casinorouletteonlinefree| Goodway (688390): Short-term pressure under de-warehouse pressure, 24-year performance is expected to improve quarter by quarter

Event: the company released its annual report in 2023 and quarterly report in 2024, and achieved revenue of 73% in 2023.Casinorouletteonlinefree.500 million yuan, + 56% compared with the same period last yearCasinorouletteonlinefreeRealize the net profit of returning to the mother 8Casinorouletteonlinefree.500 million yuan, + 31% compared with the same period last year; realized deduction of non-return net profit of 810 million yuan, + 29% compared with the same period last year. In 2024, Q1 Company realized revenue of 1.13 billion yuan,-35% compared with the same period last year, realized net profit of-29 million yuan, and deducted non-return net profit of-35 million yuan. Comments: under the de-depot pressure, the business revenue of energy storage inverter decreased compared with the same period last year. In 2023, the company sold 530000 grid-connected inverters, achieving revenue of 2.9 billion yuan, + 43% year-on-year, and gross profit margin of 29%, which is basically the same as the same period last year; energy storage inverter sales of 150000 units, revenue of 1.6 billion yuan, year-on-year-5%, gross profit of 56%, year-on-year + 11pct. The decline in business revenue of energy storage inverters is mainly due to overstock in Europe. As the inventory level gradually returns to a reasonable range, the companyCasinorouletteonlinefreeThe shipments of energy storage inverters are expected to improve quarter by quarter. Household system revenue has achieved rapid growth, component price reduction to promote profit improvement. In 2023, the sales volume of the household distributed system was 513MW, with an operating income of 1.7 billion yuan, an increase of 689% over the same period last year, and a gross profit margin of 13%, + 2.6pct. The increase in gross margin is mainly due to the rapid decline in component prices in 2023. The company's holding subsidiary, Yude New Energy, actively distributes the distributed household photovoltaic power generation system. At present, Yude New Energy has planned to upgrade from the two-piece supply of inverter + photovoltaic modules to the three-piece supply including distribution boxes, and try to supply five-piece sets in the future to improve the quality of the power plant through the standardization and systematization of accessories. Multiple factors superimposed resulting in 24Q1 losses, optimistic about profit improvement quarter by quarter. First of all, the European market is an important market for the company's photovoltaic inverter and energy storage inverter products, under the background of the backlog of European inverter inventory, the company's 24Q1 shipments are under pressure; secondly, the first quarter is the traditional off-season of domestic photovoltaic installation, so the company's domestic photovoltaic inverter business and household system business have also been affected to a certain extent. In the case of shrinking revenue, the company's overall expense rate increased significantly compared with the same period last year, resulting in a loss. With the European inverter inventory level gradually returning to a reasonable range, as well as the company's expansion of other overseas markets, the company's performance is expected to pick up quarter by quarter. Earnings forecast, valuation and rating: in view of the lower-than-expected progress of depositing and removing deposits in Europe and the intensification of competition in the optical storage industry, we have lowered the company's 24-25 profit forecast and added 26-year profit forecast. The company is expected to achieve a net profit of RMB 7.3pm in 24-26 (down 64% / 63% / new), and the current stock price is 24-26 PE times that of 21-16-13. With the European inverter inventory level gradually returning to a reasonable range, the company's shipments are expected to continue to improve, we continue to be optimistic about the company's long-term development and maintain the "buy" rating. Risk tips: photovoltaic installation, overseas market expansion is not as expected; increased competition leads to the risk of profit decline. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.