Analysis of the Reasons and Sustainability of Maiwei Shares (300751) Strong Performance

1. Core Driving Factors
   
   Maiwei Shares (300751), a high-end equipment manufacturer in the pan-semiconductor field, focuses on three industries: solar photovoltaic, display, and semiconductor. It holds a market share of over 50% in the HJT heterojunction battery equipment sector [1][2][3]. Its HJT battery technology has a conversion efficiency of up to 25.50% (720W+ power), significantly leading TOPCon and PERC modules of the same form factor, with outstanding technical competitiveness [4]. In Q3 2025, EPS exceeded expectations by 36.34%; although revenue was slightly below expectations, the strong profit performance boosted market confidence [0]. Meanwhile, HJT is clearly positioned as the next-generation mainstream technology in the photovoltaic industry, and the expectation of large-scale industry expansion directly benefits the company’s development [4].

2. Technical Support
   
   From a technical perspective, Maiwei Shares’ stock price shows an upward trend, with a buy signal issued on November 26, 2025 [0]. On December 8, 2025, the trading volume reached 24.95M shares, 2.88 times the average volume (8.68M), indicating strong buying interest [0]. Regarding key price levels: the resistance level is $150.02, the support level is $117.79, and the next target level is $159.80 [0].

3. Fundamental Support
   
   In 2024, the company’s revenue was 9.83 billion yuan, net profit was 964 million yuan, and per capita revenue was 1.7809 million yuan [2]. R&D investment was 964 million yuan, with technical personnel accounting for 55.1% of the workforce, demonstrating strong R&D capabilities [2]. As a leader in HJT turnkey equipment, it directly benefits from industry scale expansion [4].

• Maiwei Shares’ strong performance is the result of multiple resonances: technical advantages, industry position, earnings outperformance, and industry trends.
• The technical side shows overbought signals (KDJ 83.8, RSI overbought), which may face short-term correction pressure [0].
• The company adopts aggressive accounting policies, with a low depreciation/capital expenditure ratio and negative free cash flow; attention should be paid to profit quality [0].

:

1. Technical overbought risk: KDJ and RSI indicators show overbought conditions, which may lead to short-term corrections [0].
2. Financial risk: Negative free cash flow, so profit quality needs to be observed [0]; aggressive accounting policies may limit the upside potential of reported earnings [0].
3. Competition risk: Competition in the photovoltaic equipment industry is intensifying; failure to continue technological innovation may lead to loss of market share [3].
4. Industry volatility risk: The photovoltaic industry is greatly affected by policies, technology, and market demand; industry volatility may impact the company’s performance [3].

:
HJT battery technology is the next-generation mainstream technology in the photovoltaic industry, with clear expectations of large-scale industry expansion. As a leader, the company will continue to benefit [4].

Maiwei Shares’ strong performance is supported by its industry position and technical advantages, coupled with short-term earnings outperformance and industry trends. The technical side shows an upward trend but has overbought signals. To assess future sustainability, attention should be paid to: 1) Technological breakthroughs and product iteration; 2) Improvement in financial quality; 3) Industry expansion progress and changes in competitive landscape. Investors should closely monitor the price performance at the resistance level of $150.02, support level of $117.79, and target level of $159.80, and make judgments based on market dynamics and changes in the company’s fundamentals.