GoodWe Technologies (SH:688390) Zhongyuan Securities·2024-05-13 23:32Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][17]. Core Views - The company experienced a robust revenue growth of 56.10% year-on-year in 2023, reaching a total revenue of 7.353 billion yuan, while net profit increased by 31.24% to 852 million yuan [3][8]. - The first quarter of 2024 saw a decline in revenue by 34.50% year-on-year, with a net loss of 28.82 million yuan, attributed to high inventory levels in the European market affecting sales of energy storage inverters [3][6]. - The company is expected to benefit from the recovery of demand in the energy storage inverter market as inventory levels normalize, particularly in emerging markets [6][7]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 73.53 billion yuan, with a net profit of 8.52 billion yuan and a basic earnings per share of 4.94 yuan, reflecting a year-on-year growth of 31.38% [3][8]. - The first quarter of 2024 showed a revenue of 11.26 billion yuan, down 34.50% year-on-year, with a net loss of 28.82 million yuan [3][6]. Product Performance - The company’s sales of grid-connected inverters reached 532,200 units in 2023, a 15.46% increase year-on-year, generating revenue of 28.61 billion yuan [6][7]. - Sales of energy storage inverters decreased by 32.20% year-on-year, with revenue of 15.66 billion yuan, primarily due to high inventory levels in Europe [6][7]. Market Outlook - The company is positioned to capitalize on the growing demand for household photovoltaic systems, with a significant increase in sales of 688.92% year-on-year, generating revenue of 16.54 billion yuan [7][8]. - The report anticipates steady growth in the company’s overseas market performance, particularly as European inventory levels decrease and demand in emerging markets rises [8][9]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are estimated at 707 million yuan, 880 million yuan, and 1.116 billion yuan respectively, with corresponding earnings per share of 4.09 yuan, 5.09 yuan, and 6.45 yuan [8][9]. - The price-to-earnings ratios for the next three years are projected to be 25.35, 20.36, and 16.05 respectively, indicating a favorable valuation trend [8][9].