Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.323 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.57%. However, the net profit attributable to the parent company was -59 million yuan, a decline of 124.07% year-on-year. In Q3 2025, the revenue was 318 million yuan, down 11.18% year-on-year and 52.48% quarter-on-quarter, with a net profit of -75 million yuan, a decrease of 230.01% year-on-year and 383.1% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - For Q3 2025, the company incurred operating expenses of 220 million yuan, which increased by 50 million yuan quarter-on-quarter, leading to a high expense ratio of 68% due to limited revenue. The increase in expenses was primarily due to higher foreign exchange losses and sustained high sales and R&D expenses aimed at enhancing the energy storage product lineup [9]. Inventory and Supply Chain - As of the end of Q3, the company's inventory stood at 1.06 billion yuan, an increase of 6.8% quarter-on-quarter. The inventory of micro-inverters is expected to decrease, while energy storage inventory has increased significantly, indicating a positive trend in energy storage operations [9]. Future Outlook - The company is transitioning from a single focus on micro-inverters to a dual focus on micro-inverters and energy storage. It is anticipated that energy storage revenues will surpass micro-inverter revenues, with significant growth expected in household storage, commercial storage, and large-scale storage in 2026. The overall business revenue from energy storage is expected to exceed that of micro-inverters, with an increase in overseas sales likely to improve gross margins [9].

Core Viewpoint - The stock of Hemaik Electric Co., Ltd. experienced a decline of 1.52% on November 17, with a trading volume of 199 million yuan and a total market capitalization of 14.211 billion yuan [1] Company Overview - Hemaik Electric Co., Ltd. specializes in the research, manufacturing, and sales of photovoltaic inverters, energy storage products, and electrical equipment [2][7] - The company's main products include micro-inverters, monitoring devices, distributed photovoltaic power generation systems, modular inverters, and energy storage systems [2][7] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, indicating its strong market position and innovation capabilities [2] Financial Performance - For the period from January to September 2025, Hemaik achieved a revenue of 1.323 billion yuan, representing a year-on-year growth of 4.57%, while the net profit attributable to shareholders was -59.1154 million yuan, a decrease of 124.07% year-on-year [8] - As of September 30, the number of shareholders increased to 10,200, a rise of 3.82%, while the average circulating shares per person decreased by 3.68% [8] Market Position and Trends - The company benefits from a significant overseas revenue share of 64.25%, aided by the depreciation of the RMB [3] - Hemaik is set to receive an investment from Hangkai Holdings Group, with plans to increase its stake by no less than 111.5 million yuan and no more than 223 million yuan [3] Technical Analysis - The average trading cost of Hemaik's shares is 111.73 yuan, with the stock price approaching a resistance level of 115.47 yuan, indicating potential for upward movement if this level is surpassed [6]

Core Viewpoint - HeMai Co., Ltd. experienced a stock price decline of 2.11% on November 17, with a current price of 113.86 CNY per share and a market capitalization of 14.127 billion CNY [1] Group 1: Stock Performance - Year-to-date, HeMai's stock price has increased by 4.01%, with a 2.12% rise over the last five trading days, 6.37% over the last 20 days, and 0.91% over the last 60 days [2] - As of September 30, the number of shareholders increased by 3.82% to 10,200, while the average circulating shares per person decreased by 3.68% to 12,134 shares [2] Group 2: Financial Performance - For the period from January to September 2025, HeMai reported revenue of 1.323 billion CNY, representing a year-on-year growth of 4.57%. However, the net profit attributable to shareholders was a loss of 59.1154 million CNY, a decrease of 124.07% compared to the previous year [2] Group 3: Business Overview - HeMai Co., Ltd. specializes in the research, development, manufacturing, and sales of power conversion equipment, including photovoltaic inverters and energy storage inverters. The revenue composition includes micro-inverters and monitoring equipment (44.39%), photovoltaic power generation systems (34.92%), energy storage systems (18.70%), and other sources (1.68%) [2] - The company is categorized under the Shenwan industry classification of electric power equipment, specifically photovoltaic equipment and inverters, and is associated with concepts such as mid-cap, photovoltaic glass, energy storage, specialized and innovative, and solar energy [2] Group 4: Dividend Information - Since its A-share listing, HeMai has distributed a total of 1.306 billion CNY in dividends, with 1.186 billion CNY distributed over the past three years [3]

Investment Rating - The report indicates a positive outlook for the photovoltaic sector, with signs of recovery in profitability and stable growth in the wind power sector [1][5]. Core Insights - The renewable energy sector reported a revenue of 11,722 billion yuan for Q1-3 2025, a year-on-year decrease of 1%, and a net profit of 242 billion yuan, down 19% year-on-year. In Q3 2025, revenue was 4,138 billion yuan, up 2% year-on-year, and net profit was 118 billion yuan, up 41% year-on-year [2][7]. - The photovoltaic segment experienced a significant reduction in losses, with Q3 2025 revenue at 2,315 billion yuan, down 8% year-on-year, but net profit surged to 28.4 billion yuan, a year-on-year increase of 1,495% [2][37]. - The wind power segment showed robust growth, with Q3 2025 revenue of 1,135 billion yuan, up 22% year-on-year, and net profit of 50 billion yuan, up 33% year-on-year [2][16]. Summary by Sections Revenue and Profitability - The renewable energy sector's revenue for Q1-3 2025 was 11,722 billion yuan, with a net profit of 242 billion yuan. Q3 2025 saw a revenue of 4,138 billion yuan and a net profit of 118 billion yuan, marking a significant recovery [2][15]. - The photovoltaic sector's revenue for Q1-3 2025 was 6,640 billion yuan, with a net loss of 43 billion yuan. In Q3 2025, revenue was 2,315 billion yuan, and net profit was 28.4 billion yuan, indicating a strong recovery [2][37]. Segment Performance - The photovoltaic segment's Q3 2025 performance showed a revenue decline of 8% year-on-year but a remarkable net profit increase of 1,495%. The wind power segment continued to grow, with a 22% revenue increase year-on-year [2][16][37]. - The report highlights that the profitability of the wind power segment is improving, with a notable increase in gross margins due to price adjustments and operational efficiencies [2][16]. Market Trends - The report notes a gradual recovery in demand for household energy storage, with significant growth expected in commercial and large-scale storage solutions. The anticipated installation capacity for 2025 is around 150 GWh, representing a year-on-year increase of over 40% [2][6]. - The photovoltaic industry is undergoing a restructuring process, with upstream profitability recovering as prices for silicon materials rise. This trend is expected to continue into 2026, leading to a reshaped industry ecosystem [2][6]. Recommendations - The report recommends focusing on high-growth areas such as inverters and mounting systems, as well as leading photovoltaic companies with cost advantages and strong distribution channels [2][6].

Core Viewpoint - HeMai Co., Ltd. (688032.SH) experienced a stock price decline of 3.24%, closing at 111.03 yuan, indicating the stock is currently in a state of decline since its IPO [1] Group 1: IPO and Financial Performance - HeMai Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 20, 2021, with an initial offering price of 557.80 yuan per share and a total of 10 million shares issued [1] - The total funds raised from the IPO amounted to 5.578 billion yuan, with a net amount of 5.406 billion yuan after deducting issuance costs, which exceeded the original plan by 4.848 billion yuan [1] - The funds raised are intended for projects including the construction of the HeMai Intelligent Manufacturing Base, the industrialization of energy storage inverters, upgrades to smart complete electrical equipment, and to supplement working capital [1] Group 2: Dividend Announcements - On May 30, 2022, HeMai Co., Ltd. announced a dividend plan of 30 yuan (pre-tax) per 10 shares, along with a bonus issue of 4 shares, with the ex-dividend date set for June 7, 2022 [2] - On June 6, 2023, the company announced a dividend plan of 53 yuan (pre-tax) per 10 shares, with a bonus issue of 4.9 shares, and the ex-dividend date set for June 13, 2023 [2] - A future dividend plan was announced for June 13, 2024, proposing a distribution of 36 yuan (pre-tax) per 10 shares, along with a bonus issue of 4.9 shares, with the ex-dividend date set for June 19, 2024 [2]

Group 1 - The core viewpoint of the news is that HeMai Co., Ltd. has shown fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - On November 11, HeMai's stock rose by 2.91%, with a trading volume of 296 million yuan, while the net financing buy was negative at 134.33 million yuan [1]. - As of November 11, the total margin balance for HeMai was 351 million yuan, with a financing balance of 347 million yuan, accounting for 2.44% of the circulating market value, which is above the 50th percentile level over the past year [1]. Group 2 - As of September 30, the number of shareholders for HeMai reached 10,200, an increase of 3.82% from the previous period, while the average circulating shares per person decreased by 3.68% to 12,134 shares [2]. - For the period from January to September 2025, HeMai reported operating revenue of 1.323 billion yuan, a year-on-year increase of 4.57%, but the net profit attributable to shareholders was -59.1154 million yuan, a decrease of 124.07% year-on-year [2]. Group 3 - Since its A-share listing, HeMai has distributed a total of 1.306 billion yuan in dividends, with 1.186 billion yuan distributed over the past three years [3].

Group 1 - The core viewpoint of the news highlights the significant performance of the photovoltaic ETF (159857), which has seen a 0.87% increase, marking its fifth consecutive rise, with a trading volume of 1.53 billion yuan and a turnover rate of 5.55% [3] - The photovoltaic ETF (159857) has achieved a 17.54% increase over the past 20 days, leading among similar products, and its latest scale reached a record high of 2.712 billion yuan [3] - In the past week, the ETF's shares increased by 14.2 million, indicating substantial growth, with a net inflow of 22.984 million yuan recently [3] Group 2 - The State Council's new policies aim to stimulate private investment, particularly in high-end manufacturing and renewable energy funds, with 13 targeted policy measures to enhance private sector participation [4] - The recent guidance from the National Development and Reform Commission and the National Energy Administration emphasizes the need for increased renewable energy consumption capacity, targeting an annual addition of over 200 million kilowatts of renewable energy by 2030 [5] - Citic Securities believes that the electric equipment and renewable energy sector is at the beginning of a new cycle, with expected growth in global renewable energy installations during the 14th Five-Year Plan period, driven by high proportions of wind and solar energy integration [6]

Group 1 - The core viewpoint of the news is that HeMai Co., Ltd. has seen a stock price increase of 5.29%, reaching 117.40 CNY per share, with a total market capitalization of 14.566 billion CNY [1] - HeMai Co., Ltd. specializes in the research, manufacturing, and sales of power conversion equipment, including photovoltaic inverters and energy storage inverters, with its main business revenue composition being: micro-inverters and monitoring equipment 44.39%, photovoltaic power generation systems 34.92%, energy storage systems 18.70%, others 1.68%, and non-contractual income 0.30% [1] - The company was established on September 4, 2012, and went public on December 20, 2021 [1] Group 2 - From the perspective of fund holdings, one fund under the Fuguo Fund has a significant position in HeMai Co., Ltd., specifically the Fuguo SSE STAR Market Composite Price ETF Link A (023737), which held 1,025 shares in the third quarter, unchanged from the previous period, representing 0.05% of the fund's net value [2] - The Fuguo SSE STAR Market Composite Price ETF Link A (023737) has a current scale of 114 million CNY and has achieved a return of 37.01% since its inception on April 9, 2025 [2] - The fund manager, Jin Zeyu, has been in position for 3 years and 109 days, with the fund's total asset scale at 17.865 billion CNY, achieving a best return of 73.42% and a worst return of 4.53% during his tenure [2]

Core Viewpoint - The new energy storage industry is entering a high-speed development phase by 2025, driven by strong global market demand, with a shift in competitive focus towards globalization, digital integration, safety compliance, and lifecycle services [2]. Group 1: Industry Overview - The energy storage industry is experiencing a new growth cycle, with companies focusing on building core capabilities rather than just expanding production capacity [2]. - The "Annual Influence Enterprise Award" is established to recognize companies excelling in globalization, digitalization, and safety [2]. Group 2: Participating Companies - Multiple energy storage companies have applied for the "Annual Influence Enterprise Award," with a list of candidates being published [3]. - The participating companies include: - Trina Storage: Recognized as a safety pioneer, achieving significant safety standards and testing [4]. - Jinko Storage: A global benchmark with a target of 6GWh shipments in 2025, with 80% of orders from overseas [4]. - Weiheng Intelligent: Noted for its digital energy management systems, achieving significant operational efficiency improvements [4]. - Chuangneng New Energy: Projecting over 100GWh in new orders for 2025, with a total effective capacity exceeding 110GWh [4]. - Huashu Electric: Focused on diverse project distribution across multiple provinces [4]. - Yuanxin Storage and Xinjuneng: Both recognized for their comprehensive energy operation capabilities [4]. - Wolong Storage: Anticipating a 70% increase in overseas orders by 2024 [4]. - Astech Energy: Building a digital energy ecosystem with a focus on smart hardware and AI [4]. - Pengcheng Unlimited: Notable for its extensive quality control measures in production [4]. - Huayuxin: Achieving significant project applications in Brazil [4]. - Gaote Electronics: Innovating battery management systems with enhanced safety features [4]. - Yilankao: Projecting significant shipments of PCS units in 2025 [4]. - Times Tianyuan: Focused on power electronics technology and energy storage solutions [4]. Group 3: Company Highlights - Trina Storage has established a comprehensive production ecosystem and has secured over 10GWh in overseas orders, with a projected shipment of 8-10GWh in 2025 [5][6]. - Jinko Storage has developed a global marketing network and aims for a significant increase in overseas business, with a target of 6GWh in shipments for 2025 [6]. - Weiheng Intelligent has integrated AI into its energy management systems, achieving operational efficiency improvements of 5-10% [7]. - Chuangneng New Energy is expanding its production capacity significantly, with plans for over 500GWh in total capacity [8]. - Huashu Electric has developed a wide range of energy storage products and is expanding into international markets [9]. - Yuanxin Storage has established a comprehensive capability across the energy storage value chain, with a production capacity of 20GWh [10]. - Xinjuneng is focusing on customized energy storage solutions for commercial applications [11][12]. - Wolong Storage has achieved significant project deliveries and is expanding its production capacity [13][14]. - Astech Energy is building a smart energy management ecosystem with significant project achievements in various markets [16][17]. - Pengcheng Unlimited is leveraging advanced quality control in its production processes [18]. - Huayuxin has launched innovative energy solutions and is expanding its global footprint [19]. - Gaote Electronics has introduced advanced battery management systems with enhanced safety features [20]. - Yilankao is focusing on flexible energy storage solutions for commercial applications [21]. - Times Tianyuan is innovating in power electronics and energy storage technologies [22][23]. - Yuntian Shuneng is developing integrated energy storage solutions with significant cost and space savings [24]. - Hemai Co. has launched a new high-power energy storage inverter with industry-leading efficiency [25][26].

Group 1 - Xiamen Haiyi Hemai New Energy Equity Investment Fund Partnership has been established with a total investment of 800 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2] - The fund is a limited partnership and is registered in Xiamen, Fujian Province, with a business duration from November 5, 2025, to 2065 [2] - The main partners include Hangzhou Hemai Power Electronics Co., Ltd. (49.875%), Xiamen Advanced Manufacturing Equity Investment Fund Partnership (30%), and Xiamen Guomao New Energy Technology Co., Ltd. (19.875%) [3]