Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][5]. Core Views - The company has shown a revenue of 2.026 billion yuan in 2023, representing a year-on-year growth of 32%. However, the net profit attributable to the parent company decreased by 4% to 512 million yuan [4]. - In Q4 2023, the company achieved a revenue of 618 million yuan, which is a 3% year-on-year increase and an 80% quarter-on-quarter increase. The net profit for the same period was 96 million yuan, down 43% year-on-year but up 44% quarter-on-quarter [4]. - For Q1 2024, the company reported a revenue of 331 million yuan, a decrease of 43% year-on-year and a 46% quarter-on-quarter decline. The net profit was 67 million yuan, down 62% year-on-year and 30% quarter-on-quarter [4]. - The company’s micro-inverter and DTU revenue reached 1.41 billion yuan in 2023, with micro-inverter sales of approximately 1.32 million units, a 13% year-on-year increase [4]. - The company expects a slight increase in micro-inverter and DTU shipments in Q1 2024, driven by reduced inventory pressure in Europe and declining interest rates in Latin America [4][5]. Summary by Sections Financial Performance - In 2023, the company’s total revenue was 2.026 billion yuan, with a gross margin of 50.3%, an increase of 0.5 percentage points year-on-year. The company’s expenses increased significantly due to higher R&D investments, which doubled to nearly 250 million yuan [4][5]. - The company’s inventory at the end of Q1 was 840 million yuan, a 14% increase quarter-on-quarter, reflecting a positive outlook on energy storage development [4]. Market Outlook - The company anticipates that the micro-inverter business will see an upward trend, with expectations of significant growth in shipments in Q2 2024 as inventory issues in Europe are resolved [5]. - The energy storage segment is projected to experience substantial growth, with expected revenue growth of around 100% year-on-year [5]. Profit Forecast - The company forecasts profits of 700 million yuan and 900 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 30 and 22 times [5].

中信证券股份有限公司 关于杭州禾迈电力电子股份有限公司 2023 年度持续督导工作现场检查报告 根据《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中信证券股份有限公司（以下简称"中信证券"或"保荐 人"）作为正在对杭州禾迈电力电子股份有限公司（以下简称"禾迈股份""公司" "上市公司"）进行持续督导工作的保荐人，对 2023 年度（以下简称"本持续督 导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐人 中信证券股份有限公司 （二）保荐代表人 金波、董超 （三）现场检查人员 金波、董超、徐旭、郑烨、苏晨 （四）现场检查时间 金波：2024 年 4 月 15 日、4 月 17 日、4 月 19 日 苏晨：2024 年 4 月 22 日至 5 月 13 日 （五）现场检查内容 1 董超：2024 年 4 月 26 日、5 月 8 日 徐旭：2024 年 4 月 8 日至 5 月 13 日 郑烨：2024 年 4 月 8 日至 5 月 13 日 现场检查人员对本持续督导期内发行人公司治理和内部控制情况、信息披露 ...

中信证券股份有限公司 关于杭州禾迈电力电子股份有限公司 2023 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为杭州禾 迈电力电子股份有限公司（以下简称"禾迈股份"或"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐人，根据《证券发行上市保荐业务管理 办法》《上海证券交易所科创板股票上市规则》等相关规定，中信证券履行持续 督导职责，并出具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 4 月 8 日至 5 月 13 日对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件的要求履行持续督 导职责，具体内容包括： （1）查阅公司章程、三会议事规则等公司治理制度、三会会议材料； （2）查阅公司财务管理、会计核算和内部审计等内部控制制度，查阅公司 2023 年度 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 248 CNY based on a 25x PE for 2025 [6][3]. Core Views - The company's revenue for 2023 reached 2.026 billion CNY, a year-on-year increase of 31.86%, while the net profit attributable to the parent company was 512 million CNY, a decrease of 3.89% [2][3]. - The company is actively expanding its energy storage product line, achieving a revenue of 313 million CNY from energy storage in 2023, a significant year-on-year growth of 353.6% [3]. - The company anticipates continued rapid growth in its micro-inverter and energy storage businesses in 2024, with expected improvements in shipment volumes in the second quarter [3]. Financial Summary - For 2023, the company reported total revenue of 2.026 billion CNY, with a gross margin of 44.03% and a net profit margin of 25.26% [2][4]. - The forecast for 2024-2026 projects revenues of 2.824 billion CNY, 3.934 billion CNY, and 5.697 billion CNY, respectively, with corresponding net profits of 668 million CNY, 828 million CNY, and 1.082 billion CNY [4][10]. - The company’s earnings per share (EPS) are expected to grow from 6.14 CNY in 2023 to 12.99 CNY by 2026 [4][10].

证券代码：688032 证券简称：禾迈股份 公告编号：2024-029 杭州禾迈电力电子股份有限公司 上述回购股份符合法律法规的规定及公司的回购股份方案。 一、 回购股份的基本情况 公司于2024年2月23日召开第二届董事会第九次会议，审议通过了《关于以集 中竞价交易方式回购公司股份方案的议案》，同意公司使用超募资金以集中竞价交 易方式回购公司股份，用于维护公司价值及股东权益。本次拟回购股份的价格不超 过人民币350元/股（含），回购资金总额不低于人民币10,000万元（含），不超过 人民币20,000万元（含），回购期限自董事会审议通过本次回购方案之日起3个月 内 。 具 体 内 容 详 见 公 司 于 2024 年 2 月 26 日 披 露 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）的《关于以集中竞价交易方式回购公司股份的回购报告书暨 "提质增效重回报"行动方案的公告》（公告编号：2024-007）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7号——回购股份》等相关规定，在回购股份期间，上市公司应当在每个月的前3 个交易日 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 2 billion yuan in 2023, a year-on-year increase of 32%, while the net profit attributable to shareholders was 510 million yuan, a decrease of 4% [2]. - The company's micro-inverter and monitoring equipment business generated 1.4 billion yuan in revenue in 2023, reflecting a 14% year-on-year growth, with a gross margin of 50% [3]. - The energy storage business saw significant growth, with revenue reaching approximately 300 million yuan in 2023, a year-on-year increase of 354% [3]. - The company is expected to face inventory pressure and increased market competition, leading to a downward adjustment in profit forecasts for 2024-2025 [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2 billion yuan, with a net profit of 510 million yuan, and a non-recurring net profit of 530 million yuan [2]. - For Q1 2024, the company reported a revenue of 330 million yuan, a decrease of 43% year-on-year, and a net profit of 67 million yuan, down 62% year-on-year [2]. Business Segments - The micro-inverter segment showed stable growth, with shipments of approximately 1.32 million units in 2023, a 13% increase year-on-year [3]. - The energy storage segment is emerging as a second growth driver, with a gross margin of 16.6% in 2023 [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 600 million yuan, 800 million yuan, and 1.1 billion yuan respectively, with corresponding P/E ratios of 30, 22, and 17 [3].

2024年5月6日 公司研究 微逆毛利率维持高位，储能业务开始放量 ——禾迈股份（688032.SH）2023 年年报及 2024 年一季报点评 要点 买入（维持） 当 前价：226.66元 事件：公司发布2023年年报及2024年一季报，2023年公司实现营收20亿元， 同比+32%；实现归母净利润5.1亿元，同比-4%；实现扣非归母净利润5.3亿 元，同比+2%。2024年Q1公司实现营收3.3亿元，同比-43%；实现归母净利 作者 润0.67亿元，同比-62%；实现扣非归母净利润0.66亿元，同比-62%。 分析师：殷中枢 执业证书编号：S0930518040004 点评： 010-58452063 股权激励拉高费用，扣除后2023年归母净利润实现同比正增长。2023年因终 yinzs@ebscn.com 止实施2022年限制性股票激励计划，已计提的股份支付费用不予转回，剩余股 分析师：郝骞 份支付费用在2023年加速提取。2022/2023年对应股权激励费用0.11/1.08亿 执业证书编号：S0930520050001 元，剔除上述影响后2022/2023年归母净利润分别为5.43/6.19亿元，2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.026 billion yuan in 2023, a year-on-year increase of 32%, while the net profit attributable to shareholders was 511.85 million yuan, a decrease of 4% year-on-year [3] - The company expects a sequential increase in micro-inverter shipments, with a forecast of 1.5 to 1.7 million units for the year, representing a growth of over 20% [3] - The energy storage segment is anticipated to double in growth in 2024, with revenue from energy storage systems reaching approximately 3.1 billion yuan in 2023, a year-on-year increase of 354% [3] - The power generation system business is experiencing rapid growth, with revenue of approximately 1.6 billion yuan in 2023, a year-on-year increase of 302% [3] Financial Performance Summary - Total revenue is projected to reach 2.854 billion yuan in 2024, with a year-on-year growth of 40.89% [2] - The net profit attributable to shareholders is expected to be 676.66 million yuan in 2024, reflecting a year-on-year increase of 32.20% [2] - The earnings per share (EPS) is forecasted to be 8.12 yuan in 2024, with a price-to-earnings (P/E) ratio of 26.72 [2][4] Market Data - The closing price of the stock is 217.00 yuan, with a market capitalization of approximately 18.08 billion yuan [6] - The stock has a price-to-book (P/B) ratio of 2.81 [6] Profitability Metrics - The gross margin is projected to be 43.17% in 2024, while the net profit margin is expected to be 23.71% [9] - The return on equity (ROE) is forecasted to be 9.12% in 2024 [10]

Financial Performance - The company's revenue for 2023 was approximately CNY 2.026 billion, representing a year-on-year increase of 31.86% [3] - Net profit attributable to shareholders was about CNY 512 million, a decrease of 3.89% year-on-year [3] - Net profit after deducting share payment expenses was approximately CNY 619 million, showing a year-on-year growth of 14.05% [3] - Sales of micro-inverters and monitoring devices reached 1.3188 million units and 237,500 units, respectively [3] - Revenue from energy storage systems was approximately CNY 313 million, with a significant year-on-year growth of 354.01% [3] - For Q1 2024, the operating revenue was about CNY 331 million, a decrease of 42.91% year-on-year [3] - Net profit for Q1 2024 was approximately CNY 67.3 million, down 61.83% year-on-year [3] Research and Development - R&D expenses for 2023 were approximately CNY 248 million, reflecting a year-on-year increase of 154.36% [3] - The increase in R&D expenses was primarily due to the growth in the number of R&D personnel and the allocation of share payment expenses [3] - The company emphasizes that R&D innovation is a core driver of its development and plans to maintain continuous investment in R&D [3] Market and Product Insights - The company has established a layout in the energy storage business since 2022, focusing primarily on the domestic market [3] - There is a positive outlook for the micro-inverter market due to emerging regulations and increasing user safety demands [4] - The company believes that micro-inverters will continue to have good market potential in distributed applications [4] - The gross margin for micro-inverter products is expected to remain stable without significant fluctuations [4] - The company has accumulated certain channels for household energy storage inverters, which will facilitate faster market entry [4] - The sales price of micro-inverters has not seen significant adjustments in the past two years [4]

2023年环境 ·社会及治理报信 E N V R O N M E N T L . S O C I A L & G O V E R N A N C E R E P O R T 杭 州 禾 迈 电 力 电 子 股 份 有 限 公 司 Hoymiles Power Electronics Inc. the starting to the may of the state of the may and and the state of the same of the states are the been and and the confinition of the start the start the may be and houmiles | 关于本报告 | 01 | | --- | --- | | 管理层致辞 | 04 | | 引言：认知、行动与绩效 | 06 | | 报告亮点 | 07 | | 目标与展望 | 68 | | 附录 | 69 | | 绩效表 | | | GRI索引 | | | 意见反馈表 | | | DADT | | | --- | --- | | 走进禾迈股份 | E | | 08 | | ...