Group 1 - The core viewpoint of the report is that China Galaxy has given a recommendation rating to Deyang Co., Ltd. (605117.SH) based on several positive factors [1] - Significant increase in industrial storage volume is highlighted as a key reason for the positive rating [1] - High growth in energy storage battery pack volume is also noted as a contributing factor [1] - Continuous deepening of overseas expansion is emphasized as a strategic advantage for the company [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2, with revenue and net profit growth in line with expectations. The company achieved a revenue of 5.535 billion yuan in the first half of 2025, representing a year-over-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% year-over-year [4] - The report highlights the rapid growth in the industrial and commercial energy storage market, with a significant increase in sales of energy storage inverters and battery packs. The company sold 315,600 energy storage inverters in the first half of 2025, a year-over-year increase of 47.41% [5] - The report also notes a slight decline in the sales of string inverters and micro inverters, while the gross margin for heat exchangers has improved [6] Financial Summary - The company’s financial performance shows a projected revenue increase from 7.48 billion yuan in 2023 to 18.799 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.6% [8] - The net profit is expected to grow from 1.791 billion yuan in 2023 to 5.013 billion yuan in 2027, with a year-over-year growth rate of 18.0% to 17.9% [8] - The gross margin is projected to decline slightly from 39.8% in 2023 to 36.8% in 2027, while the net profit margin is expected to stabilize around 26.7% [11]

Summary of the Conference Call for 德业股份 Company Overview - The company reported a revenue of 5.773 billion yuan for the first half of 2025, representing a year-on-year growth of 21.97% [2] - Net profit reached 1.531 billion yuan, up 18.67% year-on-year, with a non-GAAP net profit of 1.603 billion yuan [2][3] - The overall gross margin for the first half of 2025 was 37%, down 8 percentage points from the previous year [2][6] Key Business Segments - **Energy Storage Inverters**: Revenue from energy storage inverters was 2.09 billion yuan, with household storage contributing 1.456 billion yuan (up 8.75%) and commercial storage at 638 million yuan (up 1,303%) [2][4] - **Energy Storage Battery Packs**: Revenue reached 1.42 billion yuan, showing an 85.8% increase year-on-year [2][4] - **Dehumidifiers**: Revenue was 400 million yuan, with a gross margin of 36%, down 1 percentage point from the previous year [4][6] - **Heat Exchangers**: Revenue was 800 million yuan, down 17% year-on-year, with a gross margin of 12%, up 1 percentage point [5][6] Market Performance and Trends - **European Market**: Strong demand in Eastern Europe and Spain, driven by subsidy policies and power outages. The overall performance in Europe is expected to exceed last year's results [2][8] - **Southeast Asia**: Rapid growth in markets like the Philippines, Vietnam, and Thailand, with significant market share [2][16][18] - **Africa**: Notable performance in countries like Lebanon, Iraq, Sudan, and Nigeria, contributing to overall shipment scale [2][16][19] Future Outlook - The company aims to achieve a non-GAAP profit target of 3.1 billion yuan for the full year [7] - New products are expected to be launched in the third quarter, which may drive growth [7] - The company anticipates that the European market will continue to benefit from subsidy policies, particularly in Romania [14] Competitive Landscape - The company maintains a strong market position in Southeast Asia despite competitive pricing from rivals. It believes that significant price cuts by competitors would not sustainably affect its market share [46][47] Product Development and Innovations - The company is expanding into commercial microgrid and off-grid applications, with plans to launch new products [4][29] - A new high-capacity inverter is expected to cater to complex loads and microgrid systems, particularly in Africa [37] Supply Chain and Cost Management - The gross margin for energy storage battery packs is expected to remain around 35% in the second half of 2025, with stable supply from domestic battery manufacturers [23] - The company is also exploring new product lines, including data center power solutions [29] Conclusion - The company is well-positioned for growth in both domestic and international markets, with a focus on expanding its product offerings and maintaining competitive pricing strategies. The outlook for the second half of 2025 appears optimistic, supported by strong demand in key markets and new product launches.

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved significant growth in its inverter and energy storage battery segments, with a notable increase in sales and revenue [2][3] - The company reported a revenue of 5.535 billion yuan for H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [1] - The inverter sales reached 763,800 units in H1 2025, with a revenue of 2.644 billion yuan, reflecting a year-on-year growth of 13.90% [2] - The energy storage battery segment saw a remarkable revenue increase of 85.80% year-on-year, totaling 1.422 billion yuan in H1 2025 [2] Summary by Sections Financial Performance - For H1 2025, the company reported operating income of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% [1] - The second quarter of 2025 saw operating income of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70% [1] Product Performance - The inverter segment showed stable growth, with significant sales in commercial storage products, particularly in overseas markets driven by policy support [2] - The company launched new products, including off-grid energy storage inverters and expanded its energy storage solutions [2] Future Projections - The company is expected to achieve revenues of 13.248 billion yuan, 15.975 billion yuan, and 18.937 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 18.2%, 20.6%, and 18.5% [3][4] - Net profit projections for the same years are 3.529 billion yuan, 4.206 billion yuan, and 4.982 billion yuan, with growth rates of 19.2% for both 2025 and 2026, and 18.4% for 2027 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company achieved a revenue of 5.535 billion yuan in H1 2025, representing a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1][5]. - In Q2 2025, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70%, with a net profit of 817 million yuan, reflecting a year-on-year growth of 1.72% and a quarter-on-quarter growth of 15.74% [1][5]. - The company's commercial energy storage products have seen significant sales growth, with a total of 763,800 inverters sold in H1 2025, including 272,700 household storage units and 42,900 commercial storage units [1]. - The company has launched new products in the energy storage sector, expanding its power range and introducing a modular design for its storage solutions, enhancing flexibility and scalability [1][2]. Financial Performance Summary - The company’s battery pack product revenue reached 1.422 billion yuan in H1 2025, marking an impressive year-on-year growth of 85.80% [2]. - The company has announced an employee stock ownership plan, aiming to bind core talent and boost future development confidence, with a target of achieving a net profit of no less than 3.1 billion yuan by 2025 [2]. - The profit forecasts for 2025-2027 have been adjusted to 3.612 billion yuan, 4.266 billion yuan, and 5.003 billion yuan respectively, with year-on-year growth rates of 22.0%, 18.1%, and 17.3% [2][3].

Core Viewpoint - DeYe Co., Ltd. has shown a positive stock performance with a year-to-date increase of 4.22% and significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and investor interest [1][2]. Financial Performance - For the first half of 2025, DeYe Co., Ltd. achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58% [2]. - The net profit attributable to shareholders for the same period was 1.522 billion yuan, reflecting a year-on-year increase of 23.18% [2]. Stock Market Activity - As of August 27, 2023, DeYe's stock price was 61.19 yuan per share, with a market capitalization of 55.343 billion yuan [1]. - The stock has experienced a 6.68% increase over the past five trading days and a 16.80% increase over the past 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 52,300, a rise of 76.28% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 20.57% to 17,284 shares [2]. Dividend Distribution - DeYe Co., Ltd. has distributed a total of 4.238 billion yuan in dividends since its A-share listing, with 3.897 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, increasing its holdings by 9.4808 million shares [3]. - Other notable institutional shareholders include QuanGuo XuYuan Mixed A and GuangFa Small Cap Growth Mixed A, both of which increased their holdings [3].

Core Viewpoint - DeYe Technology Co., Ltd. experienced a decline in stock price by 3.15% on August 26, with a trading volume of 1.568 billion yuan, indicating potential market volatility and investor sentiment concerns [1]. Financing Summary - On August 26, DeYe had a financing buy-in amount of 175 million yuan and a financing repayment of 186 million yuan, resulting in a net financing outflow of 10.3 million yuan. The total financing and securities balance reached 1.248 billion yuan [1]. - The current financing balance of 1.246 billion yuan accounts for 2.30% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 2,300 shares were repaid while 2,600 shares were sold, with a selling amount of 155,900 yuan. The remaining securities lending volume is 44,400 shares, with a balance of 2.6619 million yuan, also above the 90th percentile level over the past year [1]. Business Performance - As of June 30, DeYe reported a total of 52,300 shareholders, an increase of 76.28% compared to the previous period, while the average circulating shares per person decreased by 20.57% to 17,284 shares [2]. - For the first half of 2025, DeYe achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58%. The net profit attributable to shareholders was 1.522 billion yuan, reflecting a year-on-year increase of 23.18% [2]. Dividend and Shareholding Structure - Since its A-share listing, DeYe has distributed a total of 4.238 billion yuan in dividends, with 3.897 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 32.2913 million shares, an increase of 9.4808 million shares from the previous period. Other notable shareholders include Quan Guo Xu Yuan Mixed A and Guangfa Small Cap Growth Mixed A, both of which increased their holdings [3].

Group 1 - The stock price of Deye Co., Ltd. is reported at 59.98 yuan, down by 1.95 yuan or 3.15% from the previous trading day [1] - The company operates in the photovoltaic and home appliance industries, with main products including inverters, energy storage batteries, and dehumidifiers, and approximately 70% of its revenue comes from overseas markets [1] - Deye Co., Ltd. released its 2025 semi-annual report, showing a revenue of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1] Group 2 - The inverter business generated a revenue of 2.644 billion yuan, reflecting a year-on-year growth of 13.90%, while the energy storage battery business achieved a revenue of 1.422 billion yuan, marking an impressive year-on-year growth of 85.80% [1] - The company plans to distribute a cash dividend of 11.08 yuan for every 10 shares to all shareholders [1] - On August 26, the net outflow of main funds was 240.8153 million yuan, accounting for 0.44% of the circulating market value, with a total net outflow of 182.3784 million yuan over the past five days, representing 0.34% of the circulating market value [1]

证券代码：605117 证券简称：德业股份 公告编号：2025-078 宁波德业科技股份有限公司 关于 2025 年半年度利润分配方案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ? 每股分配比例：每股派发现金红利 1.108 元（含税）。 ? 本次利润分配以实施权益分派股权登记日登记的总股本（扣除回购专用 账户的股份）为基数，具体日期将在权益分派实施公告中明确。 根据宁波德业科技股份有限公司（以下简称"公司"）2025 年半年度报告 （未经审计），截至 2025 年 6 月 30 日，公司期末可供分配利润(母公司报表口 径)为人民币 1,080,464,545.57 元。为贯彻落实《国务院关于加强监管防范风险推 动资本市场高质量发展的若干意见》等相关要求，进一步提高分红频次，增强投 资者回报水平，经董事会决议，公司 2025 年半年度拟以实施权益分派股权登记 日登记的总股本（扣除回购专用账户的股份）为基数分配利润，拟定本次利润分 配方案如下： 公司拟向全体股东每股派发现金红利 1.108 元（ ...

Core Viewpoint - DeYe Co., Ltd. reported strong financial performance in the first half of 2025, with significant growth in both revenue and net profit, driven by increased demand for inverter and energy storage products in various global markets [1][4]. Financial Performance - The company achieved a revenue of 5.535 billion yuan, representing a year-on-year increase of 16.58% [1] - The net profit attributable to shareholders was 1.522 billion yuan, up 23.18% year-on-year [1] - Revenue from inverter products reached 2.644 billion yuan, a growth of 13.90%, accounting for 47.93% of the main business income [1] Product Sales and Market Demand - Total sales of inverters reached 763,800 units, including 272,700 household storage inverters and 42,900 commercial storage inverters [1] - The company noted a rapid increase in global demand for commercial storage driven by policy support in Europe and high electricity prices in regions like Pakistan and Nigeria [1][4] - The energy storage business has outpaced the inverter business in growth, with energy storage battery products generating 1.422 billion yuan in revenue, an increase of 85.80% [2] Product Development and Innovation - DeYe launched a new off-grid storage inverter model with integrated functionalities, enhancing convenience for users [2] - The company expanded its commercial energy storage solutions, offering modular designs that reduce costs by 30% and improve efficiency [2] Global Market Strategy - The company reported that overseas revenue reached 3.878 billion yuan, accounting for approximately 70% of main business income [4] - Southeast Asia contributed 30% to 40% of the overseas revenue [4] - DeYe is actively promoting its brand globally through exhibitions and roadshows in various countries [3] Industry Context - Competitors like Sungrow and Jinlang Technology also reported strong financial results, with significant increases in both domestic and overseas revenues [5][6] - The global inverter market is expected to see steady growth, with annual shipments projected to reach 685.47 GW by 2030 [6] - The energy storage market is anticipated to experience explosive growth, with cumulative installed capacity expected to rise from 27 GW in 2021 to 358 GW by 2030, reflecting a compound annual growth rate of over 33% [6]