Hoymiles(SH:688032)2022-11-19 03:44Sales Performance - In 2021, the company achieved revenue of CNY 45,167.61 million from micro-inverter products, selling approximately 404,400 units, primarily in Latin America, Europe, and North America [3] - In Q1 2022, the company sold over 150,000 micro-inverters and over 30,000 DTU (monitoring devices), showing rapid growth compared to the previous year [3] - The sales volume for micro-inverters in the domestic market was about 40,000 units in 2021 and approximately 10,000 units from January to April 2022, indicating a gradual increase [7] Market Demand and Strategy - The sales strategy for 2022 aims for equal distribution across North America, Latin America, and Europe, with a current strong demand in Europe [3] - The company plans to promote energy storage products in 2022, focusing on brand promotion and channel layout, initially leveraging existing micro-inverter sales channels [5] - The company is also expanding its product line to include energy storage and circuit breaker products, driven by market demand [6] Financial Overview - In Q1 2022, financial expenses were primarily interest income of over CNY 20 million from raised funds, while sales expenses increased but at a slower rate than sales revenue [4] - The company’s gross profit margin for micro-inverter products was high in Q1 2022, attributed to the product mix, with lower margins expected from electrical equipment sales concentrated in the second half of the year [3] Production Capacity and Future Plans - The company is currently operating at full capacity, with plans to expand production to meet growing order demands, including the construction of a smart manufacturing base expected to be operational in the second half of 2022 [4] - The company is exploring cost reduction opportunities through domestic chip replacement and supply chain management, maintaining stable product costs despite rising raw material prices [4] International Market Presence - The company has established a brand presence in North America, focusing on large clients while maintaining relationships with existing customers [7] - In Latin America, the company maintains stable growth, particularly in Brazil and Mexico, despite price sensitivity in the region [6] - The European market is experiencing rapid growth in distributed and residential solar energy, driven by increased energy security concerns due to geopolitical factors [6] Product Development and Innovation - The company emphasizes advanced technology in its products, which enhances performance and safety, particularly in micro-inverter designs [3] - The company is committed to R&D, aiming to develop a range of power electronic products centered around micro-inverters and energy storage solutions [9] Challenges and Adaptations - The company faced supply chain disruptions due to COVID-19, impacting raw material availability, but has since seen improvements in shipping capacity [5] - Currency fluctuations and foreign exchange policies may affect the company's export performance, but current measures have mitigated significant impacts [9]