GoodWe Technologies (688390) 光大证券·2025-04-29 09:44Investment Rating - The report has downgraded the investment rating to "Accumulate" due to temporary pressure on the company's performance [3][6]. Core Views - The company reported a revenue of 6.738 billion yuan in 2024, a year-on-year decrease of 8.36%, and a net profit attributable to shareholders of -62 million yuan [1]. - The company's energy storage inverter and battery business saw significant revenue declines in 2024, with the inverter business down 70.53% and the battery business down 45.57% [2]. - The household system sales business grew rapidly, achieving a revenue of 3.06 billion yuan in 2024, up 84.96% year-on-year [3]. - The company is focusing on expanding its overseas market presence, particularly in Germany, Italy, and Australia, which is expected to gradually improve revenue from energy storage products as overseas demand recovers [2]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.738 billion yuan, with a net profit of -62 million yuan and a non-recurring net profit of -194 million yuan [1]. - For Q1 2025, the company reported a revenue of 1.882 billion yuan, a year-on-year increase of 67.13%, but a net profit of -28 million yuan [1]. Business Segments - The energy storage inverter business generated 462 million yuan in revenue in 2024, down 70.53% year-on-year, while the energy storage battery business generated 473 million yuan, down 45.57% [2]. - The photovoltaic inverter business revenue was 2.217 billion yuan in 2024, down 22.5%, with a gross margin of 19.78%, a decrease of 9.65 percentage points year-on-year [2]. - The household system sales business saw significant growth, with revenue reaching 3.06 billion yuan in 2024, and a gross margin of 14.11%, an increase of 1.17 percentage points [3]. Profit Forecast and Valuation - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 199 million yuan, 375 million yuan, and 564 million yuan respectively, reflecting a 79% and 68% downward adjustment for 2025 and 2026 [3]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 50 for 2025, 27 for 2026, and 18 for 2027 [3].