GoodWe Technologies (688390) 民生证券·2024-11-03 10:30Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's ability to restore profitability in the future [4]. - For the first three quarters of 2024, the company achieved operating revenue of 4.943 billion yuan, a year-on-year decrease of 12.51%, and a net profit attributable to the parent company of 8.6521 million yuan, down 93.03% year-on-year [2][3]. - The report highlights that the decline in profit is mainly due to a decrease in sales revenue from high-margin overseas inverters and batteries, coupled with an increase in sales of lower-margin domestic photovoltaic systems [2][3]. Summary by Sections Financial Performance - In Q3 2024, the company reported operating revenue of 1.796 billion yuan, a year-on-year decrease of 2.20% and a quarter-on-quarter decrease of 11.17%. The net profit attributable to the parent company was 32.4827 million yuan, down 78.64% year-on-year but up 550.84% quarter-on-quarter [2][3]. - The company's inverter sales volume in H1 2024 was approximately 278,500 units, with grid-connected inverters accounting for about 91.89% of total sales [3]. Industry Trends - The report notes that the industry is experiencing accelerated inventory destocking, which is expected to improve profitability. The overseas sales of inverters accounted for 55.71% of total sales, indicating a shift in sales structure [3]. Future Projections - The report forecasts the company's revenue for 2024, 2025, and 2026 to be 7.447 billion yuan, 10.810 billion yuan, and 12.497 billion yuan, respectively, with net profits of 155 million yuan, 595 million yuan, and 821 million yuan [4][8].