During the reporting period, the company's sales revenue of micro inverters and monitoring devices was 0.749 billion yuan, with a sales volume of approximately 0.6142 million units for micro inverters and approximately 0.1444 million units for monitoring devices. Including Sungrow Power Supply, Deye Shares, and Ginlong Technologies, the net profit of inverter manufacturers improved in the second quarter.
On August 28, Hemai shares disclosed its 2024 semi-annual report.
During the reporting period, the company achieved operating income of 0.908 billion yuan, a year-on-year decrease of 14.78%; a net profit attributable to shareholders of 0.188 billion yuan, a year-on-year decrease of 46.16%; and a non-net profit of 0.185 billion yuan, a year-on-year decrease of 44.37%.
Looking at the second quarter alone, Hemai shares achieved a net profit attributable to shareholders of 0.12 billion yuan, a year-on-year decrease of 30.11%, with a significant improvement compared to the previous quarter.
Regarding the reasons for the decline in revenue and net profit, Hemai shares explained that it was mainly due to the impact of the industry environment and the slowdown in sales growth. The decline in revenue combined with increased expenses and reduced foreign currency project exchange income led to a year-on-year decline in net profit and non-net profit.
Hemai shares' main business is the research, development, manufacturing, and sales of photovoltaic inverters, energy storage inverters, and other power conversion equipment, as well as complete sets of electrical equipment and related products. Photovoltaic inverters and related products include micro inverters and monitoring devices, disconnect systems, and photovoltaic power generation systems. Energy storage related products mainly include energy storage inverters and energy storage systems.
During the reporting period, the company's sales revenue of micro inverters and monitoring devices was 0.749 billion yuan, with a sales volume of approximately 0.6142 million units for micro inverters and approximately 0.1444 million units for monitoring devices. The company launched the world's first 5000W power micro inverter MiT. In the field of energy storage applications, the company launched the world's first AC-coupled micro energy storage product.
Heimai's overseas revenue accounts for a relatively high proportion. In terms of overseas markets, it is reported that the product certification of the company's micro inverters and monitoring equipment has obtained more than 1400 certifications worldwide; the energy storage series products have obtained grid connection certifications in nearly 30 important countries including Germany, France, the United Kingdom, Australia, and the United States.
During the reporting period, the company's total R&D investment amount was 12.1 billion yuan, a year-on-year increase of 39.47%. In terms of R&D projects, the development and application of power semiconductor chip module design, packaging and testing equipment, AC component micro-inverters, and other projects are in the development stage; the research of key technologies for the second generation of four-input single-phase micro-inverter systems and photovoltaic energy storage systems has entered the trial production stage.
Multiple manufacturers improved their net profit in Q2, and the inverter market may be approaching a turning point.
After experiencing a collective decline in performance at all levels of the industry chain due to the intense competition in the photovoltaic industry from last year to the first quarter of this year, the performance of inverter manufacturers in the second quarter showed a more significant improvement compared to the first quarter.
Specifically, leading inverter company Sungrow Power Supply achieved a net income attributable to the parent company of 28.63 billion yuan in the second quarter, an increase of 37% over the previous quarter; Dehui Technology achieved a net income attributable to the parent company of 8.028 billion yuan in the second quarter, an increase of 85.45% over the previous quarter.
On the same day (August 28), Ginlong Technologies, which disclosed its semi-annual report, achieved a net profit of 3.319 billion yuan in the second quarter, a significant improvement compared to 202.9 million yuan in the first quarter. The company stated in the financial report that the order volume for overseas grid-connected and energy storage inverters continued to improve in the second quarter, and the proportion of overseas shipments increased. A person from the securities department further told the 'Star Market Daily' that 'the second quarter was mainly better in the Asian, African, and Latin American markets, and India and Brazil are still performing well.'
Previously, a person from the securities department of Goodwe Power Supply also told the 'Star Market Daily' reporters that the operating conditions in the second quarter had improved to some extent compared to the previous quarter, including photovoltaic and energy storage products. 'On the one hand, the destocking in Europe has reached a relatively low point, and on the other hand, there is a significant increase in incremental demand in emerging markets such as Asia, Africa, and Latin America.'
Deng Yongkang, an analyst from Minsheng Securities, believes that with signs of high growth in demand for grid connection and household energy storage in emerging markets such as Southeast Asia and the Middle East, and with the depletion of inventory in Europe approaching its end, the export of inverters continues to recover, indicating the industry is potentially approaching a turning point.