Hoymiles(SH:688032) Huachuang Securities·2024-02-25 16:00Investment Rating - The report maintains a "Recommended" rating for the company [1][5][18] Core Views - The company achieved a total revenue of 2.026 billion yuan in 2023, representing a year-on-year increase of 31.86%. However, the net profit attributable to shareholders decreased by 2.37% to 520 million yuan [1][2] - The fourth quarter saw a significant revenue increase of 80.13% quarter-on-quarter, reaching 618 million yuan, despite a year-on-year decline in net profit by 38.69% [1][2] - The company is experiencing steady growth in micro-inverter shipments, with an expected year-on-year increase of 10%-20% for 2023 [2] - The energy storage business is gradually ramping up, with plans to increase production capacity from 5 GWh in 2023 to 10 GWh in 2024, indicating potential for future growth [2] - A stock buyback plan of 100-200 million yuan demonstrates the company's confidence in its future development [2] Financial Summary - Total revenue for 2022 was 1.537 billion yuan, with projections of 2.026 billion yuan for 2023, 3.651 billion yuan for 2024, and 5.345 billion yuan for 2025 [3][10] - The net profit attributable to shareholders for 2022 was 533 million yuan, with estimates of 520 million yuan for 2023, 862 million yuan for 2024, and 1.154 billion yuan for 2025 [3][10] - The earnings per share (EPS) is projected to be 6.24 yuan in 2023, increasing to 10.35 yuan in 2024 and 13.86 yuan in 2025 [3][10] - The current market capitalization is approximately 17.663 billion yuan, with a price-to-earnings (PE) ratio of 34 for 2023, projected to decrease to 20 in 2024 and 15 in 2025 [3][10]