Hoymiles(SH:688032) Changjiang Securities·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 1.993 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit attributable to shareholders of 344 million yuan, down 33% year-on-year. In Q4 2024, revenue reached 727 million yuan, an increase of 18% year-on-year and a 103% increase quarter-on-quarter. The first quarter of 2025 saw revenue of 336 million yuan, a 1% increase year-on-year but a 54% decrease quarter-on-quarter, with a net loss of 10 million yuan, down 115% year-on-year and 111% quarter-on-quarter [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 990,000 micro-inverters, a decrease of 25% year-on-year, while monitoring equipment sales remained stable at 230,000 units. The demand in Europe and the US was subdued due to economic conditions and policy changes. The average selling price of micro-inverters slightly increased due to a higher proportion of high-power micro-inverters. The gross margin for micro-inverters and DTUs was 53.5%, up 5.3 percentage points year-on-year [9]. Business Expansion - The company actively expanded its energy storage business, launching several new products, with annual revenue of 310 million yuan, remaining stable year-on-year, and a gross margin of 18.9%, up 2.3 percentage points. Revenue from photovoltaic power generation systems reached 400 million yuan, a 157% increase year-on-year, although the gross margin decreased by 30.7 percentage points due to a higher proportion of low-margin commercial photovoltaic power generation systems [9]. Future Outlook - For Q1 2025, a decline in micro-inverter sales is expected due to revenue recognition timing and continued weak demand in Europe and the US, although monthly trends are showing improvement. The company anticipates a profit of around 400 million yuan in 2025, corresponding to a PE ratio of 32 times. The report maintains a "Buy" rating based on the potential for significant growth in the commercial storage sector and the expected recovery in demand [9].