昱能科技-产品渠道长期积累微逆需求爆发高成长-220825（35页）.pdf

1、Yuneng Technology(688348)Equity ResearchCompany ResearchPV Equipment 1/35 东吴证券（香港）东吴证券（香港）请务必阅读正文之后的免责声明部分请务必阅读正文之后的免责声明部分 High growth from explosive demand of microinverter with long-term dedication in product and channel Buy(Initiation)Forecast&Valuation 2021A 2022E 2023E 2024E Revenue(RMB mn)665

2、1,358 2,614 4,367 Growth(YoY%)36%104%93%67%Net profit(RMB mn)103 360 747 1,249 Growth(YoY%)34%250%107%67%EPS(RMB)1.29 4.50 9.33 15.61 P/E(X)308.04 88.09 42.46 25.38 Investment Thesis As a leading domestic manufacturer of microinverter,Yuneng focuses on the field of Module-Level Power Electronics(MLP

3、E).Established in 2010,Yuneng introduced its first microinverter product in 2011,and keeps iterating,updating,and expanding its product matrix.Its microinverters that handle four or eight modules are highly recognized in the industry,thanks to their state-of-the-art efficiency performance.Yuneng fur

4、ther introduced rapid shutdown devices(RSD)in 2019 and residential energy storage products in 2021,fully covering all areas of MLPE.In 2021,Yuneng made microinverter shipments of 418,800 units(about 461MW),with a global market share of 9.48%(74.52%for Enphase,11.65%for Hoymiles),ranking third in the

5、 world.Yunengs revenue of microinverters grew to Rmb512mn in 2021,ranking second in the industry and only lower than Enphase.Its GP and NP margin improved to 40.21%and 17.71%in 1Q22,thanks to product iterations and escalating scales.Yuneng expects net profit of Rmb84-94mn in 2Q22,with YoY growth of

6、273%-317%and QoQ growth of 173%-206%.To seize the great growth potential of distributed solar and microinverter,domestic manufacturers accelerate the pace of export substitution.Mainly used in distributed solar power generation,microinverter benefits from the fast growth of distributed solar around