继阳光电源、古瑞瓦特、固德威、Enphas、锦浪科技等厂牌之后，本期拆解主角为禾迈股份（688032.SH）的微型逆变器MI-800。

MI-800是全球最畅销微逆之一，也是禾迈多个国内外展会上推出的明星产品。

根据潮电智库拆解，禾迈MI-800的核心器件基本由外企供应。如IGBT供应商为安森美，MCU主控芯片为德州仪器，连接器为莫仕，变压器为科锐等美企；德企占比也很大，包括英飞凌供应MOSFET芯片，伍尔特供应电感，依必安派特供应散热器等。

在系列拆解中，这也是迄今为止中国供应链介入最少的一款逆变器产品，只有来自台湾地区的南亚主供了PCB板。

虽然公认海外器件的成本较高，但禾迈的毛利率绝对是行业首屈一指。根据年报公告数据，去年禾迈逆变器产销率为73.99%，其中境外营收为11.58亿元，毛利率为50.71%，两项指标均远远高于境内业务。

高毛利率一直是禾迈的亮点。2022年其整体毛利率高达44.79%（微信逆变器为49.82%），甚至超过全球最值钱的苹果公司。

微型逆变器领域，禾迈去年在北美、拉美、欧洲地区的毛利率分别为51.29%、46.08%、52.56%。

禾迈表示，微型逆变器毛利率整体较高，主要系产销规模快速增长情况下规模效应逐步显现、产品结构及销售区域结构变化等因素所致。

从事储能行业近20年的专家李S对潮电智库说，“以海外户储需求大爆发为驱动力，微逆品牌端阶段性掌握着增量市场的议价主动权，这是禾迈目前能保持高盈利水平的关键。供给关系平衡后，大家的竞争还会回归于成本。”

禾迈一季报显示，公司营收5.8亿元，同比上升153.48%；净利润1.76亿元，同比上升102.08%；毛利率进一步提升至46.41%。

禾迈主要从事光伏逆变器相关产品、储能相关产品、电气成套设备及相关产品的研发、制造与销售业务。其中光伏逆变器及相关产品主要包括微型逆变器及监控设备、关断器、光伏发电系统；储能相关产品主要包括储能逆变器、储能系统，电气成套设备及相关产品主要包括高压开关柜、低压开关柜、配电柜等。

国际权威市场机构统计数据显示，禾迈2022全年微型逆变器出货量位居全球第二。

7月上旬，中国另一微逆大厂德业股份（605117.SH）被爆出销往德国的微型逆变器疑造假，引发储能市场高度关注。禾迈近日在互动平台上回复表示，公司在德国地区销售的微逆产品不存在相关零部件缺失的问题。

以下沉产业链为根基，潮电智库特选出逆变器行业系列明星产品进行拆解，旨在通过展现内部核心结构件及成本占比，以精准的供应链资源对接协作，为中国储能企业找到更准确的商机落点。

商务合作，请联系王先生18138284918（微信同号）

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.