① Mainly affected by overseas inventory and other factors, the decrease in sales revenue of high gross margin power inverters and batteries is greater than the increase in sales revenue of low gross margin household photovoltaic systems and other sales revenue; ② In the first half of the year, the sales volume of GoodWe energy storage products declined significantly, with overseas sales of inverters reaching approximately 1,552,000 units, a year-on-year decrease of 49.64%; Overseas income accounted for 35%, compared to 75.24% in the same period last year.
On the evening of August 30th, GoodWe released its 2024 interim report.
The data shows that during the reporting period, GoodWe's revenue was 3.148 billion yuan, a year-on-year decrease of 17.47%; Net income attributable to owners of the company was -23.8306 million yuan, a year-on-year decrease of 103.22%, resulting in a loss from profit.
Looking at the single quarter, GoodWe's net profit for the second quarter was 4.991 million yuan, a year-on-year decrease of 98.77%, and an increase of approximately 117.32% compared to the previous quarter.
Regarding the decline in performance, GoodWe attributes it to: mainly affected by overseas inventory and other factors, the decrease in sales revenue of high gross margin power inverters and batteries is greater than the increase in sales revenue of low gross margin household photovoltaic systems, resulting in a large decrease in overall sales gross margin. At the same time, due to the continuous investment in R&D, strengthening of market development efforts, and the decline in economies of scale, the cost-to-expense ratio has increased compared to last year.
GoodWe's main products include grid-interactive inverters, energy storage inverters, energy storage batteries, household systems, smart data loggers, and other new energy power supply equipment. During the reporting period, the company's inverter sales volume was approximately 2,785,000 units, a year-on-year decrease of 33.61%. Among them, grid-interactive inverter sales volume was approximately 2,559,000 units, accounting for approximately 91.89%.
The reporters of the Science and Technology Innovation Board Daily noted that the sales volume of GoodWe's energy storage products declined significantly. In the first half of this year, the sales volume of GoodWe's energy storage inverters was approximately 226,000 units, a year-on-year decrease of 81.07%. The sales volume of energy storage batteries was approximately 131.86MWH, a year-on-year decrease of 45.15%. The sales volume of domestic distributed systems was approximately 404.43MW.
Looking at both domestic and overseas markets, GoodWe's overseas inverter sales volume was approximately 1,552,000 units, accounting for approximately 55.71%, a year-on-year decrease of 49.64%; Domestic inverter sales volume was approximately 1,233,000 units, a year-on-year increase of 10.78%.
During the reporting period, Gudewei stated that its overseas income mainly came from the export of photovoltaic grid-connected inverters, storage inverters, and storage battery products. In the first half of 2024, overseas income accounted for 35.00%, compared to 75.24% in the first half of 2023.
In the first half of the year, Gudewei's net cash flow from operating activities was -0.908 billion yuan, a decrease of 228.64% year-on-year. This was mainly due to a decrease in sales receipts and an increase in loan payments during the reporting period.
In the first half of the year, Gudewei's total research and development investment reached 0.265 billion yuan, an increase of 23.79% year-on-year. In terms of new business, the company independently developed and launched a virtual power plant operation and management platform that integrates photovoltaic energy storage, charging, controllable load, and provides technical support for the company's layout development needs, auxiliary services, spot trading, and other businesses.
In terms of application scenarios, Gudewei's products are mainly used in distributed photovoltaic power generation systems, as string inverters, and are currently mainly targeted at residential and commercial sectors.
Compared to other comparable companies in the industry, such as Sungrow Power, SMA, etc., Gudewei has a relatively lower market share and smaller sales scale. This is because these companies have more comprehensive technologies and product types, including both string inverters and centralized inverters. Huawei's string inverters have higher power and wider coverage. In addition to residential and commercial sectors, Huawei, Sungrow Power, SMA, and other companies in the industry also serve large ground power stations.
However, the "Science and Technology Innovation Board Daily" reporter noticed that Gudewei is also involved in ground power station projects in its ongoing research and development projects. Among them, the project of "new generation high-voltage and high-power ground grid-connected photovoltaic inverter" is expected to have a total investment of 26.36 million yuan, with a current and cumulative investment of 6.5616 million yuan. It can be applied to ground photovoltaic power stations with hundreds of megawatts or rooftop photovoltaic power stations with several megawatts.