Hoymiles(SH:688032) EBSCN·2025-05-06 12:45Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for long-term growth despite short-term challenges [5]. Core Views - The company has experienced a slight decline in revenue and profit in 2024, with total revenue of 1.993 billion yuan, down 1.63% year-on-year, and a net profit attributable to shareholders of 344 million yuan, down 32.75% year-on-year [1]. - The company is actively expanding its product matrix, particularly in the micro-inverter and energy storage sectors, aiming to establish a second growth curve [2][3]. - Despite a challenging market environment, the company continues to innovate, launching new products such as the 5000W micro-inverter and the AC coupled micro-storage system, which enhance its competitive edge [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.993 billion yuan, with a year-on-year decrease of 1.63%. The net profit attributable to shareholders was 344 million yuan, down 32.75% year-on-year [1]. - For Q1 2025, the company recorded a revenue of 336 million yuan, a decrease of 1.46% year-on-year, with a net loss of 10 million yuan [1]. Product Development - The micro-inverter and monitoring equipment segment generated sales of 1.227 billion yuan in 2024, a decline of 13.24% year-on-year, with a gross margin of 53.54%, an increase of 5.31 percentage points [2]. - The energy storage system segment achieved revenue of 312 million yuan in 2024, with a gross margin of 18.92%, up 2.32 percentage points [3]. Profitability and Valuation - The report projects a decline in net profit for 2025-2026, with estimates of 456 million yuan and 617 million yuan respectively, reflecting a downward adjustment of 41% and 38% [4]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 26 for 2025, 20 for 2026, and 16 for 2027, indicating a potential for future growth [4].