合康新能的痛苦重塑：美的最难打赢的一场战役！

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The report discusses the challenges faced by the company since being acquired by Midea, highlighting that the business has struggled to achieve substantial growth despite Midea's management improvements [4][10][39] - The company has undergone a significant restructuring under Midea, focusing on high-pressure inverters, household energy storage, and photovoltaic EPC services [7][36] - The financial performance shows a mixed picture, with a notable increase in revenue but persistent losses, indicating that revenue growth may not translate into profitability [12][39] Summary by Relevant Sections Financial Performance - The company reported a revenue of 14.91 billion in 2023, with a year-on-year growth of 4.73% [11] - In the first three quarters of 2024, revenue increased by 213%, driven primarily by the photovoltaic EPC business, which saw a 7-fold increase [34] - Despite revenue growth, the company reported a net loss of 2.06 billion in 2023, indicating ongoing financial struggles [10][39] Business Segments - The core business segments include high-pressure inverters, household energy storage, and photovoltaic EPC, with the latter showing significant revenue growth but low profit margins [13][15][39] - The photovoltaic EPC business generated 12 billion in revenue in the first half of 2024, a 433% increase year-on-year, but with a low gross margin of 9.75% [15][34] - The household energy storage segment remains small, with only 580 million in revenue in the first half of 2024 [28] Strategic Direction - Midea's strategy focuses on leveraging the company's capabilities in high-pressure inverters to expand into energy-saving and renewable energy sectors [36] - The company has invested significantly in R&D, with expenditures increasing from 0.85 billion in 2022 to 2.3 billion in 2024 [37] - The report suggests that the company aims to establish a strong manufacturing capability and vertical integration in its product offerings [38]