HeMai Co. Reports on Recent Research by Multiple Institutions, Including Dongwu Securities and Changjiang Securities

Hema Technology Co., Ltd. announced on May 6, 2025, that various institutions, including Dongwu Securities, Yangtze Securities, and Caitong Securities, conducted a research visit to the company on April 30, 2025. The specific details are as follows:

Question: What were the reasons for the losses in the first quarter of 2025? Answer: The company has been planning the development of multiple product lines as part of its transformation into a comprehensive solar energy and storage solutions provider, which has resulted in significant investments in research and marketing. Additionally, the first quarter is traditionally a slow sales season due to seasonal factors and holidays, leading to a slowdown in revenue growth, which ultimately contributed to the decline in net profit.

Question: Can you provide an overview of the company’s gross margin situation? Answer: The micro-inverter maintains a gross margin of approximately 50%, which is relatively stable, and the gross margins for other domestic and international operations also align with expectations.

Question: Could you briefly describe the integrated energy storage machine launched in 2024? Answer: In response to market demand, the company introduced a series of centralized energy storage inverter products for energy storage stations in 2024, with power ratings ranging from 1250 kW to 1725 kW and a peak efficiency of around 99%. These products are designed with an IP65 protection rating and utilize water cooling for heat dissipation.

Question: How has the large-scale power outage in Europe impacted the company? Answer: The widespread power outage in Europe is expected to increase the demand for energy storage solutions. In the short term, it has spurred demand for large-scale energy storage, while in the long term, it will elevate the need for commercial and residential storage solutions. The company has essentially established a series of energy storage products that cover small, medium, and large power ranges, and it will continue to optimize and iterate these products based on European market demands, enhancing localized operational management in key sales areas to provide better and more efficient services, thereby empowering the steady growth of its energy storage business.

Question: What is the reason for the slowdown in micro-inverter sales? Answer: Overall demand for micro-inverters is increasing, and market penetration is also on the rise. The decline in sales is not due to reduced market demand but rather the company’s strategic decision to avoid entering into price competition. The company has consistently focused on delivering high-end quality and reputation for micro-inverters. With the introduction of new products, cost advantages are expected to become more prominent, and the company anticipates capturing a larger market share in 2025. There is still considerable room for growth in the rooftop market, and the company will continue to introduce competitive products and solutions driven by market and customer needs.

Question: What is the current status of balcony micro-storage solutions? Answer: Based on the sales performance and market feedback of the first-generation micro-storage products launched in 2024, the company will place greater emphasis on the consumer aspect of micro-storage products, optimizing their functionality and sales strategies. The next generation of micro-storage products is expected to be launched in the second half of 2025.

Question: What led to the decline in North American business, and does establishing a factory in Mexico present new opportunities for the company? Answer: The decline in North American business is primarily due to major distributors adopting a cautious stance towards local subsidy policies in the United States, resulting in decreased sales. While the company has a certain level of brand influence in the U.S., overcoming the challenges of U.S. manufacturing presents both opportunities and challenges. The commencement of operations at the manufacturing base in Mexico will enable the company to respond more flexibly to market fluctuations and policy changes in a complex global economic environment, enhancing supply chain stability and product service responsiveness to support business expansion.

Hema Technology Co., Ltd. (688032) focuses on the research, manufacturing, and sales of photovoltaic inverter products, energy storage products, and electrical equipment. According to the company’s first-quarter report for 2025, its main revenue was 336 million yuan, an increase of 1.46% year-on-year; however, the net profit attributable to the parent company was -10.36 million yuan, a decline of 115.39% year-on-year; the non-recurring net profit was -9.69 million yuan, also down by 114.64% year-on-year. The debt ratio stood at 23.28%, with investment income of 1.71 million yuan and financial expenses amounting to -42.82 million yuan, resulting in a gross margin of 33.92%. In the past 90 days, two institutions provided ratings for the stock, both recommending a buy, with an average target price of 134.0 yuan.

Recent financing data indicates a net outflow of 85.11 million yuan in financing over the last three months, with a decrease in the financing balance; meanwhile, there was a net inflow of 392,700 yuan in short-selling, resulting in an increase in the short-selling balance. The above information has been compiled by Securities Star from publicly available data and generated by AI algorithms, and it does not constitute investment advice.