Hoymiles(SH:688032) Soochow Securities·2025-05-05 15:20Investment 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. The micro-inverter shipments showed a quarter-on-quarter increase in Q1 2025, and the overall shipments for the year are projected to grow by 30% [9] - The company's revenue for 2024 was 1.993 billion yuan, a slight decrease of 1.63% year-on-year, while the net profit attributable to shareholders was 344.22 million yuan, down 32.75% year-on-year. However, Q4 2024 showed a strong recovery with a revenue of 727 million yuan, up 18% quarter-on-quarter and 103% year-on-year [9] - The energy storage business is anticipated to double in growth in 2025, with revenue for 2024 at 310 million yuan, remaining stable year-on-year, and a projected revenue of approximately 500 million yuan in Q1 2025, representing a 25% increase [9] Financial Summary - Total revenue is forecasted to reach 3.062 billion yuan in 2025, representing a year-on-year increase of 53.62%. The net profit attributable to shareholders is expected to be 505.79 million yuan, a growth of 46.94% [1][10] - The company's earnings per share (EPS) is projected to be 4.08 yuan in 2025, with a price-to-earnings (P/E) ratio of 24.55 [1][10] - The gross margin is expected to decline to 40.57% in 2025, down from 42.36% in 2024, primarily due to the lower margins associated with the photovoltaic and energy storage products [10]