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Hoymiles Power Electronics Inc (688032) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Hoymiles Power Electronics Inc stock ¥26.15, price ¥69.55, that is 62.4% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Industrials CN · ISIN CNE1000055R8

HP Hoymiles Power Electronics Inc logo Thin data Nov 6, 2026

Hoymiles Power Electronics Inc

688032 · SHG
Very expensive, in a downtrend

Our calculation puts a fair price 62% below what the stock costs today.

Low debt
Revenue last quarter +18% vs. a year ago.
Quality 50/100
Mixed Growth (revenue YoY −3.1 %/yr in CNY)
Fair value ¥26.15 · Strongly overvalued (−62.4%)
Loss-making · -12.6% net margin (TTM)
Negative free cash flow
Trails peers (3/11)
Narrow moat 17/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥516.60 ¥62.58 Fair Value ¥26.15 Dec 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

59‑month range ¥62.58 – ¥516.60 · fair‑value band ¥17.26 – ¥32.69 · the ¥69.55 price screens above the ¥26.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

Hoymiles Power Electronics Inc. engages in the manufacture and sale of module level power electronics (MLPE) solutions in China and internationally.

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It offers microinverters, data transfer units, energy storage, and rapid shutdown products, EV charger, battery, string inverter, as well as accessories, such as single- and multi- microinverter systems.

The company also offers monitoring equipment, photovoltaic power generation systems, circuit breakers. In addition, its products are used in residential, commercial, industrial, and utility-scale applications.

Hoymiles Power Electronics Inc. was founded in 2012 and is headquartered in Hangzhou, China.

Stock analysis

Hoymiles Power Electronics Inc (688032) currently trades at ¥69.55, while our model-based Fair Value estimate is ¥26.15, 62% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: ¥17.26 (bear) to ¥32.69 (bull), the price of ¥69.55 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (solid quality), in the Industrials sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Hoymiles Power Electronics Inc reported revenue of 1.9B CNY in FY2025 versus 795M CNY in FY2021, a compound +24.8%/yr. Reported net income was −160M CNY in FY2025.

Key figures

Market cap 8.5B CNY (≈ $1.3B) Small · P/S ratio 2.94 · EPS (TTM) ¥−2.78 · Dividend yield 5.1% · Net margin −12.6% · Return on equity −6.0% · Return on assets (EBIT) 4.3% (5-year average) · Operating margin −16.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 17 out of 100 (medium confidence).

What moves the price

The share trades about 49% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at −62%, 688032 screens richer than that median.

Fair Value models

Bear ¥17.26 Fair Value ¥26.15 Bull ¥32.69
Price ¥69.55 · Downside -62.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) ¥17.26 ¥26.15 ¥32.69 54
All 1 models by family
Asset-Based
NCAV (Graham) ¥17.26 ¥26.15 ¥32.69 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 50/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 14
How much profit the company makes from its sales and capital
Quality Growth 30
Are margins and returns getting better?
Cashflow 29
Do the profits arrive as real cash?
Financial strength 91
Debt, balance sheet and risk of trouble
Investment 59
Does it invest with discipline instead of growing at any price?
Low Volatility 69
How calm the share price moves, does not count
Price momentum 11
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 88
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
24.1% (2020) → −12.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

688032 screens overvalued: fair value 62% below the price. Compare with Contemporary Amperex Technology Co →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Electrical Equipment & Parts · 564 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside −62.4% · Below median
Profitability
Return on assets −1.9% · Bottom 25%
Net margin (12 months) −12.6% · Bottom 25%
Operating margin (12 months) −16.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 18.3% · Above median
Dividend yield (12 months) 5.1% · Top 25%
Balance sheet
Debt / equity 0.08× · Above median

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/B 1.49× · Cheaper than median
P/S (12 months) 3.15× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)92 · sector 66
PAST (return on equity)0 · sector 25
HEALTH (low debt)96 · sector 97
DIVIDEND (yield)100 · sector 23

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Contemporary Amperex Technology Co 300750 ¥254.22 ¥648.35 +155% vs 688032
Sungrow Power Supply Co 300274 ¥81.97 ¥182.32 +122% vs 688032
NARI Technology Co 600406 ¥23.86 ¥29.39 +23% vs 688032
Vertiv Holdings VRT $182.86 $178.64 −2% vs 688032
Legrand SA LR €129.65 €82.57 −36% vs 688032
Prysmian S.p.A PRY €101.00 €64.29 −36% vs 688032
ABB Ltd ABBN CHF 66.98 CHF 29.49 −56% vs 688032
Samsung SDI Co 006400 468,000 KRW 153,766 KRW −67% vs 688032
Delta Electronics (Thailand) Public Company DELTA 177.00 THB 39.14 THB −78% vs 688032
LG Energy Solution, Ltd 373220 337,500 KRW 53,325 KRW −84% vs 688032

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Hoymiles Power Electronics Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Hoymiles Power Electronics Inc Fair Value". https://www.fairvalue-calculator.com/stock/688032

Frequently asked questions

Is Hoymiles Power Electronics Inc (688032) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of ¥26.15 versus a price of ¥69.55, about 62% lower (overvalued).
What is the fair value of 688032?
Our model-based fair value for Hoymiles Power Electronics Inc is ¥26.15 (as of Nov 6, 2026), built from audited fundamentals. The current price: ¥69.55.
What is the quality score of 688032?
Hoymiles Power Electronics Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hoymiles Power Electronics Inc (688032)?
Our model-based price target is the fair value of ¥26.15 (as of Nov 6, 2026) from 1 valuation models. Cautious scenario ¥17.26, optimistic scenario ¥32.69. It is a calculation from audited fundamentals, not an analyst target.
What is the Hoymiles Power Electronics Inc stock forecast for 2026?
Our models put fair value at ¥26.15, about 62% lower versus a price of ¥69.55 (overvalued). Cautious scenario ¥17.26, optimistic scenario ¥32.69. The calculation is refreshed regularly with new filings.
What is the revenue of Hoymiles Power Electronics Inc (688032)?
Hoymiles Power Electronics Inc reported trailing-twelve-month revenue of about 2.7B CNY (latest available figure, as of Nov 6, 2026).
Does Hoymiles Power Electronics Inc pay a dividend?
Hoymiles Power Electronics Inc currently shows a dividend yield of 5.12% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Hoymiles Power Electronics Inc (688032)?
Hoymiles Power Electronics Inc has a dividend yield of 5.1%.
What is the intrinsic value of Hoymiles Power Electronics Inc (688032)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hoymiles Power Electronics Inc it is ¥26.15 per share (as of Nov 6, 2026), against a price of ¥69.55. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Hoymiles Power Electronics Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, 688032 trades above its calculated fair value: price ¥69.55, fair value ¥26.15, a gap of about −62% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 688032?
No. The price is what the market pays today (¥69.55); the fair value is what the company's own numbers justify (¥26.15). For Hoymiles Power Electronics Inc the two are ¥43.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hoymiles Power Electronics Inc worth?
The market values Hoymiles Power Electronics Inc at about 8.5B CNY (market capitalisation, as of Nov 6, 2026). Per share that is ¥69.55; our models calculate a fair value of ¥26.15 per share.
What do the bullish and bearish scenarios say about 688032?
Our models span a range for Hoymiles Power Electronics Inc: cautious scenario ¥17.26, base ¥26.15, optimistic ¥32.69 per share (as of Nov 6, 2026, price ¥69.55). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Hoymiles Power Electronics Inc (688032)?
Balance-sheet figures for Hoymiles Power Electronics Inc (as of Nov 6, 2026): return on equity −6.0%, debt of 0.08 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is 688032 from its 52-week high?
Hoymiles Power Electronics Inc trades at ¥69.55, about 49% below its 52-week high of ¥137.51 and 11% above the low of ¥62.58 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥26.15 is for.
Which stocks are comparable to Hoymiles Power Electronics Inc?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hoymiles Power Electronics Inc stock attractive at the current price?
The data as of Nov 6, 2026: price ¥69.55, calculated fair value ¥26.15 (−62%), Quality Score 50/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 688032 calculated?
We run Hoymiles Power Electronics Inc through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of ¥26.15 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Hoymiles Power Electronics Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hoymiles Power Electronics Inc (688032)?
The closing price on Nov 6, 2026 was ¥69.55. Our model-based fair value is ¥26.15, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hoymiles Power Electronics Inc right now?
The price sits above even our optimistic bull case (¥32.69). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥17.26 to ¥32.69) leaves room in how you read the outcome.

Key figures of Hoymiles Power Electronics Inc

How large is the market capitalisation of Hoymiles Power Electronics Inc (688032)?
The market capitalisation of Hoymiles Power Electronics Inc is 8.5B CNY (≈ $1.3B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hoymiles Power Electronics Inc (688032)?
The price-to-sales ratio of Hoymiles Power Electronics Inc is 2.94 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hoymiles Power Electronics Inc (688032)?
Earnings per share at Hoymiles Power Electronics Inc are ¥−2.78. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hoymiles Power Electronics Inc (688032)?
The dividend yield of Hoymiles Power Electronics Inc is 5.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Hoymiles Power Electronics Inc (688032)?
The net margin of Hoymiles Power Electronics Inc is −12.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Hoymiles Power Electronics Inc (688032)?
The return on equity (ROE) of Hoymiles Power Electronics Inc is −6.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Hoymiles Power Electronics Inc (688032)?
On an EBIT basis the return on assets of Hoymiles Power Electronics Inc is 4.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hoymiles Power Electronics Inc (688032)?
The operating margin of Hoymiles Power Electronics Inc is −16.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hoymiles Power Electronics Inc (688032)?
Revenue at Hoymiles Power Electronics Inc is growing +18.3% versus a year earlier (3y avg +7.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hoymiles Power Electronics Inc (688032)?
Earnings per share at Hoymiles Power Electronics Inc are growing −77.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hoymiles Power Electronics Inc (688032) generate?
The free cash flow of Hoymiles Power Electronics Inc is −794M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Hoymiles Power Electronics Inc (688032) hold?
Hoymiles Power Electronics Inc holds more cash than debt, 3.7B CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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