Hoymiles(SH:688032) Huachuang Securities·2024-09-02 07:44Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 167 yuan [2][3]. Core Views - The company reported a revenue of 908 million yuan for H1 2024, a year-on-year decrease of 14.78%, and a net profit of 188 million yuan, down 46.16% year-on-year. The gross margin was 47.52%, up 4.74 percentage points year-on-year [2]. - In Q2 2024, the company achieved a revenue of 576 million yuan, an 18.90% increase year-on-year and a 73.91% increase quarter-on-quarter. The net profit for Q2 was 120 million yuan, down 30.11% year-on-year but up 78.78% quarter-on-quarter [2][3]. - The company’s micro-inverter and monitoring equipment generated a revenue of 749 million yuan in H1 2024, with a gross margin of 53.22%. The sales volume for micro-inverters was approximately 614,200 units, and for monitoring equipment, it was about 144,400 units [3]. - The company launched new products, including the world's first 5000W micro-inverter and the MS-A2 series of AC-coupled micro-storage products, enhancing its product matrix [3]. - The period expense ratio significantly decreased to 23.36% in Q2 2024, down 9.17 percentage points, attributed to increased shipment volumes and scale effects [3]. Financial Summary - For 2024E, the company is projected to achieve total revenue of 2,824 million yuan, with a year-on-year growth rate of 39.4%. The net profit is expected to be 668 million yuan, reflecting a growth rate of 30.5% [4]. - The earnings per share (EPS) for 2024E is estimated at 5.40 yuan, with a price-to-earnings (P/E) ratio of 25 [4]. - The company’s total assets are projected to reach 8,005 million yuan by 2024E, with a debt-to-asset ratio of 19.4% [11].