2024H1 公司实现营业收入9.08 亿元，同比下降14.78%；实现归母净利润1.88 亿元，同比下降46.16%；毛利率为47.52%，净利率为20.69%。2024Q2 公司实现营业收入5.76亿元，同比增长18.90%，环比增长73.91%；实现归母净利润1.20 亿元，同比下降30.11%，环比增长78.78%；毛利率为46.62%，净利率为21.07%。Hemai Co., Ltd. released its 2024 semi-annual report: 2024H1 achieved operating income of 0.908 billion yuan, a year-on-year decrease of 14.78%; realized net profit to mother of 0.188 billion yuan, a year-on-year decrease of 46.16%.
Key points of investment
Second quarter results increased month-on-month
2024H1 achieved operating income of 0.908 billion yuan, a year-on-year decrease of 14.78%; realized net profit to mother of 0.188 billion yuan, a year-on-year decrease of 46.16%; gross margin was 47.52%, and net profit margin was 20.69%. 2024Q2 achieved operating income of 0.576 billion yuan, up 18.90% year on year and 73.91% month on month; realized net profit of 0.12 billion yuan, down 30.11% year on year and up 78.78% month on month; gross margin was 46.62%, and net interest rate was 21.07%.
Q2 Slight reverse shipment improved month-on-month, and the product matrix was continuously improved
In the field of photovoltaic inverters, 2024H1 achieved revenue of 0.749 billion yuan for micro inverters and monitoring equipment, down 15.21% year on year, and gross margin was 53.22%, up 2.90 pct from last year. Among them, sales volume of micro inverters and monitoring equipment was 0.6142 and 0.1444 million units, respectively, with year-on-year changes of -31% and 43%, respectively. Slight reverse shipments and the decline in revenue are mainly due to high inventory pressure in the European market, but the Q2 shipment situation has improved month-on-month compared to Q1. In the first half of this year, the company launched the world's first 5000W micro-inverse MiT with a 25-year warranty, eliminating the risk of high voltage DC arc stretching. It is resistant to extreme weather such as high temperatures and severe cold, and is suitable for ultra-high power modules. The application scenarios are wider than traditional products.
The energy storage business is growing rapidly, and the prospects for the European balcony market are promising
In the energy storage sector, 2024H1's energy storage system achieved revenue of 0.137 billion yuan, a year-on-year increase of 59.73%, and gross margin of 17.02%, an increase of 0.42pct over the full year of last year.
In the first half of this year, the company launched the world's first new AC-coupled micro storage product, msMicro Storage (MS-A2 series), which is 100% compatible with all micro inverters and has off-grid modes, bringing great convenience to users already equipped with balcony photovoltaic systems to add energy storage. Balcony micro storage is expected to become a new revenue growth point for the company.
Profit forecasting
The company's revenue for 2024-2026 is 2.528, 4.127, and 5.459 billion yuan respectively, EPS is 4.47, 6.44, and 8.61 yuan, respectively. The PE corresponding to the current stock price is 27.8, 19.3, and 14.4 times, respectively, giving it a “buy” investment rating.
Risk warning
Overseas optical storage demand falls short of expectations; risk of increased industry competition; risk of fluctuating raw material prices; risk of overseas operation and exchange profit and loss; and general market systemic risk.
