GoodWe Technologies (688390) 长江证券·2025-05-20 02:43Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 6.738 billion yuan for 2024, a decrease of 8% year-on-year, with a net profit attributable to the parent company of -62 million yuan, down 107% year-on-year. In Q4 2024, the revenue was 1.794 billion yuan, an increase of 5% year-on-year, with a net profit of -70 million yuan. For Q1 2025, the revenue reached 1.882 billion yuan, a significant increase of 67% year-on-year, with a net profit of -28 million yuan [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 600,000 inverters, including 548,000 grid-connected units (up 3% year-on-year) and 51,000 storage units (down 67%). The battery pack sales were 217 MWh, down 36%, contributing 470 million yuan to revenue. The domestic sales of inverters were 293,000 units, while overseas sales were 307,000 units. European revenue accounted for 49% of total overseas revenue, followed by Oceania at 23%, Asia at 14%, and others at 14% [10]. Profitability - The gross margin for grid-connected inverters in 2024 was 19.8%, a decrease of 9.7 percentage points year-on-year, primarily due to intensified domestic competition and a decline in the European market share. The gross margin for storage inverters was 49.7%, down 6.1 percentage points but still at a high level. The gross margin for storage batteries improved to 31.8%, up 6.8 percentage points, benefiting from economies of scale and declining raw material prices. The gross margin for household systems was 14.1%, an increase of 1.2 percentage points year-on-year [10]. Future Outlook - The company is expected to see a significant improvement in grid-connected inverter sales in Q1 2025, with stable gross margins across products. However, due to the high proportion of domestic sales and a relatively small total revenue base, the operating expenses of 360 million yuan will not be diluted, leading to continued pressure on the company's performance. After experiencing a low point in 2024, the company's operational performance is showing signs of recovery in 2025, with a record high contract liability of 441 million yuan at the end of Q1. The outlook remains positive with expectations of continued recovery in overseas demand and further market expansion [10]. Financial Projections - For 2025, the company is projected to achieve a net profit attributable to the parent company of approximately 350 million yuan, corresponding to a price-to-earnings ratio of about 29 times [10].