Hoymiles Power Electronics (688032) H2 2024 earnings summary

Executive summary

• Revenue for 2024 reached RMB 2,031.16 million, a 0.25% increase year-over-year.

• Net profit attributable to shareholders was RMB 346.84 million, down 32.24% year-over-year.

• Operating profit and total profit declined by over 40% compared to the previous year.

• Strategic investments in R&D, talent, and marketing increased expenses, impacting profitability.

Financial highlights

• Operating profit: RMB 352.40 million, down 40.48% year-over-year.

• Net profit after non-recurring items: RMB 297.20 million, down 43.60% year-over-year.

• Basic EPS: RMB 2.82, a 31.88% decrease year-over-year.

• Total assets at year-end: RMB 8,347.62 million, up 15.49% from the start of the year.

• Shareholders' equity: RMB 6,360.26 million, nearly flat year-over-year.

Outlook and guidance

• The global photovoltaic market continues stable growth but faces intensifying competition.

• Increased R&D and market expansion are expected to support future market share gains.