Hoymiles(SH:688032) Soochow Securities·2024-08-29 03:03Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in micro-inverter shipments in Q2 2024, with expectations for steady growth throughout the year. The company aims to achieve a total of 150,000 to 170,000 micro-inverter shipments for the year, representing a year-on-year increase of over 20% [3] - The domestic large-scale energy storage market is expected to double in 2024, with household storage and micro-storage anticipated to see explosive growth starting in 2025. The company is focusing on expanding its household and micro-storage efforts, with expected revenues from these segments reaching 300 to 400 million yuan in 2024 and potentially tenfold growth in 2025 [3] - The company’s financial performance in H1 2024 showed a revenue of 908 million yuan, a year-on-year increase of 15%, while net profit attributable to shareholders was 188 million yuan, a decrease of 46% year-on-year. The gross margin was approximately 47.5%, an increase of 4.7 percentage points [3][4] Financial Summary - Total revenue for 2024 is projected to be 2,882 million yuan, with a year-on-year growth of 42.24%. Net profit attributable to shareholders is expected to reach 677 million yuan, reflecting a growth of 32.27% [2][4] - The company’s earnings per share (EPS) for 2024 is estimated at 5.47 yuan, with a price-to-earnings (P/E) ratio of 22.03 [2][4] - The company’s operating cash flow for Q2 2024 was 83 million yuan, a year-on-year increase of 7%, while total cash flow for H1 2024 was 1.6 billion yuan, a significant increase of 1218% [4][10] Market Data - The closing price of the company's stock is 120.52 yuan, with a market capitalization of approximately 14.92 billion yuan [6] - The company has a price-to-book (P/B) ratio of 2.42 and a total asset-liability ratio of 19.08% [6][7]