GoodWe Technologies (688390) 每日经济新闻·2025-05-14 11:36Core Viewpoint - The company, GoodWe, has experienced significant revenue growth since 2019 but faced a decline in 2024, with a notable loss in net profit attributed to high inventory levels in the European market and increased operational costs [1][2][3]. Group 1: Financial Performance - In 2019, GoodWe's revenue was less than 1 billion yuan, but by 2023, it had expanded to nearly 7.4 billion yuan, a growth of over 700% [1]. - For 2024, GoodWe reported a revenue of 6.738 billion yuan, a year-on-year decrease of 8.36%, and a net loss of 62 million yuan, a decline of 107.25% compared to the previous year [1][2]. - The company's European sales revenue dropped by 2.4 billion yuan in 2024, directly impacting overall performance [2][3]. Group 2: Market Dynamics - GoodWe's inverters are primarily targeted at residential and commercial sectors, with 91.45% of shipments being grid-tied inverters and 8.55% being storage inverters [2]. - The European market is crucial for GoodWe, contributing significantly to its revenue, with a sales revenue of 937 million yuan in 2024 and a gross margin of 42.13% [3]. - Despite the overall industry pressure, other inverter companies like Sungrow and Enphase have shown robust performance, contrasting with GoodWe's struggles [8]. Group 3: Strategic Outlook - The company plans to enhance R&D investment and technology innovation while expanding its domestic and international market presence to counteract adverse impacts [1][8]. - GoodWe's contract liabilities increased to 441 million yuan by the end of the first quarter, reflecting a 27.83% year-on-year growth, indicating ongoing demand despite current challenges [8].