, and the 114% increase in the past 3 months has accumulated significant correction pressure [0]. Once market sentiment shifts or the semiconductor business progresses slower than expected, the stock price may face a substantial correction.

: The actual controller plans to reduce holdings by 2.7 million shares (accounting for 0.97% of total share capital), and the share reduction window is about to open [1]. Although the current market willingness to go long is strong, the implementation period of the share reduction may exert sustained pressure on the stock price.

: The latest quarterly free cash flow is , and financial analysis shows that the company adopts relatively aggressive accounting policies with a low depreciation/CAPEX ratio [0]. This means that investors need to pay attention to the company’s real profit quality and capital expenditure efficiency.

: The overall overcapacity problem in the photovoltaic industry still exists, and changes in industry policies may affect valuations [0]. Although perovskite technology represents the next-generation photovoltaic technology direction, its commercialization process still has uncertainties.

: The company’s strategic direction of transforming from photovoltaic equipment to pan-semiconductor equipment is clear. The semiconductor business has established cooperation with leading customers, with broad future growth space [1][2]. If orders continue to be landed and converted into performance growth, the stock price is expected to receive fundamental support.

: The breakthrough in perovskite tandem cell technology represents an important technological iteration direction in the photovoltaic industry. The company’s first-mover advantage in this field is expected to be converted into a sustainable competitive barrier [1].

: The current upward trend is intact, with healthy coordination between volume and price. If it can effectively break through and stabilize at the historical high, it is expected to open up new upward space [0].

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The core driving factors for this round of strong performance of Mawei Technology are the dual positive factors of

and [1][2]. Market capital highly recognizes the company’s strategy of transforming from photovoltaic equipment to pan-semiconductor equipment. Even in the face of the negative news of the actual controller’s share reduction, the stock price still rose sharply against the trend to hit a record high [1].

From a technical perspective, the stock price has broken through the upper track of the upward trend since June 2025, hitting a record high, with an intraday volatility of 7.39%, making it a high-volatility stock [0]. The 20-day moving average is at ¥181.28, and the current price is far from the moving average, indicating a short-term need for correction and consolidation [0].

From a fundamental perspective, the company’s ROE is 10.79%, and the net profit margin is 10.05%, with healthy financial indicators [0]. Q3 earnings per share exceeded expectations by 36.34%, but revenue was slightly lower than expected, and free cash flow was negative [0]. The strategic transformation from photovoltaic equipment to pan-semiconductor equipment has initial results, and the cooperation with leading domestic packaging enterprises verifies the company’s technical strength [1][2].

: Cautiously optimistic. Today’s volume surge to a record high shows a strong bullish trend, but the sharp short-term gains may trigger profit-taking, so it is necessary to pay attention to the effectiveness of the ¥220 support level.

: Bullish but needs consolidation. The company’s business transformation logic is clear, semiconductor orders are growing rapidly, and fundamentals provide support. However, it takes time to digest recent gains, and the stock price may fluctuate and consolidate in the range of ¥200-¥250.

: To be observed. The core variables are whether the semiconductor business can continue to grow in volume, whether perovskite technology can contribute significant profits, and the impact of industry policy changes on the photovoltaic business.

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Indicator	Value	Status
Current Price	¥233.73	Record High
20-Day Moving Average	¥181.28	Price Far from Moving Average
52-Week High	¥239.56	Reached
Average Daily Volume	14.66 million shares	-
Today’s Volume	18.09 million shares	64% Increase
PE	78.17x	Higher than Historical Average
ROE	10.79%	Above Average
Free Cash Flow	-¥199 million	Need Attention

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: This report is for informational reference only and does not constitute investment advice. Investors should make independent investment decisions based on their own risk tolerance.