Stock

Suzhou Maxwell Technologies Co.

300751.SZ
44
Semiconductors · Technology
Price
¥167.65
-9.25 (-5.23%)
Market Cap
¥46.76B
Exchange
Shenzhen Stock Exchange
Winston Score
44
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
9/30
Growth
Weak
2/20
Cash Flow
Exceptional
10/10
Stability
Strong
7/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Weak
1/5

44 of 100 counted points = Winston Score 44.

Share count rising — dilution

+4.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 267.6M (2021) → 278.4M (2025)

§Winston Score History

The full picture

Suzhou Maxwell Technologies is a Chinese company that makes key equipment and technology used in solar cell manufacturing. Its core products include screen-printing devices and other process equipment that help solar panel makers produce cells more efficiently. Maxwell is one of the leading suppliers of solar cell production equipment in China, which is the world's largest solar panel manufacturing hub.

The company earns revenue primarily by selling specialized industrial equipment to solar cell manufacturers. It operates mainly in China but serves customers across the global solar supply chain. Maxwell has built a strong position through its technology in heterojunction and TOPCon solar cell processes, which are newer, higher-efficiency designs gaining market share. Its large market capitalization reflects investor expectations around the ongoing global shift toward solar energy, but the business faces risks from intense competition among Chinese equipment makers and potential overcapacity in the solar manufacturing industry.

Score breakdown

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Quality

Profit per sale
Gross Margin
42.0%
Healthy — 42.0% gross margin
Profit after running costs
Operating Margin
5.4%
Thin — 5.4% operating margin
Return on the money invested
ROCE
3.7%
Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
-25.4%
Shrinking sales (-25.4% YoY)
Profit growth
EPS YoY
-32.5%
Earnings shrinking (-32.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
805%
Turns 805% of profit into real cash
Spare cash per sale
FCF Margin
56.0%
Converts sales into free cash efficiently (56.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.79
Moderate — manageable debt (0.79)
Covers its interest
Interest Cover
10.86x
Comfortably covers interest (10.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
80.6x
Expensive — P/E 80.6

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+8.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (80.6 → 71.9)

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Dividends

Dividend
Dividend Yield
0.28%
Small dividend — 0.28% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
-57.4%
Dividend cut (-57.4% YoY) — warning sign

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