On November 7th, Guolonghui | Soochow Securities research reports pointed out that the layout of photovoltaic self-built capacity in the USA is expected to accelerate, with HJT being the best solution in the US market. Therefore, we are bullish on the new overseas opportunities for Suzhou Maxwell Technologies (300751.SZ), a leader in HJT integrated equipment, and before May 31, 2025, China's photovoltaic equipment exports will be tariff-free (30%), believing that domestic production expansion orders in the USA will accelerate by the end of this year, and equipment suppliers' overseas orders are expected to accelerate landing in Q4 2024. The company, as a leader in HJT integrated equipment, benefits from the accelerated production expansion of HJT batteries, opening up growth space in the long term in the semiconductor sector. Maintaining the company's net income forecast for 2024-2026 at 1.2/1.8/2.5 billion yuan, corresponding to current stock price PEs of 28/19/13 times, maintaining a "buy" rating.