GoodWe Technologies (SH:688390) Soochow Securities·2024-04-26 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance was slightly below market expectations, with revenue of 1.126 billion yuan, a decrease of 34.5% quarter-on-quarter, and a net profit attributable to shareholders of -28.82 million yuan, a decrease of 29.3% quarter-on-quarter [3] - The company expects demand to recover rapidly in Q2 2024, with annual shipments projected to reach 800,000 to 1 million units, representing a year-on-year increase of over 60% [3] - The company has slightly adjusted its profit forecast for 2024-2025 due to inventory pressure affecting energy storage shipments, with expected net profits of 650 million yuan, 1.05 billion yuan, and 1.37 billion yuan for 2024, 2025, and 2026 respectively [4] Financial Performance Summary - Total revenue for 2023 was 7.353 billion yuan, a year-on-year increase of 56.1%, while net profit attributable to shareholders was 852.1 million yuan, a year-on-year increase of 31.2% [3] - The company achieved inverter shipments of 532,200 units in 2023, a year-on-year increase of approximately 15%, with expectations for significant growth in 2024 [3] - The gross margin for inverters is approximately 30%+, showing a quarter-on-quarter improvement [3] Earnings Forecast and Valuation - The company’s earnings per share (EPS) for 2024 is projected to be 3.78 yuan, with a price-to-earnings (P/E) ratio of 24.34 based on the latest diluted EPS [2] - The forecasted net profit growth rates for 2024, 2025, and 2026 are -23%, +61%, and +30% respectively [4] - The company’s market capitalization is approximately 15.89 billion yuan, with a closing price of 91.90 yuan [6]