禾迈股份：Q1微逆走出需求拐点，全年趋势逐季向好

Investment Rating - The investment rating for the company is "Buy" and it is maintained [3][5]. Core Views - The company has shown a revenue of 2.026 billion yuan in 2023, representing a year-on-year growth of 32%. However, the net profit attributable to the parent company decreased by 4% to 512 million yuan [4]. - In Q4 2023, the company achieved a revenue of 618 million yuan, which is a 3% year-on-year increase and an 80% quarter-on-quarter increase. The net profit for the same period was 96 million yuan, down 43% year-on-year but up 44% quarter-on-quarter [4]. - For Q1 2024, the company reported a revenue of 331 million yuan, a decrease of 43% year-on-year and a 46% quarter-on-quarter decline. The net profit was 67 million yuan, down 62% year-on-year and 30% quarter-on-quarter [4]. - The company’s micro-inverter and DTU revenue reached 1.41 billion yuan in 2023, with micro-inverter sales of approximately 1.32 million units, a 13% year-on-year increase [4]. - The company expects a slight increase in micro-inverter and DTU shipments in Q1 2024, driven by reduced inventory pressure in Europe and declining interest rates in Latin America [4][5]. Summary by Sections Financial Performance - In 2023, the company’s total revenue was 2.026 billion yuan, with a gross margin of 50.3%, an increase of 0.5 percentage points year-on-year. The company’s expenses increased significantly due to higher R&D investments, which doubled to nearly 250 million yuan [4][5]. - The company’s inventory at the end of Q1 was 840 million yuan, a 14% increase quarter-on-quarter, reflecting a positive outlook on energy storage development [4]. Market Outlook - The company anticipates that the micro-inverter business will see an upward trend, with expectations of significant growth in shipments in Q2 2024 as inventory issues in Europe are resolved [5]. - The energy storage segment is projected to experience substantial growth, with expected revenue growth of around 100% year-on-year [5]. Profit Forecast - The company forecasts profits of 700 million yuan and 900 million yuan for 2024 and 2025, respectively, corresponding to price-to-earnings ratios of 30 and 22 times [5].