Hoymiles(SH:688032) Soochow Securities·2025-05-05 12:04Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to recover steady growth in 2025, with a significant increase in energy storage sales [1] - The company's revenue for 2024 is projected at 1.993 billion, a slight decrease of 1.63% year-on-year, while the net profit attributable to shareholders is expected to be 344.22 million, down 32.75% year-on-year [1] - The company anticipates a 30% increase in shipments for the year, with energy storage business expected to double in growth [1] Financial Summary - Total revenue forecast for 2025 is 3.062 billion, representing a year-on-year increase of 53.62% [1] - The net profit attributable to shareholders for 2025 is projected at 505.79 million, an increase of 46.94% year-on-year [1] - The earnings per share (EPS) for 2025 is estimated to be 4.08 yuan, with a price-to-earnings (P/E) ratio of 24.55 [1] - The company’s gross margin is expected to be 40.57% in 2025, down from 42.36% in 2024 [10]