Analysis of the Strong Performance of Maiwei Co., Ltd. (300751): Perovskite Tandem Battery Orders Secured, Semiconductor Business Launches Second Growth Curve

Maiwei Co., Ltd. performed strongly on January 8, 2026, with a stock price increase of 15.65%. The intraday high reached RMB 219.84, approaching the daily limit of RMB 220.80. The single-day turnover was RMB 4.792 billion, and its market capitalization exceeded RMB 59.4 billion, ranking first in the increase of the 500 Equal Weight Index [1]. Notably, this sharp increase occurred on the second trading day after the disclosure of the controlling shareholder’s share reduction plan. Market capital “ignored” the negative news and instead pushed the stock price up significantly, showing strong confidence in the company’s fundamentals.

are reflected in three dimensions: First, on December 26, 2025, the company signed a complete line supply contract for perovskite and silicon heterojunction tandem batteries, confirming the company’s leading technical strength in the field of tandem battery equipment [1]; Second, the semiconductor business is expanding rapidly. The company has established cooperation with leading packaging enterprises such as Changdian Technology, Tongfu Microelectronics, and Huatian Technology, and its etching equipment and thin film deposition equipment have entered multiple wafer and storage customers and reached mass production stage [3]; Third, the continuous hype around the space photovoltaic concept provides additional market sentiment support for the stock price [3].

As a leader in photovoltaic cell screen printing equipment, the company has qualifications and certifications such as National Demonstration Enterprise for Technological Innovation and National Single Champion Product in Manufacturing. Its customers cover leading photovoltaic enterprises such as Longi Green Energy, Tongwei Co., Ltd., Trina Solar, and JinkoSolar [4]. From the perspective of performance forecasts, the expected net profit attributable to parent shareholders in 2025 is RMB 923 million, increasing to RMB 1.007 billion in 2026, and further rising to RMB 1.110 billion in 2027. The corresponding P/E ratios relative to the current stock price are 62.34x, 57.17x, and 51.84x respectively [1].

Analysts pointed out that the company’s diversified customer structure not only supports business growth but also accelerates technological iteration and product innovation, helping the company maintain a leading position in the photovoltaic equipment industry. After comparing with peer companies, Huayuan Securities believes that Maiwei Co., Ltd. has growth potential and its current valuation has certain rationality [1].

From the technical pattern perspective, the company’s stock price shows typical main uptrend characteristics: since June 2025, the monthly K-line has closed positive consecutively, with a cumulative increase of up to 214%. Today’s sharp surge is a continuation and acceleration of the upward trend [1]. In the short term, the stock price is approaching the daily limit of RMB 220. If it can effectively break through, it will open up new upward space; in terms of volume coordination, the turnover of RMB 4.792 billion shows that capital is actively entering the market, but short-term indicators such as RSI may have entered the overbought area, leading to a potential pullback.

This analysis reveals an important trend: Maiwei Co., Ltd. is transforming from a single photovoltaic equipment supplier to a pan-semiconductor equipment platform enterprise. The core capabilities accumulated by the company in the field of photovoltaic PERC/HJT screen printing equipment, such as vacuum technology, precision motion control, and image recognition, have significant technological synergy with semiconductor packaging equipment and front-end equipment. This cross-field layout effectively reduces dependence on a single photovoltaic cycle and opens up a second growth curve for the company.

The controlling shareholder’s plan to reduce holdings by no more than 5.4 million shares (accounting for 1.94% of the total share capital), with an expected cash-out of approximately RMB 994 million [2], is usually interpreted by the market as a major negative news. However, the market reaction this time shows that investors’ understanding of this news is changing: some investors believe that the controlling shareholder’s share reduction at a high stock price is a “rational choice”, which indirectly confirms that the current valuation fully reflects the company’s value; other investors interpret it as the controlling shareholder still having confidence in the company’s long-term development (only reducing holdings by less than 2% of shares). This phenomenon of “rising instead of falling despite negative news” is often a typical feature of a strong market.

Perovskite and tandem battery technology is widely regarded as the core direction of the next-generation photovoltaic technology. The company’s complete line supply capacity in this field has been verified by orders, which is in line with the national policy orientation of promoting new energy technology iteration. Qualifications such as the first-set certification from the National Energy Administration and national-level intelligent photovoltaic pilot demonstration enterprise [4] provide a guarantee for the company’s competitive position during the industrial policy dividend period.

: Although the controlling shareholder’s share reduction plan can only be implemented after January 29, the expected cash-out scale is nearly RMB 1 billion, which will continue to disturb market sentiment in the next three months [2]. : The current P/E ratio of 62x is in the historical high range, and the stock price has fully reflected optimistic expectations. Once performance falls short of expectations or market risk appetite declines, it will face the risk of valuation contraction. : The single-day increase of 15.65% has accumulated a large number of profit-making positions, which may face pullback pressure due to profit-taking in the follow-up. : The overcapacity problem in the photovoltaic industry has not been completely solved, and the overall β attribute of the industry may restrict the performance of individual stocks.

: The securing of the complete line contract for perovskite tandem batteries marks the market recognition of the company’s technical strength, and it is expected to obtain more similar orders in the follow-up, forming a positive cycle. : The company’s etching equipment and thin film deposition equipment have entered the mass production stage of leading customers, the proportion of semiconductor business is expected to continue to increase, and the valuation logic is expected to switch from photovoltaic equipment to pan-semiconductor equipment. : The trend of increasing concentration in the photovoltaic equipment industry is clear, and the company, as a leader in screen printing equipment, is expected to continue to benefit from industry integration.

Short-term (1-2 weeks): The stock price is near the strong resistance level of RMB 220, and volatility will rise significantly. It is recommended to wait for a breakthrough confirmation or pullback before entering the market. Medium-term (1-3 months): Attention should be paid to the implementation of the share reduction plan and the progress of semiconductor business orders. If performance verification is optimistic, the stock price is expected to challenge the historical high. Long-term (more than 6 months): Whether the company’s technological advantages can be converted into continuous orders and performance growth is the core variable for the stock price to maintain a long-term bull market.

The strong performance of Maiwei Co., Ltd. today is the result of the combined effect of substantial fundamental improvement and exuberant market sentiment. The company’s technological leading advantage in the field of perovskite tandem battery equipment has been verified by orders, and the semiconductor business has entered the volume growth stage from the layout stage, with tangible room for fundamental improvement. At the same time, the phenomenon of “rising instead of falling despite the controlling shareholder’s share reduction plan” has stimulated market bullish enthusiasm, and the strong trend of seven consecutive monthly positive candlesticks has attracted continuous inflow of trend capital.

From a trading perspective, the company’s short-term increase has been large. It is recommended that investors chase the rise rationally, and it is more prudent to wait for a pullback before positioning at a lower price. In the medium and long term, it is necessary to continuously track the progress of the company’s semiconductor business and the implementation of perovskite equipment orders. The degree of conversion of technological advantages into performance will be the key to determining the sustainability of the stock price. The current valuation has fully reflected market expectations, and investors should pay close attention to the subsequent performance fulfillment and avoid making decisions solely based on concept hype.