Hoymiles(SH:688032) Changjiang Securities·2025-09-04 15:32Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In the first half of 2025, the company achieved a revenue of 1.005 billion yuan, representing a year-on-year growth of 10.78%. However, the net profit attributable to the parent company was 16 million yuan, a significant decline of 91.33% year-on-year. In Q2 2025, the revenue reached 669 million yuan, with a year-on-year increase of 16.14% and a quarter-on-quarter growth of 99.08%. The net profit attributable to the parent company in Q2 was 27 million yuan, down 77.87% year-on-year but turned profitable quarter-on-quarter [2][4] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 1.005 billion yuan, a 10.78% increase year-on-year, while the net profit decreased by 91.33% to 16 million yuan. In Q2 2025, revenue was 669 million yuan, up 16.14% year-on-year and 99.08% quarter-on-quarter. The net profit for Q2 was 27 million yuan, down 77.87% year-on-year but showing a quarter-on-quarter recovery [2][4] Sales and Margins - The company sold 412,000 micro-inverters and 65,100 DTUs in H1 2025, with overall sales declining year-on-year due to subdued demand in Europe. The gross margin for micro-inverters and DTUs was approximately 48%, remaining stable. Other business segments, such as energy storage systems, generated 190 million yuan in revenue, a 37% increase year-on-year, with a gross margin of about 12% [9] Cost and Expenses - The company's expense ratio in Q2 was 24.3%, a decrease of 16 percentage points quarter-on-quarter, primarily due to the growth in other business revenues. As of the end of Q2, cash and cash equivalents stood at 3.71 billion yuan, supporting the company's expansion plans. Inventory reached a historical high of 995 million yuan, indicating a positive operational trend [9] Market Outlook - The report anticipates a marginal recovery in European demand, with long-term growth potential for micro-inverters. The company is diversifying its business, actively expanding into overseas markets for energy storage, and expects significant revenue growth in this segment. The distributed photovoltaic power generation system is also projected to maintain a strong growth momentum [9]