Maxwell Reports Strong Financials For H1/2023

• Maxwell's operating income grew by 62.98% annually to RMB 2.869 billion in H1/2023  
• Solar cell business division accounted for 99.53% of the operating income; 0.47% came from other segments   
• While domestic demand from China accounted for 82.87% of revenues, overseas markets represented 17.13% 

Suzhou Maxwell Technology, the Chinese solar cell equipment supplier, has reported an annual operating income of RMB 2.869 billion ($393 million), up 62.98%, led by sales in the PV cell segment, during the period between January 2023 and June 2023.  

The solar cell segment contributed 99.53% of the total operating income with RMB 2.85 billion ($391 million) while the company's other business segments pitched in with RMB 13.58 million ($1.86 million), representing 0.47% of the total income in the period.  

Domestic Chinese market remained the manufacturer's biggest customer with 82.87% of revenues coming from here, while overseas markets accounted for 17.13% of the total.   

Maxwell says it is a supplier to mainstream module manufacturers like LONGi, Tongwei, Trina Solar, JinkoSolar, JA Solar and Canadian Solar that have the resources and capabilities to cope with industry fluctuations along with the ability to expand significantly. This gives it the confidence to venture into newer partnerships with other upcoming players.  

In April 2022, India's Reliance Industries Limited (RIL) placed an order for 4.8 GW heterojunction (HJT) cell equipment with Maxwell (see Reliance Bets On Heterojunction Production).   

During H1/2023, Huasun Energy signed a deal to procure 13 high efficiency silicon HJT solar cell lines from Maxwell, representing 7.8 GW cumulative capacity (see China Solar PV News Snippets).   

Maxwell says it actively developed silver-less and silver-free metallization solutions, adopted equipment optimization, low-indium laminated films and other solutions to reduce indium consumption, to reduce the industry's dependence on rare and precious metals during H1/2023.  

To bring in automation in the manufacturing processes, Maxwell relies on high-speed and high-precision control technology and high-precision positioning technology.  

"During the reporting period, the company's semiconductor packaging equipment and display panel equipment were successively accepted by customers, with stable operation and good performance," stated the company in its financial report.