Hoymiles(SH:688032) Soochow Securities·2024-02-25 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of 520 million yuan in 2023, a decrease of 2.37% year-on-year, while the non-recurring net profit was 535 million yuan, an increase of 3.81% [3] - In Q4 2023, the net profit attributable to shareholders was 105 million yuan, down 38.69% year-on-year but up 56.06% quarter-on-quarter, indicating an acceleration in performance [3] - The company maintained a strong gross margin of approximately 50% for micro-inverters, with total shipments of about 1.34 million units in 2023, a year-on-year increase of 15% [3] - The revenue from energy storage systems reached approximately 300 million yuan in 2023, with Q4 revenue expected to exceed 200 million yuan, reflecting a quarter-on-quarter increase of over 600% [3] - The company plans to deliver energy storage projects in 2024, which will continue to contribute to growth [3] Financial Forecasts and Valuation - The company’s total revenue is projected to reach 2,025.99 million yuan in 2023, with a year-on-year growth of 31.86%, and is expected to grow to 3,033.81 million yuan in 2024, representing a growth of 49.74% [2][3] - The net profit attributable to shareholders is forecasted to be 519.93 million yuan in 2023, with a decrease of 2.37%, and is expected to rebound to 829.08 million yuan in 2024, reflecting a growth of 59.46% [2][3] - The company is assigned a price-to-earnings (P/E) ratio of 30 times for 2024, based on the expected growth in micro-inverter shipments and energy storage volume [3]