Hoymiles(SH:688032) Soochow Securities·2024-04-29 13:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.026 billion yuan in 2023, a year-on-year increase of 32%, while the net profit attributable to shareholders was 511.85 million yuan, a decrease of 4% year-on-year [3] - The company expects a sequential increase in micro-inverter shipments, with a forecast of 1.5 to 1.7 million units for the year, representing a growth of over 20% [3] - The energy storage segment is anticipated to double in growth in 2024, with revenue from energy storage systems reaching approximately 3.1 billion yuan in 2023, a year-on-year increase of 354% [3] - The power generation system business is experiencing rapid growth, with revenue of approximately 1.6 billion yuan in 2023, a year-on-year increase of 302% [3] Financial Performance Summary - Total revenue is projected to reach 2.854 billion yuan in 2024, with a year-on-year growth of 40.89% [2] - The net profit attributable to shareholders is expected to be 676.66 million yuan in 2024, reflecting a year-on-year increase of 32.20% [2] - The earnings per share (EPS) is forecasted to be 8.12 yuan in 2024, with a price-to-earnings (P/E) ratio of 26.72 [2][4] Market Data - The closing price of the stock is 217.00 yuan, with a market capitalization of approximately 18.08 billion yuan [6] - The stock has a price-to-book (P/B) ratio of 2.81 [6] Profitability Metrics - The gross margin is projected to be 43.17% in 2024, while the net profit margin is expected to be 23.71% [9] - The return on equity (ROE) is forecasted to be 9.12% in 2024 [10]