繼陽光電源、古瑞瓦特、固德威、Enphas、錦浪科技等廠牌之后，本期拆解主角為禾邁股份（688032.SH）的微型逆變器MI-800。

MI-800是全球最暢銷微逆之一，也是禾邁多個國內(nèi)外展會上推出的明星產(chǎn)品。

根據(jù)潮電智庫拆解，禾邁MI-800的核心器件基本由外企供應(yīng)。如IGBT供應(yīng)商為安森美，MCU主控芯片為德州儀器，連接器為莫仕，變壓器為科銳等美企；德企占比也很大，包括英飛凌供應(yīng)MOSFET芯片，伍爾特供應(yīng)電感，依必安派特供應(yīng)散熱器等。

在系列拆解中，這也是迄今為止中國供應(yīng)鏈介入最少的一款逆變器產(chǎn)品，只有來自臺灣地區(qū)的南亞主供了PCB板。

雖然公認海外器件的成本較高，但禾邁的毛利率絕對是行業(yè)首屈一指。根據(jù)年報公告數(shù)據(jù)，去年禾邁逆變器產(chǎn)銷率為73.99%，其中境外營收為11.58億元，毛利率為50.71%，兩項指標(biāo)均遠遠高于境內(nèi)業(yè)務(wù)。

高毛利率一直是禾邁的亮點。2022年其整體毛利率高達44.79%（微信逆變器為49.82%），甚至超過全球最值錢的蘋果公司。

微型逆變器領(lǐng)域，禾邁去年在北美、拉美、歐洲地區(qū)的毛利率分別為51.29%、46.08%、52.56%。

禾邁表示，微型逆變器毛利率整體較高，主要系產(chǎn)銷規(guī)?？焖僭鲩L情況下規(guī)模效應(yīng)逐步顯現(xiàn)、產(chǎn)品結(jié)構(gòu)及銷售區(qū)域結(jié)構(gòu)變化等因素所致。

從事儲能行業(yè)近20年的專家李S對潮電智庫說，“以海外戶儲需求大爆發(fā)為驅(qū)動力，微逆品牌端階段性掌握著增量市場的議價主動權(quán)，這是禾邁目前能保持高盈利水平的關(guān)鍵。供給關(guān)系平衡后，大家的競爭還會回歸于成本。”

禾邁一季報顯示，公司營收5.8億元，同比上升153.48%；凈利潤1.76億元，同比上升102.08%；毛利率進一步提升至46.41%。

禾邁主要從事光伏逆變器相關(guān)產(chǎn)品、儲能相關(guān)產(chǎn)品、電氣成套設(shè)備及相關(guān)產(chǎn)品的研發(fā)、制造與銷售業(yè)務(wù)。其中光伏逆變器及相關(guān)產(chǎn)品主要包括微型逆變器及監(jiān)控設(shè)備、關(guān)斷器、光伏發(fā)電系統(tǒng)；儲能相關(guān)產(chǎn)品主要包括儲能逆變器、儲能系統(tǒng)，電氣成套設(shè)備及相關(guān)產(chǎn)品主要包括高壓開關(guān)柜、低壓開關(guān)柜、配電柜等。

國際權(quán)威市場機構(gòu)統(tǒng)計數(shù)據(jù)顯示，禾邁2022全年微型逆變器出貨量位居全球第二。

7月上旬，中國另一微逆大廠德業(yè)股份（605117.SH）被爆出銷往德國的微型逆變器疑造假，引發(fā)儲能市場高度關(guān)注。禾邁近日在互動平臺上回復(fù)表示，公司在德國地區(qū)銷售的微逆產(chǎn)品不存在相關(guān)零部件缺失的問題。

以下沉產(chǎn)業(yè)鏈為根基，潮電智庫特選出逆變器行業(yè)系列明星產(chǎn)品進行拆解，旨在通過展現(xiàn)內(nèi)部核心結(jié)構(gòu)件及成本占比，以精準(zhǔn)的供應(yīng)鏈資源對接協(xié)作，為中國儲能企業(yè)找到更準(zhǔn)確的商機落點。

商務(wù)合作，請聯(lián)系王先生18138284918（微信同號）

Unlocking the Mysteries of Hoymiles MI-800 Microinverter with Exceptional Profit Margins, which surpasses to Apple

Continuing the tradition of analyzing prominent brands like Sungrow, Growatt, GoodWe, Enphas, and Jinlong, this edition delves into Hoymiles Corporation's (Stock Code: 688032.SH) MI-800 microinverter.

The MI-800 ranks among the world's best-selling microinverters and has been showcased as a star product in numerous domestic and international exhibitions by Hoymiles.

According to the supply chain analysis by ChaoDian, Hoymiles MI-800 relies heavily on core components supplied by foreign companies. Leading suppliers include Onsemi for IGBT, Texas Instruments for the MCU controller, Molex for connectors, careerintlinc for transformers, and other renowned US companies. German companies also play a significant role, with Infineon supplying MOSFET chips, Wurth providing inductors, and EBM-Papst offering heatsinks.

In contrast, Chinese suppliers have minimal involvement in the MI-800, with Taiwan's Nanya being the sole provider of the PCB board.

Despite the higher costs associated with overseas components, Hoymiles' gross profit margin remains one of the industry's highest. based on the annual report data, Hoymiles achieved a production and sales rate of 73.99% for the MI-800, generating overseas revenue of 1.158 billion CNY and an impressive gross profit margin of 50.71%, significantly exceeding domestic business indicators.

Hoymiles consistently boasts a high gross profit margin, reaching an overall 44.79% in 2022 (with the MI-800 reaching an impressive 49.82%), even surpassing the renowned Apple Inc.

In the microinverter sector, Hoymiles achieved gross profit margins of 51.29%, 46.08%, and 52.56% in North America, Latin America, and Europe, respectively, last year.

Hoymiles attributes its high gross profit margin to factors such as economies of scale becoming evident due to rapid growth in production and sales, changes in product and sales area structures, and other elements.

Li S, an energy storage expert with nearly 20 years of experience, shared with ChaoDian, "The surge in overseas demand for residential energy storage grants microinverter brands significant bargaining power in the incremental market, enabling Hoymiles to maintain high profitability. As supply relationships stabilize, competition will eventually return to cost-based dynamics."

based on Hoymiles' first-quarter report, the company achieved revenue of 580 million CNY, a year-on-year increase of 153.48%, and a net profit of 176 million CNY, marking a 102.08% YoY rise. Furthermore, the gross profit margin rose to 46.41%.

Hoymiles primarily engages in research and development, manufacturing, and sales of photovoltaic inverters and related products, energy storage-related products, and complete sets of electrical equipment. Its product portfolio includes microinverters and monitoring devices, disconnectors, photovoltaic power generation systems, energy storage inverters, energy storage systems, as well as high-voltage switchgear, low-voltage switchgear, distribution cabinets, and related products.

According to authoritative market research data, Hoymiles ranked second globally in terms of microinverter shipments for the entire year of 2022.

In early July, another major Chinese microinverter manufacturer, Deye Energy (Stock Code: 605117.SH), faced scrutiny over alleged fraudulent sales of microinverters to Germany, drawing considerable attention to the energy storage market. In response, Hoymiles recently stated on the interactive platform that their microinverter products sold in Germany do not have any issues concerning missing components.

With a solid foundation in the downstream industry chain, ChaoDian meticulously selecs star products from the inverter industry for supply Chain analysis, aiming to showcase the internal core structures and cost breakdowns for accurate supply chain resource matching and collaboration, providing Chinese energy storage enterprises with precise opportunities for business development.