GoodWe 2023 and 2024Q1 financial report: energy storage inverters affect short-term performance, pending further recovery in demand
2024-05-15 16:09

In 2023, the company achieved a total operating income of 7.353 billion yuan, a year-on-year increase of 56.10%; net profit attributable to shareholders of listed companies was 852 million yuan, a year-on-year increase of 31.24%; the net cash flow from operating activities was 1.034 billion yuan, a year-on-year increase of 18.25%; Basic earnings per share was 4.94 yuan/share, a year-on-year increase of 31.38%. The company intends to distribute a cash dividend of 7.5 yuan (tax included) to all shareholders for every 10 shares and intends to increase 4 shares for every 10 shares of capital reserve to all shareholders.

In the first quarter of 2024, the company achieved a total operating income of 1.126 billion yuan, a year-on-year decrease of 34.50%; net profit attributable to shareholders of listed companies -28.8215 million yuan, down 108.57% year-on-year.

The inventory accumulation in the energy storage inverter industry dragged down the company's short-term performance. The company has related core technologies in the fields of power electronics, new energy control, energy management, energy storage conversion, massive data collection, storage and application, and its main business products include photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries and household systems. In 2023, the company's annual revenue and net profit growth will be relatively stable, but quarterly, the company will achieve a total operating income of 1.702 billion yuan in the fourth quarter of 2023, a year-on-year decrease of 5.14%; net profit attributable to shareholders of listed companies -32 million yuan, down 108.76% year-on-year. The main reason for the decline in the company's performance in 2023 is the high inventory of energy storage inverters in the European market, the high market demand before and after, and the decline in the company's energy storage inverter sales. In the first quarter of 2024, the company's performance continued to decline, mainly due to the significant decline in the proportion of export revenue with relatively high gross profit margin.

The company's grid-connected inverter sales are stable, and new products are suitable for more application scenarios. The company's grid-connected inverters are all string inverters, which are used in various scenarios such as residences, rooftops, farms, and photovoltaic power stations, with power ranges ranging from 0.7kW to 320kW. In 2023, the company's grid-connected inverter sales volume will be 532,200 units, a year-on-year increase of 15.46%, and the operating income will be 2.861 billion yuan, a year-on-year increase of 42.99%, and the gross profit margin will be 29.43%, a year-on-year decrease of 0.46 percentage points. The revenue growth of the company's grid-connected inverter was mainly driven by market demand, increased sales, and increased power of single units. In 2023, the company will release the new grid-connected inverter UT series and GT series. Among them, the UT series can adapt to complex terrain to improve power generation, can adapt to various harsh environments, and has the characteristics of intelligent heat dissipation, safety, and long life. The GT series has an ultra-high-power density, with a 20% smaller volume, a 15% lighter weight, and a maximum conversion efficiency of up to 99%. In 2024, it is expected that the company's grid-connected inverter business is still expected to maintain good sales growth with the rapid growth of installed capacity in emerging markets and the steady demand in Europe and China.

Energy storage inverters are significantly affected by the inventory in overseas markets and are waiting for the inventory to be digested. In 2023, the company's photovoltaic energy storage inverters will achieve sales of 154,100 units, a year-on-year decrease of 32.20%. The operating income of energy storage inverter was 1.566 billion yuan, a year-on-year decrease of 4.67%, and the gross profit margin was 55.83%, an increase of 11.33 percentage points year-on-year. In 2023, the company's energy storage inverters will be affected by the high inventory in Europe, and the sales volume of products will decline, and it is currently in a period of rapid inventory digestion. It is expected that with the release of demand in off-grid areas such as Australia, Southeast Asia, and Brazil, the market demand for energy storage inverters is expected to recover. In addition, the company has launched new products such as 60kWh outdoor integrated cabinets and 100kWh to 372kWh energy storage outdoor integrated cabinets, which can be flexibly expanded according to customer needs and can be applied to various industrial and commercial application scenarios such as industrial parks and commercial complexes.

The company caters to the rapid growth of the household market, and its household PV systems have made rapid progress. Household photovoltaic refers to the photovoltaic panels placed on the roof of a family home or a small photovoltaic power station in the courtyard. The company's holding subsidiary Yude New Energy, actively layout distributed household PV power generation system, provide inverter, PV modules and distribution box, including the three-piece supply. 2023, China's distributed PV new installed capacity of 96.29GW, a year-on-year growth of 88.4%, while household PV accounted for more than 40%. 2023, the company's household system sales of 513.28MW, realizing operating income of 1.654 billion yuan, a year-on-year increase of 688.92%, gross profit margin of 12.94%, an increase of 2.61%. In the photovoltaic module prices have been significantly reduced, household PV has better economic benefits, the market is expected to maintain rapid growth trend.

The company has a perfect sales network, expanding sales in overseas markets to enhance the company's profitability. The company in 2023 in the domestic operating income of 2.968 billion yuan, an increase of 212.94%, the domestic market sales have made greater progress. And the gross profit margin of the domestic market business is only 12.41%, down 0.96% year-on-year, reflecting the characteristics of fierce regional competition. The company has a perfect global product sales network, continue to expand the PV overseas market, product batch sales to the Netherlands, Australia, Italy, Sweden, Spain, the Czech Republic, and other overseas regions. 2023, the company outside the realization of operating income of 4.329 billion yuan, a year-on-year increase of 15.71%, the product gross profit margin of 43.25%, year-on-year increase of 6.13 percentage points. By region, the European market sales revenue of 3.344 billion yuan, gross profit margin of 45.42%, Oceania sales revenue of 524 million yuan, gross profit margin of 34.12%, the Americas 185 million yuan, gross profit margin of 37.95%, as well as other regions of 148 million yuan, gross profit margin of 33.64%.2024 is expected to be with the digestion of inventories in the European market as well as the growth of demand in the emerging markets, the company's overseas business is expected to achieve relatively solid growth.


Tags:energy storage