中国光伏：设备——2026年三季度业绩后更新盈利预测

Two equipment players under Goldman Sachs coverage reported 3Q26 earnings. Shenzhen SC reported 3Q26 EBITDA above GS estimates, mainly due to higher gross margin on the back of booking mix differences. Maxwell reported lower than expected 3Q26 EBITDA due to a slower booking pace and an AR impairment loss. Order backlog nevertheless rose in 3Q26, as inventory and contract liabilities increased sequentially for both companies. On earnings revisions, GS cuts Maxwell's 2026E EBITDA and slightly raises 2027E, lowers the target EV/EBITDA multiple to reflect a higher core-business booking mix, and trims the 12-month target price while reiterating Buy. For SZSC, GS raises 2026E EBITDA, keeps estimates largely unchanged thereafter and maintains both the target price and the Neutral rating. Trial HJT and PSC orders for new applications should improve the order and profitability outlook for both names, though concerns over a prolonged China solar capex downturn amid anti-involution measures remai