Hoymiles(SH:688032) Chang Jiang Shang Bao·2025-05-26 23:44Core Viewpoint - HeMai Co., Ltd. has signed a significant cooperation agreement worth 1 billion yuan with Huarong Financial Leasing Co., Ltd. to provide maintenance services for household photovoltaic systems and power station equipment over a period of three years [1][3]. Financial Performance - In 2024, HeMai Co., Ltd. achieved operating revenue of 1.993 billion yuan, a year-on-year decrease of 1.63%, and a net profit of 344 million yuan, down 32.75% year-on-year [4]. - The first quarter of 2025 saw HeMai Co., Ltd. report operating revenue of 336 million yuan, a year-on-year increase of 1.46%, but a net loss of 10.36 million yuan, a decline of 115.39% year-on-year [4]. Research and Development Investment - HeMai Co., Ltd. has consistently increased its R&D expenditure, with 2024 and the first quarter of 2025 seeing R&D costs of 266 million yuan and 74.65 million yuan, respectively, representing year-on-year growth of 7.41% and 44.90% [2][6]. - From 2021 to 2023, R&D expenses were 45.78 million yuan, 97.40 million yuan, and 248 million yuan, reflecting year-on-year increases of 58.55%, 112.75%, and 154.36% [5]. Market Strategy and Global Presence - HeMai Co., Ltd. emphasizes a global development strategy, with overseas sales amounting to 1.282 billion yuan in 2024, accounting for 64.31% of total revenue [2][8]. - The company has established sales subsidiaries in countries including the Netherlands, Australia, Singapore, the United States, and Germany, and has achieved over 1,000 product certifications for micro-inverters globally [8]. Product Development and Sales Growth - In 2024, HeMai Co., Ltd. focused on developing large-capacity products for commercial and ground scenarios, achieving sales revenue of 403 million yuan, a year-on-year increase of 156.88% [7]. - The company aims to cover all power segments and application scenarios with its products, including MLPE and household energy storage solutions [8].