证券代码：605117 证券简称：德业股份 公告编号：2025-043 宁波德业科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进 展公告 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： ●现金管理受托方：广发银行股份有限公司（以下简称"广发银行"）、招 商银行股份有限公司（以下简称"招商银行"）、中国建设银行股份有限公司（以 下简称"建设银行"）。 ●本次现金管理金额：暂时闲置募集资金 24,000 万元。 ●现金管理产品名称及期限：广发银行"物华添宝"W 款 2025 年第 482 期 定制版人民币结构性存款(挂钩黄金现货看涨阶梯式)(宁波分行)（60 天）、招商 银行点金系列看涨两层区间 63 天结构性存款（产品代码：NNB01672）、中国建 设银行宁波市分行单位人民币定制型结构性存款（94 天）。 ●履行的审议程序：宁波德业科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第三届董事会第十四次会议、第三届监事会第十二次会议， 审议通过了《关于 2025 年度 ...

●现金管理产品名称及期限：广发银行"物华添宝"W 款 2025 年第 482 期 定制版人民币结构性存款(挂钩黄金现货看涨阶梯式)(宁波分行)（60 天）、招商 银行点金系列看涨两层区间 63 天结构性存款（产品代码：NNB01672）、中国建 设银行宁波市分行单位人民币定制型结构性存款（94 天）。 证券代码：605117 证券简称：德业股份 公告编号：2025-043 宁波德业科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进 展公告 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： ●现金管理受托方：广发银行股份有限公司（以下简称"广发银行"）、招 商银行股份有限公司（以下简称"招商银行"）、中国建设银行股份有限公司（以 下简称"建设银行"）。 ●本次现金管理金额：暂时闲置募集资金 24,000 万元。 ●履行的审议程序：宁波德业科技股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开了第三届董事会第十四次会议、第三届监事会第十二次会议， 审议通过了《关于 2025 年度 ...

Investment Rating - The report maintains a "Strong Buy" rating for the electric power equipment sector [8]. Core Insights - The global commercial and industrial (C&I) energy storage market is expected to see a growth rate exceeding 40% in 2025, with Europe leading the charge [2][3]. - The report highlights significant investment opportunities in leading C&I energy storage manufacturers such as DeYe Co., Airo Energy, GoodWe, Pylontech, and Shenghong Co. [7][58]. Summary by Sections Global Market Overview - In 2024, the global C&I energy storage capacity is projected to reach 4.4GW/10.9GWh, marking a year-on-year growth of 44.6%. By 2025, this is expected to increase to 6.1GW/15.26GWh, a 40% increase [2][14]. - Europe is anticipated to be the largest market for C&I energy storage in 2024, contributing approximately 2.6GWh, which accounts for about 24% of the global total [17][18]. European Market Dynamics - The European market is expected to add 3.6GWh of C&I energy storage in 2025, with a year-on-year growth rate exceeding 60%. Factors driving this growth include subsidies, tax incentives, and the promotion of dynamic pricing [3][23]. - The implementation of dynamic pricing is projected to enhance the internal rate of return (IRR) for C&I energy storage systems to over 15%, with payback periods reduced to 3-5 years [3][36]. U.S. Market Insights - The U.S. C&I energy storage market remains relatively small, with an expected addition of 370MWh in 2024, reflecting an 11% year-on-year growth. The NEM3.0 policy is anticipated to stimulate demand for self-consumption storage solutions [4][41]. - By 2028, the U.S. market is projected to reach 1.2GWh in new installations, driven by changes in net metering policies that favor self-consumption [41][43]. Asia, Africa, and Latin America - Frequent power outages and rising electricity prices in various Asian, African, and Latin American countries have increased the urgency for C&I energy storage solutions [5][44]. - Countries like South Africa and Nigeria are experiencing significant electricity price hikes, further driving the need for energy storage systems to ensure stable power supply [44][46]. Product Development and Market Trends - The report notes a proliferation of high-cost-performance C&I energy storage products, with major manufacturers launching competitive offerings tailored to different regional markets [6][50]. - The price of energy storage systems has significantly decreased, with competitive pricing strategies leading to increased market penetration [50][58]. Investment Recommendations - The report suggests focusing on leading C&I energy storage equipment suppliers, as the demand for energy storage solutions is expected to surge in the coming years [7][58].

Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

宁波德业科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 证券代码：605117 证券简称：德业股份 公告编号：2025-042 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法律责任。 重要内容提示： ●会议召开时间：2025 年 5 月 26 日（星期一）09:30-10:30 ●会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2025 年 5 月 19 日（星期一）至 5 月 23 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@deye.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宁波德业科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度和 2025 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-042 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2025 年 5 月 19 日（星期一）至 5 月 23 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 stock@deye.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宁波德业科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度和 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 26 日（星期一）09:30-10:30 举行 2024 年度暨 2025 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 宁波德业科技股份有限公司 关于召开 2024 年度暨 2025 ...

Summary of the Conference Call for 德业股份 Company Overview - **Company**: 德业股份 (DeYue Co., Ltd.) - **Industry**: Energy Storage and Manufacturing Key Points and Arguments Market Response and Strategy - 德业股份 has mitigated initial disruptions from increased tariffs through advance inventory and price adjustments, anticipating a growth in U.S. demand over the next 90 days due to a temporary easing of tariffs [2][3] - The company has purchased land in Malaysia to establish an overseas production base, expected to be completed by 2026, to serve Southeast Asia, the Middle East, and Europe, while considering relocating some U.S. orders to Malaysia [2][5] - The sales team is rapidly expanding into emerging markets, while the R&D team is actively capturing local demand, maintaining a product development cycle of under six months [2][8] Digital Management and Efficiency - Significant investments in digital management have led to the digitization of production processes and the establishment of a cloud platform for managing customer data, enhancing overall efficiency [2][9] Business Segments and Performance - The commercial energy storage business is a key focus, with significant contributions from Europe, the U.S., and Southeast Asia, benefiting from reduced system costs and a shorter payback period [4][12] - The gross margin for commercial energy storage is approximately 60%, while the battery pack business has a lower margin, impacting the overall gross margin which is expected to remain around 50% [22][23] Regional Market Insights - The Asia, Africa, and Latin America regions are experiencing rapid growth, particularly in Southeast Asia, with expected year-on-year growth rates doubling in key markets [11][12] - The U.S. residential energy storage market is performing well post-tariff reductions, with increased orders from distributors [13] Competitive Advantages - 德业股份 has a strong manufacturing and technical advantage due to its experience as a supplier for Midea, excelling in production management and cost control [6] - The company maintains a leading procurement cost through close supplier relationships and strategic partnerships with local distributors [6][29] Future Outlook and Challenges - The company is preparing for potential uncertainties by exploring production options in Malaysia and Southeast Asia, while also monitoring tariff impacts on supply chain costs [5][16] - The competitive landscape in the photovoltaic industry remains challenging, with a focus on commercial and industrial applications rather than residential solar [25] Financial Management - The company has effectively controlled its expense ratio, which is expected to decrease further in 2025 due to reduced stock incentive costs [34] Supply Chain Management - Recent supplier price reductions have been beneficial, but the company aims to rely more on internal cost optimization and scale effects for long-term cost control [35] Additional Important Insights - The company is actively exploring market opportunities in conflict-affected regions, demonstrating a proactive approach to market demand [7] - The establishment of a production base in Malaysia is strategically aimed at enhancing service and response times for nearby markets [18] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting the company's proactive measures in response to market dynamics and its focus on growth in emerging markets.

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [20]. Core Insights - The company achieved a total revenue of 112.06 billion yuan in 2024, representing a year-on-year growth of 49.82%. The net profit attributable to shareholders was 29.60 billion yuan, with a year-on-year increase of 65.29% [7][8]. - The company is experiencing significant growth driven by the optimization of product structure and the expansion into new markets, particularly in the renewable energy sector [7][8]. - The chairman proposed a share buyback plan of 100 million to 200 million yuan to be used for employee stock ownership plans, reflecting management's confidence in the company's future [7][8]. Financial Performance Summary - **2024 Financials**: - Total Revenue: 112.06 billion yuan, up 49.82% YoY - Net Profit: 29.60 billion yuan, up 65.29% YoY - Gross Margin: 38.76%, down 1.65 percentage points YoY - Net Margin: 26.42%, up 2.47 percentage points YoY [3][7]. - **2025 Q1 Performance**: - Revenue: 25.66 billion yuan, up 36.24% YoY - Net Profit: 7.06 billion yuan, up 62.98% YoY - Gross Margin: 37.21%, up 0.88 percentage points YoY [7]. - **Revenue Breakdown by Business**: - Heat Exchangers: 19.55 billion yuan, up 45.39% YoY - Dehumidifiers: 9.69 billion yuan, up 37.69% YoY - Inverter Business: 55.56 billion yuan, up 25.44% YoY - Energy Storage Battery Pack: 24.51 billion yuan, up 177.19% YoY [7]. Market Position and Strategy - The company has successfully expanded its market presence in emerging markets, with over half of its revenue from photovoltaic products coming from regions such as Asia, South America, and Africa [7]. - Continuous optimization of product structure and cost control has strengthened the company's market competitiveness, alongside efforts to enhance domestic and international sales networks [7][8]. Future Projections - The company is projected to achieve net profits of 40.02 billion yuan, 50.49 billion yuan, and 61.40 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 15, 12, and 10 [3][7]. - The target price for 2025 is set at 111.51 yuan, based on a valuation of 18 times the expected earnings [7].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in various business segments and strategic market expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 11.206 billion yuan, a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - For Q4 2024, revenue was 3.190 billion yuan, reflecting a year-on-year growth of 176.51%, while net profit was 721 million yuan, up 223.61% year-on-year [1]. - In Q1 2025, revenue reached 2.566 billion yuan, a year-on-year increase of 36.24%, with net profit of 706 million yuan, up 62.98% year-on-year [1]. Business Segment Growth - The company experienced significant growth in its business segments, with revenue from heat exchangers at 1.955 billion yuan (up 45.39%), dehumidifiers at 969 million yuan (up 37.69%), inverters at 5.556 billion yuan (up 25.44%), and energy storage battery packs at 2.451 billion yuan (up 177.19%) [2]. - The company's photovoltaic products generated over half of their revenue from emerging markets in Asia, South America, and Africa [2]. Market Strategy - The company is enhancing its market competitiveness by optimizing product structure and controlling costs, while also expanding its domestic and international sales networks [2]. - A focus on currency management and improving capital operation efficiency has strengthened the company's global operational capabilities [2]. Shareholder Confidence - The chairman proposed a share buyback plan of 100 million to 200 million yuan, funded by self-owned funds or bank loans, to be used for employee stock ownership plans or equity incentives, reflecting management's confidence in the company's future [2]. Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 4.002 billion yuan, 5.049 billion yuan, and 6.140 billion yuan for 2024-2026, corresponding to PE ratios of 15, 12, and 10 times [3]. - A target price of 111.51 yuan is set based on an 18x PE for 2025, maintaining a "recommended" rating [3].

Investment Rating - The industry is rated as "outperforming the market" with expectations of a relative increase in index performance over the next six months [38]. Core Insights - The total market value of public funds heavily invested in the SW power equipment industry decreased by 14.21% quarter-on-quarter to 276.57 billion yuan in Q1 2025, while showing a slight year-on-year increase of 3.05% [1][15]. - The overweight ratio for the industry has declined to 3.29%, down 1.60 percentage points quarter-on-quarter and 1.21 percentage points year-on-year [1][15]. - The SW power equipment industry ranks third among 31 Shenwan primary industries in terms of fund holding market value, following electronics and food and beverage [2][16]. Summary by Sections Industry Overview - The SW power equipment industry saw a quarter-on-quarter decrease in fund holding market value, with a total of 276.57 billion yuan in Q1 2025, representing a 14.21% decline [1][15]. - The industry’s overweight ratio is 3.29%, which is a decrease from previous quarters [1][15]. Subsector Analysis - The battery, photovoltaic equipment, and grid equipment sectors experienced a decline in fund holding values, while the wind power and motor sectors saw significant increases, with wind power holdings rising by 54.76% and motor holdings by 100.88% [21][22]. - The total market value for the wind power sector reached 89.75 billion yuan, while the motor sector reached 34.25 billion yuan in Q1 2025 [21][22]. Stock Trends - The top ten stocks in the SW power equipment industry include CATL, Sungrow, and Yiwei Lithium Energy, with varied performance; stocks like Keda and Deye saw significant gains, while JA Solar and Tongwei experienced notable declines [3][30]. - The top ten stocks that saw increased holdings include Zhenyu Technology and Longi Green Energy, while major reductions were observed in stocks like CATL and Sungrow [33][34]. Investment Recommendations - The report suggests focusing on leading stocks in the lithium battery sector due to stable growth in new energy vehicle production, as well as on wind power equipment stocks supported by government initiatives [36]. - Emerging technologies such as AI and solid-state battery advancements are expected to drive demand in related sectors, presenting potential investment opportunities [36].