Hoymiles(SH:688032) Huachuang Securities·2024-05-08 10:32Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of 248 CNY based on a 25x PE for 2025 [6][3]. Core Views - The company's revenue for 2023 reached 2.026 billion CNY, a year-on-year increase of 31.86%, while the net profit attributable to the parent company was 512 million CNY, a decrease of 3.89% [2][3]. - The company is actively expanding its energy storage product line, achieving a revenue of 313 million CNY from energy storage in 2023, a significant year-on-year growth of 353.6% [3]. - The company anticipates continued rapid growth in its micro-inverter and energy storage businesses in 2024, with expected improvements in shipment volumes in the second quarter [3]. Financial Summary - For 2023, the company reported total revenue of 2.026 billion CNY, with a gross margin of 44.03% and a net profit margin of 25.26% [2][4]. - The forecast for 2024-2026 projects revenues of 2.824 billion CNY, 3.934 billion CNY, and 5.697 billion CNY, respectively, with corresponding net profits of 668 million CNY, 828 million CNY, and 1.082 billion CNY [4][10]. - The company’s earnings per share (EPS) are expected to grow from 6.14 CNY in 2023 to 12.99 CNY by 2026 [4][10].