Hoymiles(SH:688032) EBSCN·2024-09-03 14:11Investment Rating - The report maintains a "Buy" rating for the company, reflecting a positive long-term growth outlook despite short-term challenges [3]. Core Insights - The company reported a revenue of 908 million yuan for the first half of 2024, a year-on-year decrease of 14.78%, but showed significant improvement in Q2 with a revenue of 576 million yuan, up 18.9% year-on-year and 73.91% quarter-on-quarter [2][3]. - The company's micro-inverter and monitoring equipment business generated 749 million yuan in revenue, down 15.21% year-on-year, with a gross margin of 53.22%, an increase of 2.9 percentage points from the previous year [3]. - The energy storage business saw a revenue increase of 59.73% year-on-year, contributing significantly to overall performance [3]. Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 188 million yuan, down 46.16% year-on-year, with a non-recurring net profit of 185 million yuan, down 44.37% [2]. - Q2 2024 net profit was 120 million yuan, a decrease of 30.11% year-on-year but an increase of 78.78% quarter-on-quarter [2]. Product Development - The company launched the world's first 5000W micro-inverter, which offers a 25-year warranty, significantly longer than traditional inverters [3]. - The product matrix for micro-inverters is continuously improving, with ongoing brand development efforts in key markets such as the Netherlands, Australia, and the USA [3]. Market Position - The company is addressing inventory pressures in the European market, with expectations for improved micro-inverter shipments as inventory levels decrease [3]. - The energy storage product line has received grid connection certifications in nearly 30 countries, enhancing its global recognition [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards to 585 million yuan, 776 million yuan, and 996 million yuan respectively, reflecting a decrease of 7%, 8%, and 9% [3]. - The current stock price corresponds to a PE ratio of 27, 21, and 16 for 2024-2026 [3].