Hoymiles(688032) 光大证券·2024-05-06 07:33Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company achieved a revenue of 2 billion yuan in 2023, a year-on-year increase of 32%, while the net profit attributable to shareholders was 510 million yuan, a decrease of 4% [2]. - The company's micro-inverter and monitoring equipment business generated 1.4 billion yuan in revenue in 2023, reflecting a 14% year-on-year growth, with a gross margin of 50% [3]. - The energy storage business saw significant growth, with revenue reaching approximately 300 million yuan in 2023, a year-on-year increase of 354% [3]. - The company is expected to face inventory pressure and increased market competition, leading to a downward adjustment in profit forecasts for 2024-2025 [3]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 2 billion yuan, with a net profit of 510 million yuan, and a non-recurring net profit of 530 million yuan [2]. - For Q1 2024, the company reported a revenue of 330 million yuan, a decrease of 43% year-on-year, and a net profit of 67 million yuan, down 62% year-on-year [2]. Business Segments - The micro-inverter segment showed stable growth, with shipments of approximately 1.32 million units in 2023, a 13% increase year-on-year [3]. - The energy storage segment is emerging as a second growth driver, with a gross margin of 16.6% in 2023 [3]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted to 600 million yuan, 800 million yuan, and 1.1 billion yuan respectively, with corresponding P/E ratios of 30, 22, and 17 [3].