Analysis Report on HJT Equipment Orders of Maiwei Co., Ltd.

Based on the public information I collected, the following is a detailed analysis of the HJT equipment orders of Maiwei Co., Ltd. (SZ300751):

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As the leading domestic enterprise in turnkey equipment for HJT (Heterojunction) solar cells, Maiwei Co., Ltd. occupies a dominant position in the market. According to research report data from Soochow Securities, among the 22.5GW of HJT cell production capacity that has been tendered, Maiwei Co., Ltd. won bids for approximately 17.8GW, with a market share of as high as

[1][2]. The company has a significant first-mover technological advantage in the HJT equipment field, and has formed a turnkey supply capability from cleaning texturing to screen printing.

According to company announcements and investor Q&A information:

Indicator	Data	Remarks
Contract Liabilities (end of 2024Q2)	RMB 8.812 billion	YoY +32.30%[1]
Inventory (end of 2024Q2)	RMB 10.983 billion	YoY +19.86%, goods in transit approximately RMB 7.285 billion[1]
H1 2024 Operating Revenue	RMB 4.869 billion	YoY +69.74%[1]
Revenue from Photovoltaic Turnkey Equipment (H1 2024)	RMB 4.603 billion	YoY +82%, accounting for 94.54%[1]

As of September 2023, the company’s outstanding HJT equipment orders reached RMB 1.8 billion, and in 2024, the revenue recognized from HJT equipment corresponds to approximately 8 turnkey lines, equivalent to 4.8GW[1].

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Client Name	Order Scale	Order Type	Remarks
Anhui Huasheng (Hefei Huasheng, Xuancheng Huasheng)	7.8GW	13 sets of high-efficiency silicon heterojunction solar cell production line equipment	Signed in May 2024[2][3]
Jingang Photovoltaic	6GW (2024E)	HJT turnkey equipment	Delivery completed[1]
Reliance Industries (India)	Approximately 4.8GW	HJT turnkey equipment	Won in 2022[4]
REC (India)	5.8GW (2024E)	HJT equipment	Production capacity continues to ramp up[1]
Risen Energy	19GW (2024E)	HJT cells and modules	15GW Ninghai project in progress[1]
Akcome Technology	4.7GW (2024E)	HJT equipment	—

According to industry data, domestic HJT cell production capacity is expected to reach

in 2024, a year-on-year increase of 35%[1]. The main capacity-expanding manufacturers include:

• Huasheng New Energy
  : Total production capacity of approximately 22GW in 2024
• Risen Energy
  : Total production capacity of approximately 19GW in 2024
• Tongwei Co., Ltd.
  : Complete technical reserves, mass production imminent
• Jingang Photovoltaic
  : Production capacity of approximately 6GW

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Maiwei Co., Ltd. has the following technological advantages in the HJT equipment field:

• Turnkey Supply Capability
  : Covers all processes from cleaning texturing, PECVD, PVD to screen printing
• Microcrystalline HJT Equipment
  : Mass production achieved, photoelectric conversion efficiency continues to improve
• NBB (No Busbar) Technology
  : Can reduce silver paste consumption by more than 30%
• Silver-Copper Paste Compatibility
  : Has been applied in batches at clients’ ends

HJT cells are continuously reducing costs through the “Three Reductions, One Increase” program[1][5]:

Cost Reduction Link	Technical Solution	Cost Reduction Effect
Silver Reduction	Silver-copper paste (30%-50% silver content)	RMB 0.04-0.06/W
Grid Reduction	0BB (Zero Busbar) Technology	RMB 0.03-0.04/W
Silicon Reduction	Wafer thinning (110μm→90μm)	RMB 0.01/W
Equipment Cost Reduction	Value per GW reduced from RMB 400 million to RMB 250 million	RMB 0.02/W

According to forecasts, the comprehensive cost of HJT is expected to be

than that of TOPCon in 2025[5].

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According to the December 2024 Investor Q&A[6]:

The company’s new orders for semiconductor equipment in the first three quarters of 2025 have exceeded the total semiconductor equipment orders of last year, maintaining high-speed growth.

:

• Front-end Equipment
  : Etching equipment and atomic layer deposition (ALD) equipment have entered multiple leading wafer and storage clients
• Packaging Equipment
  : Established cooperation with Changjiang Electronics Technology, Tongfu Microelectronics, Huatian Technology, Shenghe Crystal Microelectronics, Yongxi Electronics, etc.
• July 2023
  : Announced an investment of RMB 3 billion to build the “Maiwei Pan-Semiconductor Equipment” project[2]

• December 26, 2024
  : Announced winning the industry’s first turnkey order for perovskite/silicon heterojunction tandem cell production lines
• November 17, 2025
  : Signed an MLED turnkey equipment supply agreement with Lehman Optoelectronics, adopting “Flying Needle Bonding Technology” and “Laser Bonding Technology”[7]

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Financial Indicator	2023	2024H1	YoY Change
Operating Revenue	RMB 8.089 billion	RMB 4.869 billion	+94.99% / +69.74%
Net Profit Attributable to Shareholders	RMB 0.914 billion	RMB 0.461 billion	+6.03% / +8.63%
Gross Profit Margin	30.51%	—	YoY -7.79 pct
Net Profit Margin	—	—	Approximately 11.3% (2024H1)

The main reasons for the decline in gross profit margin in 2023 are:

1. Continuous cost reduction demands from downstream clients, intensified industry competition
2. HJT turnkey equipment is still in the stage of forming scale effects
3. Early-stage production line transformation affected the cost structure

The gross profit margin in 2024Q1 was 30.93%, an increase of 3.88 pct from Q4, indicating marginal improvement in profitability[1].

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1. Increasing HJT Penetration
   : The market space for HJT equipment orders is expected to reach
   RMB 41.9-60.1 billion
   in 2025[4][5]
2. Overseas Market Expansion
   : Benefiting from photovoltaic capacity expansion demands in markets such as the United States and Southeast Asia
3. Semiconductor as the Second Growth Curve
   : High-speed growth in equipment orders, continuous optimization of client structure
4. New Technology Reserves
   : Breakthroughs in emerging fields such as perovskite tandem cells and MLED

• Downstream HJT capacity expansion pace falls short of expectations
• Intensified industry competition puts pressure on gross profit margin
• Risk of cyclical fluctuations in the photovoltaic industry
• Semiconductor equipment delivery falls short of expectations

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[1] Soochow Securities - In-depth Report on Maiwei Co., Ltd. (300751): Leading HJT Turnkey Equipment Beneficiary Imminent Industry Scale Expansion (September 2024)

[2] Securities Times Network - Maiwei Co., Ltd. Plans to Invest RMB 3 Billion to Build Pan-Semiconductor Equipment Project (July 2023)

[3] Securities Times - Related Reports on Maiwei Co., Ltd.'s HJT Equipment Orders

[4] Zheshang Securities - Company Review on Maiwei Co., Ltd. (300751): Won a 4.8GW HJT Turnkey Equipment Mega-Order from a Global Photovoltaic Giant (April 2022)

[5] Soochow Securities - Industry Data from HJT & Tandem Technology Summit

[6] Securities Times Investor Q&A - Maiwei Co., Ltd. Interactive Platform on December 27, 2024

[7] Huayuan Securities - Research Report on Maiwei Co., Ltd. (300751): HJT Equipment Benefits from Overseas Expansion, Semiconductor Equipment Expected to See Rapid Volume Growth (January 2026)