Hoymiles Power Electronics Inc (688032) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hoymiles Power Electronics Inc ¥49.88, price ¥70.33, upside -29.1%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
57‑month range ¥67.81 – ¥516.60 · fair‑value band ¥26.73 – ¥70.82 · the ¥70.33 price screens above the ¥49.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Hoymiles Power Electronics Inc. engages in the manufacture and sale of module level power electronics (MLPE) solutions in China and internationally. 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.
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Hoymiles Power Electronics Inc. engages in the manufacture and sale of module level power electronics (MLPE) solutions in China and internationally. 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 ¥70.33, while our model-based Fair Value estimate is ¥49.88, implying the stock looks roughly 41.0% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of ¥42.05 per share, and 0 of the 3 models we run sit above the ¥70.33 price.
Bear case: the Asset-Based group reads lowest at ¥30.87, and 3 of the 3 models stay below the price. Evidence for this calculation is low.
Scenario range: ¥26.73 (bear) to ¥70.82 (bull), the price of ¥70.33 sits inside 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 49/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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 9.8B CNY (≈ $1.5B) · P/S ratio 3.78 · EPS (TTM) ¥−1.74 · Dividend yield 4.2% · Net margin −8.3% · Return on equity −3.6% · Return on assets (EBIT) 4.3% · Operating margin −7.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 49% below its 52-week high and 4% 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 −29%, 688032 screens cheaper than that median.
Fair Value models
Bear ¥26.73Fair Value ¥49.88Bull ¥70.82
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.32/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−3.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+31.3%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+29.2%
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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
Compare Hoymiles Power Electronics Inc with another stock
Price, fair value, quality and upside side by side.
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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 · 550 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−29% · Above median
Profitability
Return on assets−3% · Bottom 25%
Net margin (TTM)−8% · Bottom 25%
Operating margin (TTM)−8% · Bottom 25%
Growth and dividend
Revenue growth194% · Top 25%
Dividend yield (TTM)4.2% · Top 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper
P/B0.26× · Cheapest 25%
P/S (TTM)0.56× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 58
PAST (return on equity)0· sector 26
HEALTH (low debt)96· sector 97
DIVIDEND (yield)84· sector 23
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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 Sep 24, 2026, our model estimates a fair value of ¥49.88 versus a price of ¥70.33, about −29% upside (overvalued).
What is the fair value of 688032?
Our model-based fair value for Hoymiles Power Electronics Inc is ¥49.88 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥70.33.
What is the quality score of 688032?
Hoymiles Power Electronics Inc has a Quality Score of 49/100. 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 ¥49.88 (as of Sep 24, 2026) from 3 valuation models. Cautious scenario ¥26.73, optimistic scenario ¥70.82. 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 ¥49.88, about −29% upside versus a price of ¥70.33 (overvalued). Cautious scenario ¥26.73, optimistic scenario ¥70.82. 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 2.6B CNY (latest available figure, as of Sep 24, 2026).
Does Hoymiles Power Electronics Inc pay a dividend?
Hoymiles Power Electronics Inc currently shows a dividend yield of about 4.18% relative to its recent price (as of Sep 24, 2026).
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 ¥49.88 per share (as of Sep 24, 2026), against a price of ¥70.33. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Hoymiles Power Electronics Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 688032 trades above its calculated fair value: price ¥70.33, fair value ¥49.88, a gap of about −29% (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 (¥70.33); the fair value is what the company's own numbers justify (¥49.88). For Hoymiles Power Electronics Inc the two are ¥20.45 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 9.8B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥70.33; our models calculate a fair value of ¥49.88 per share.
What do the bullish and bearish scenarios say about 688032?
Our models span a range for Hoymiles Power Electronics Inc: cautious scenario ¥26.73, base ¥49.88, optimistic ¥70.82 per share (as of Sep 24, 2026, price ¥70.33). 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 Sep 24, 2026): return on equity −3.6%, debt of 0.08 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 688032 from its 52-week high?
Hoymiles Power Electronics Inc trades at ¥70.33, about 49% below its 52-week high of ¥137.51 and 4% above the low of ¥67.81 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥49.88 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, Delta Electronics (Thailand) Public Company, Vertiv Holdings, 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 Sep 24, 2026: price ¥70.33, calculated fair value ¥49.88 (−29%), Quality Score 49/100, from 3 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 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥49.88, 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 14.1 % 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 Sep 23, 2026 was ¥70.33. Our model-based fair value is ¥49.88, about −29% upside (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 model range is unusually wide (¥26.73 to ¥70.82). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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 9.8B CNY (≈ $1.5B). 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 3.78 (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 ¥−1.74. 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 4.2%. 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 −8.3% (fiscal year 2025). 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 −3.6% (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 −7.6% (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 +194% 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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