Hoymiles(SH:688032) Changjiang Securities·2024-11-07 06:20Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 1.266 billion yuan for the first three quarters of 2024, a year-on-year decrease of 10.12%. The net profit attributable to the parent company was 246 million yuan, down 40.88% year-on-year. In Q3 2024, revenue was 358 million yuan, a year-on-year increase of 4.36%, but a quarter-on-quarter decrease of 37.86%. The net profit for Q3 was 58 million yuan, down 13.4% year-on-year and 51.81% quarter-on-quarter [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.266 billion yuan, which is a 10.12% decline compared to the previous year. The net profit attributable to the parent company was 246 million yuan, reflecting a significant decrease of 40.88% year-on-year. In Q3 alone, the revenue was 358 million yuan, showing a 4.36% increase year-on-year but a 37.86% decrease from the previous quarter. The net profit for Q3 was 58 million yuan, down 13.4% year-on-year and 51.81% quarter-on-quarter [4][5]. Business Outlook - The company anticipates that short-term demand may recover due to inventory depletion in Europe, alongside the introduction of new products such as balcony micro-storage and large micro-inverters. The micro-inverter business is expected to continue showing strong performance, with annual shipments likely to maintain year-on-year growth. The long-term growth potential is attributed to the sustained high growth rate of the micro-inverter market and stable profitability, with the energy storage business expected to create a second growth curve [5]. Financial Projections - The company is projected to achieve profits of 400 million yuan and 700 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 44 and 23 times [5].