# Suzhou Maxwell Technologies (300751.SHE)

Canonical: https://gigainvestors.com/s/300751.SHE

Analysis as of: 2026-10-16T07:37:09.378Z. Financial observations: FY2014–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 138.07 per share; close as of 2026-10-15.

Estimated value: low CNY 46.37 per share, central CNY 56.12 per share, high CNY 61.80 per share. Buy at or below the central value CNY 56.12 per share. Valuation as of 2026-10-16T07:37:09.378Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.29×

- FY2017: 0.32×

- FY2018: 0.25×

- FY2019: 0.19×

- FY2020: 0.17×

- FY2021: 0.20×

- FY2022: 0.20×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.19×

### moat: fail

- Recent gross margin fell 11.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 33.0%

- ROIC, second-lowest year: 21.2%

- Typical minus recent gross margin: 11.4 pp

- Typical gross margin (annual median): 38.2%

- Recent gross margin (lower of latest and 3-year median): 26.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.3%

- ROIC including acquisitions, ten-year median: 23.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 98.3%

- FY2017: 59.0%

- FY2018: 41.1%

- FY2019: 29.5%

- FY2020: 29.2%

- FY2021: 40.7%

- FY2022: 36.5%

- FY2023: 21.2%

- FY2024: 17.9%

- FY2025: 21.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 2.2B

- Net income, five-year total: CNY 4.1B

- Return on incremental invested capital: 13.3%

- Working capital / revenue, annual change: -1.3 pp

- Working capital / revenue, change between three-year averages: -9.3 pp

- Working capital / revenue, final three-year average: 103.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.42×

- FY2023: 0.25×

- FY2024: 0.72×

- FY2025: 0.45×

### management: fail

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 59.0% vs 21.2%

- Per-share earnings: 0.61 to 3.28 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.0%

- Ordinary dilution, 5-year annual growth: 24.4%

- Market cap gain: CNY 52B

- Cumulative retained earnings: CNY 3.3B

- Diluted shares, 10-year annual growth: 15.0%

- Diluted shares, 5-year annual growth: 24.4%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.5%

- Per-share value change: CNY 2.67

- Per-share value, starting three-year median: CNY 0.61

- Per-share value, ending three-year median: CNY 3.28

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 373M

- Cumulative net income, 10 years: CNY 5.1B

- ROIC, first three-year median: 59.0%

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.61

- FY2017: CNY 1.87

- FY2018: CNY 2.43

- FY2019: CNY 2.65

- FY2020: CNY 4.22

- FY2021: CNY 6.42

- FY2022: CNY 3.08

- FY2023: CNY 3.28

- FY2024: CNY 3.32

- FY2025: CNY 2.59

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.6%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.5%

- FY2017: 9.2%

- FY2018: 6.3%

- FY2019: 8.1%

- FY2020: 0.4%

- FY2021: -0.1%

- FY2022: 0.0%

- FY2023: 0.7%

- FY2024: 3.6%

- FY2025: 6.6%

## Holders

## Price story

Down 71% since Oct 2021 · sales -17.1%

Story as of 2026-10-16T10:00:08.746Z; price observation 2026-10-15.

Price needs cash profits to grow 22.8% a year for ten years

### Sales · FY2024–2025

sales -17.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 345M 

- FY2017: CNY 476M 

- FY2018: CNY 788M 

- FY2019: CNY 1.4B 

- FY2020: CNY 2.3B 

- FY2021: CNY 3.1B 

- FY2022: CNY 4.1B 

- FY2023: CNY 8.1B 

- FY2024: CNY 9.8B 

- FY2025: CNY 8.2B 

### Gross margin · FY2025

gross margin 38.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 52.4% 

- FY2017: 48.8% 

- FY2018: 39.5% 

- FY2019: 33.6% 

- FY2020: 33.4% 

- FY2021: 38.1% 

- FY2022: 38.2% 

- FY2023: 25.8% 

- FY2024: 26.7% 

- FY2025: 38.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are CNY 8.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2025: revenue 8151978598.86; grossProfit 3147688062.09; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300751.SHE: Suzhou Maxwell Technologies Co., Ltd. engages in the design, research and development, production, and sale of solar cell production equipment in China. The company offers HJT solar cell manufacturing whole-line solutions, solar screen-printing production line, and solar cell laser equipment; OLED equipment series and mini/micro-LED equipment series; and laser stealth cutting equipment, laser grooving cutting equipment, and wafer back grinding equipment. It also exports its products to Singapore, Malaysia, Thailand, and Vietnam. hou Maxwell Technologies Co., Ltd. was founded in 2010 and is based in Suzhou, China.

### Why customers stay

Margins ranged from 25.8% to 38.6% during 2023–25; it earns 33% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2023: grossProfit / revenue = 25.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2024: grossProfit / revenue = 26.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2025: grossProfit / revenue = 38.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); 10-year return on capital observations [[2016,0.9833443765161295],[2017,0.589555272349734],[2018,0.4105890748159648],[2019,0.2951712080823826],[2020,0.2917229790100035],[2021,0.4073159724937285],[2022,0.365427529834384],[2023,0.21197365719915406],[2024,0.17917066145652816],[2025,0.21153399116021274]]; median 0.3302993689583833. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 26.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2016: growth capex 17678363.95818615; upkeep 4632031.04181385; owner earnings 103983068.95818615. Growth capex / owner earnings = 0.17001194651501395.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2017: growth capex 9421356.24104114; upkeep 5581173.758958859; owner earnings 127819663.24104114. Growth capex / owner earnings = 0.07370819169875635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2018: growth capex 24397747.27992093; upkeep 16429568.720079072; owner earnings 157904827.27992094. Growth capex / owner earnings = 0.1545091920253367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2019: growth capex 53066746.573212236; upkeep 105581562.42678776; owner earnings 146951604.57321224. Growth capex / owner earnings = 0.36111716321392084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2020: growth capex 85580960.90808229; upkeep 67464963.09191771; owner earnings 341282434.9080823. Growth capex / owner earnings = 0.25076286428609146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2021: growth capex 89930842.3; upkeep 26485382; owner earnings 640811851.252. Growth capex / owner earnings = 0.14033891870803525.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2022: growth capex 149545536.24228466; upkeep 543561477.7577153; owner earnings 360802624.76028466. Growth capex / owner earnings = 0.4144801783014797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2023: growth capex 694993445.927359; upkeep 756782884.7126411; owner earnings 231301012.03335893. Growth capex / owner earnings = 3.004714245811968.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2024: growth capex 367814270.0446809; upkeep 401790896.9553191; owner earnings 670179538.832681. Growth capex / owner earnings = 0.5488294535003858.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2025: growth capex 0; upkeep 648248791.74; owner earnings 322294953.70799994. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); Dividend observations: [[2016,714934],[2017,29026144],[2018,5482308.9],[2019,36400000],[2020,61794240],[2021,86816830],[2022,162525822],[2023,285811490.13],[2024,446014883],[2025,436456992.65]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); FY2025: cash repurchases 26544305.93333333 CNY.

### Are managers owners

Insiders own 50.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300751.SHE SharesStats.PercentInsiders = 50.82 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 22.8% yearly over ten years; actual growth was 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:09.378Z); Ten-year compound average after fade. Initial solved rate 0.3188764609291138. Price 138.07; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3320154956784547 → FY2025 1.1567712229720055. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2018-11: CNY 79.86 per share

- 2018-12: CNY 74.82 per share

- 2019-01: CNY 92.97 per share

- 2019-02: CNY 106.04 per share

- 2019-03: CNY 105.97 per share

- 2019-04: CNY 100.43 per share

- 2019-05: CNY 78.44 per share

- 2019-06: CNY 79.23 per share

- 2019-07: CNY 86.64 per share

- 2019-08: CNY 89.53 per share

- 2019-09: CNY 102.54 per share

- 2019-10: CNY 88.06 per share

- 2019-11: CNY 76.28 per share

- 2019-12: CNY 88.41 per share

- 2020-01: CNY 112.49 per share

- 2020-02: CNY 125.00 per share

- 2020-03: CNY 90.66 per share

- 2020-04: CNY 107.21 per share

- 2020-05: CNY 142.17 per share

- 2020-06: CNY 185.60 per share

- 2020-07: CNY 224.61 per share

- 2020-08: CNY 222.50 per share

- 2020-09: CNY 211.74 per share

- 2020-10: CNY 257.50 per share

- 2020-11: CNY 310.79 per share

- 2020-12: CNY 423.13 per share

- 2021-01: CNY 350.62 per share

- 2021-02: CNY 284.36 per share

- 2021-03: CNY 343.75 per share

- 2021-04: CNY 384.06 per share

- 2021-05: CNY 253.75 per share

- 2021-06: CNY 284.19 per share

- 2021-07: CNY 407.71 per share

- 2021-08: CNY 485.76 per share

- 2021-09: CNY 380.96 per share

- 2021-10: CNY 478.13 per share

- 2021-11: CNY 440.63 per share

- 2021-12: CNY 401.44 per share

- 2022-01: CNY 307.32 per share

- 2022-02: CNY 341.94 per share

- 2022-03: CNY 328.86 per share

- 2022-04: CNY 210.03 per share

- 2022-05: CNY 235.62 per share

- 2022-06: CNY 306.81 per share

- 2022-07: CNY 295.00 per share

- 2022-08: CNY 292.50 per share

- 2022-09: CNY 302.47 per share

- 2022-10: CNY 298.44 per share

- 2022-11: CNY 268.75 per share

- 2022-12: CNY 257.40 per share

- 2023-01: CNY 277.32 per share

- 2023-02: CNY 229.46 per share

- 2023-03: CNY 190.63 per share

- 2023-04: CNY 171.79 per share

- 2023-05: CNY 158.00 per share

- 2023-06: CNY 169.38 per share

- 2023-07: CNY 184.00 per share

- 2023-08: CNY 152.56 per share

- 2023-09: CNY 126.62 per share

- 2023-10: CNY 120.80 per share

- 2023-11: CNY 108.00 per share

- 2023-12: CNY 129.51 per share

- 2024-01: CNY 102.50 per share

- 2024-02: CNY 121.55 per share

- 2024-03: CNY 105.80 per share

- 2024-04: CNY 114.60 per share

- 2024-05: CNY 131.36 per share

- 2024-06: CNY 119.48 per share

- 2024-07: CNY 103.99 per share

- 2024-08: CNY 81.71 per share

- 2024-09: CNY 105.92 per share

- 2024-10: CNY 115.80 per share

- 2024-11: CNY 123.40 per share

- 2024-12: CNY 105.15 per share

- 2025-01: CNY 92.46 per share

- 2025-02: CNY 99.89 per share

- 2025-03: CNY 82.05 per share

- 2025-04: CNY 69.48 per share

- 2025-05: CNY 68.21 per share

- 2025-06: CNY 69.56 per share

- 2025-07: CNY 70.83 per share

- 2025-08: CNY 90.36 per share

- 2025-09: CNY 99.35 per share

- 2025-10: CNY 105.28 per share

- 2025-11: CNY 119.89 per share

- 2025-12: CNY 205.99 per share

- 2026-01: CNY 310.52 per share

- 2026-02: CNY 291.81 per share

- 2026-03: CNY 228.70 per share

- 2026-04: CNY 238.88 per share

- 2026-05: CNY 249.66 per share

- 2026-06: CNY 282.46 per share

- 2026-07: CNY 148.86 per share

- 2026-08: CNY 222.94 per share

- 2026-09: CNY 176.90 per share

- 2026-10: CNY 159.55 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 39.09 per share, central CNY 42.82 per share, high CNY 47.78 per share

- FY2019: low CNY 45.05 per share, central CNY 50.17 per share, high CNY 56.99 per share

- FY2020: low CNY 61.28 per share, central CNY 68.67 per share, high CNY 78.51 per share

- FY2021: low CNY 110.95 per share, central CNY 120.29 per share, high CNY 132.73 per share

- FY2022: low CNY 40.05 per share, central CNY 43.38 per share, high CNY 47.83 per share

- FY2023: low CNY 47.11 per share, central CNY 51.58 per share, high CNY 57.54 per share

- FY2024: low CNY 59.66 per share, central CNY 77.52 per share, high CNY 87.92 per share

- FY2025: low CNY 46.80 per share, central CNY 58.42 per share, high CNY 65.19 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:41.206Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.