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Chinese maker of solar microinverters, a leading global competitor to Enphase in module-level power electronics.
Chinese maker of solar microinverters, a leading global competitor to Enphase in module-level power electronics.
Sells microinverters, small units attached to each solar panel, mostly outside China through distributors and installers, so European and other overseas residential-solar demand matters more than domestic. It has added battery storage and monitoring software to sell alongside, increasing sales per home.
In one line: A Chinese Enphase Energy.
Moat: narrow (IP / patents, process know-how, brand). One of few scaled global microinverter makers, competing directly with Enphase on cost and technology.
Headquarters: Hangzhou, Zhejiang, China · Founded: 2012 · Employees: 1,925
Size Hoymiles Power Electronics (688032.SS) is a China Industrials company (Electrical Products) with a market value of $1.29B, the 1863rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥69.55 on 6 Nov 2026.
Performance Over six months the shares fell 38.2%, against -31.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 47.4% over the last twelve months (peer median +21.0%); the operating margin is -16.3% (peer median 3.5%).
Valuation It trades at 2.7× enterprise value to sales against a peer median of 2.1× (7th most expensive of 20).
Capital Return on invested capital runs 15.0 points below its cost of capital (8.5% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.02B | CN¥1.93B | CN¥1.98B | CN¥2.02B | CN¥1.53B |
| Revenue growth | — | -3% | -2% | +32% | — |
| Gross profit | CN¥608M | CN¥450M | CN¥798M | CN¥829M | CN¥675M |
| EBITDA | n/a | -CN¥266M | CN¥191M | CN¥359M | CN¥416M |
| Net income | -CN¥384M | -CN¥161M | CN¥344M | CN¥512M | CN¥533M |
| Free cash flow | -CN¥753M | -CN¥783M | -CN¥659M | -CN¥261M | -CN¥32.5M |
| Capital expenditure | CN¥225M | CN¥508M | CN¥737M | CN¥304M | CN¥470M |
| Total debt | CN¥2.69B | CN¥1.57B | CN¥801M | CN¥348M | CN¥68.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Hoymiles Power Electronics 688032.SS | $1.29B | -38% | +47% | -16% | 2.7× | n/a |
| Enphase Energy ENPH | $3.77B | -22% | -20% | 13% | 2.9× | 18.7% |
| Ningbo Deye Technology 605117.SS | $15.3B | -26% | +71% | 27% | 4.8× | 7.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 688032.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.3% | -16.5% | 2nd highest of 21 |
| 6-month return | -38.2% | -31.1% | 8th lowest of 20 |
| Distance from 52-week high | -51.3% | -54.5% | 10th highest of 21 |
| Revenue growth (TTM) | +47.4% | +21.0% | 3rd highest of 20 |
| Operating margin | -16.3% | 3.5% | 3rd lowest of 20 |
| EV / Sales | 2.7× | 2.1× | 7th most expensive of 20 |
| ROIC minus cost of capital | -15.0 pp | -3.6 pp | 4th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hoymiles Power Electronics 688032.SS | China | $1.29B | -38% | +47% | -16% | 2.7× | n/a | n/a |
| Camel 601311.SS | China | $1.29B | -26% | -4% | 2% | 0.6× | -0.5% | +11.2% |
| Ningbo KBE Electrical Technology 300863.SZ | China | $1.27B | -20% | +21% | 4% | 2.4× | n/a | n/a |
| Amprius Technologies AMPX | United States | $1.27B | -48% | +144% | -17% | 11.0× | n/a | n/a |
| Suzhou Anjie Technology 002635.SZ | China | $1.30B | -19% | +21% | 3% | 1.6× | 16.2% | +10.4% |
| Volex VLX.L | United Kingdom | $1.27B | -20% | +9% | 9% | 1.1× | 13.2% | +22.3% |
| Sinofibers Technology 300777.SZ | China | $1.26B | -48% | -61% | -25% | 18.3× | 55.1% | +16.7% |
| Sunstone Development 603612.SS | China | $1.25B | -32% | +28% | 8% | 0.9× | n/a | n/a |
| Wuxi Xinhongye Wire & Cable 301310.SZ | China | $1.32B | -4% | +47% | 3% | 2.2× | n/a | n/a |
| Accelevation ACCV | United States | $1.33B | n/a | n/a | n/a | n/a | n/a | n/a |
| FOCI Fiber Optic Communications 3363.TWO | Taiwan | $1.24B | -59% | -2% | -16% | 21.6× | n/a | n/a |
| Shandong Sacred Sun Power Sources 002580.SZ | China | $1.23B | -34% | +22% | 4% | 2.1× | 21.6% | +14.2% |
| V-Guard Industries VGUARD.NS | India | $1.35B | -12% | +22% | 8% | 1.8× | 19.3% | +17.0% |
| Taihan Fiberoptics 010170.KS | South Korea | $1.21B | -30% | +6% | -10% | 11.1× | n/a | n/a |
| Jiangsu Xihua New Energy Technology 603248.SS | China | $1.21B | -31% | +32% | 33% | 6.8× | n/a | n/a |
| Lotte Energy Materials 020150.KS | South Korea | $1.21B | -53% | -12% | -13% | 2.5× | n/a | n/a |
| Ushio 6925.T | Japan | $1.37B | -15% | +6% | 8% | 1.1× | 8.3% | +8.6% |
| Shenzhen Desay Battery Technology 000049.SZ | China | $1.20B | -28% | +9% | 2% | 0.5× | n/a | n/a |
| Hubei Zhongyi Technology 301150.SZ | China | $1.38B | -40% | +48% | 3% | 1.3× | 14.6% | +38.1% |
| SPG 058610.KS | South Korea | $1.20B | -42% | -7% | 5% | 4.9× | 40.9% | -0.8% |
| Shenzhen Woer Heat-Shrinkable Material 9981.HK | Hong Kong | $1.38B | -52% | +26% | 15% | 1.0× | -11.2% | +14.8% |