公司Q3 期间费用率43%，环比大幅增长，主要是公司阶段性收入规模偏少，同时保持较高研发投入所致；其中，Q3 销售、管理、研发、财务费用率分别为16%、14%、22%、-8%。Q3 末存货9.89 亿元，环比Q2 末略微增长0.17 亿元；合同负债0.55 亿元，环比Q2 末减少0.24 亿元。Hemai Co., Ltd. released its 2024 three-quarter report. In the first three quarters of 2024, it achieved revenue of 1.266 billion yuan, a year-on-year decrease of 10.12%; of these, 2024Q3 achieved revenue of 0.246 billion yuan, a year-on-year decrease of 40.88%; among them, achieved revenue of 0.358 billion yuan, a year-on-year increase of 4.36%, a decrease of 37.86% month-on-month; and a net profit of 0.058 billion yuan, a year-on-year decrease of 51.81%.
Incident comments
Looking at the business split, we expect the company's Q3 micro-reverse shipments to decline month-on-month, mainly due to multiple factors such as European holidays. Demand for terminals is lackluster, and micro-reverse prices and profitability are expected to remain relatively stable. The energy storage business or project confirmation is a factor in the pace of confirmation, and there is relatively little revenue.
The company's expense ratio was 43% during the Q3 period, which increased sharply from month to month, mainly due to the company's low phased revenue scale while maintaining a high level of R&D investment; among them, the Q3 sales, management, R&D, and finance cost ratios were 16%, 14%, 22%, and -8%, respectively. Inventory at the end of Q3 was 0.989 billion yuan, a slight increase of 0.017 billion yuan over the end of Q2; contract debt was 0.055 billion yuan, a decrease of 0.024 billion yuan compared to the end of Q2.
Looking ahead, in the short term, as European inventory removal drives a recovery in short-term demand and the expansion of scenarios such as micro storage on balconies and the expansion of markets such as micro storage on balconies, there is no shortage of continuous outstanding performance, and slight reverse shipments are expected to continue to grow year-on-year throughout the year. At the same time, we believe that the long-term growth of Hemai is more worthy of attention. The company's long-term core logic comes from the continued high growth rate and stable and good profitability of the micro-inverse market. In addition, the energy storage business is also expected to build a second growth curve, further increasing profits.
We expect the company to achieve profits of 0.4 billion and 0.7 billion in 2024-2025, respectively, corresponding PE of 44 and 23 times. Maintain a “buy” rating.
