Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company achieved a revenue of 11.206 billion yuan in 2024, representing 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]. - The inverter business continues to grow, with revenue reaching 5.556 billion yuan in 2024, a 25.44% increase year-on-year, while the gross margin was 47.81% [2]. - The energy storage battery segment saw significant growth, with revenue of 2.451 billion yuan in 2024, a remarkable increase of 177.19% year-on-year, and a gross margin of 41.3% [3]. - The company is expanding its product offerings, including new inverter solutions tailored for the European market and energy storage solutions for commercial use [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan and a non-recurring net profit of 2.805 billion yuan, reflecting growth rates of 49.82%, 65.29%, and 51.34% respectively [1]. - For Q1 2025, revenue was 2.566 billion yuan, up 36.24% year-on-year, with a net profit of 706 million yuan, an increase of 62.98% [1]. Product Development - The inverter product line generated 5.556 billion yuan in revenue in 2024, with a focus on overseas markets and localized product offerings [2]. - The company launched a micro-storage inverter for the European market and a comprehensive energy storage solution for commercial applications [2]. Growth in Energy Storage - The energy storage battery segment achieved 2.451 billion yuan in revenue in 2024, with a gross margin increase of 7.43 percentage points [3]. - New products include low-voltage wall-mounted batteries and high-voltage rack-mounted batteries designed for diverse market needs [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.896 billion yuan, 4.829 billion yuan, and 5.479 billion yuan respectively, with corresponding P/E ratios of 14, 12, and 10 [4]. - The company is expected to maintain strong profitability metrics, with a projected ROE of 31.31% in 2024 and increasing thereafter [11].

Group 1: Wind Power Industry - The wind power industry in China is experiencing a recovery in performance from Q4 2024 to Q1 2025, with some companies exceeding expectations [3] - In 2024, 23 A-share wind power companies reported a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan, showing a revenue increase of 4.39% but a net profit decline of 12.70% year-on-year [3] - In Q1 2025, these companies achieved a total revenue of 47.58 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [3] - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a 35.72% increase year-on-year, and a net profit of 568 million yuan, up 70.84% [4] - The recovery in wind turbine prices and expansion into overseas markets have positively impacted the performance of wind power manufacturers [4][6] Group 2: Solar Power Industry - The solar power industry faced significant challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a decrease of 17.96% year-on-year, and a net profit of approximately -363 million yuan, a decline of 100.25% [8] - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 4.74 billion yuan, indicating a significant drop compared to Q1 2024 [8] - Major integrated solar companies like TCL Zhonghuan, Longi Green Energy, and Tongwei reported substantial losses, with net profits of -9.82 billion yuan, -8.62 billion yuan, and -7.04 billion yuan respectively [8] - Despite the overall downturn, companies involved in solar energy storage have shown resilience, with notable performances from companies like Sungrow Power and Canadian Solar [9] Group 3: Energy Storage Industry - The energy storage industry saw a decline in overall performance in 2024, with 21 A-share companies reporting a total revenue of 682.1 billion yuan, a decrease of 3.59%, and a net profit of 74.54 billion yuan, down 21.4% year-on-year [12] - In Q1 2025, these companies reported a total revenue of 158.07 billion yuan, a year-on-year increase of 12.39%, and a net profit of 21.03 billion yuan, up 34% [13] - The profitability in the energy storage sector is increasingly concentrated among leading companies like CATL and Sungrow, which have reported significant profit increases [13] - The energy storage market is undergoing transformation, with a shift in focus from domestic to overseas markets for higher profit margins [14][15]

Core Viewpoint - The renewable energy sectors, including wind power, solar energy, and energy storage, are experiencing cyclical fluctuations, with varying performance across different segments. While wind and energy storage companies are maintaining profitability, solar companies are facing significant challenges, particularly in 2024 and early 2025 [1]. Wind Power Industry - The domestic wind power industry showed a recovery from Q4 2024 to Q1 2025, with 23 A-share wind power companies achieving a total revenue of 225.15 billion yuan and a net profit of 13.24 billion yuan in 2024, reflecting a revenue growth of 4.39% but a net profit decline of 12.70% [5]. - In Q1 2025, these companies reported a revenue of 475.75 billion yuan and a net profit of 4.22 billion yuan, indicating growth compared to Q1 2024 [5]. - Goldwind Technology reported a revenue of 9.47 billion yuan in Q1 2025, a year-on-year increase of 35.72%, with a net profit of 568 million yuan, up 70.84% [6]. - The recovery in wind turbine prices and expansion into overseas markets have contributed to improved performance for wind turbine manufacturers, including previously loss-making companies [7]. Solar Energy Industry - The solar energy sector faced unprecedented challenges in 2024, with 110 A-share solar companies reporting a total revenue of approximately 1.38 trillion yuan, a year-on-year decrease of 17.96%, and a net profit of approximately -3.63 billion yuan, down 100.25% [9]. - In Q1 2025, these companies reported a total revenue of 279.14 billion yuan, with a net profit of approximately 47.44 billion yuan, indicating a significant decline compared to Q1 2024 [9]. - A total of 46 A-share solar companies reported negative net profits in 2024, with leading integrated companies like TCL Zhonghuan, Longi Green Energy, and Tongwei Co. facing the largest losses [10]. - Companies with energy storage businesses, such as Sungrow Power Supply, showed resilience, with notable profit growth driven by their storage segments [11]. Energy Storage Industry - The energy storage sector experienced a downturn in 2024 but showed signs of recovery in Q1 2025, with 21 A-share companies reporting a total revenue of 6.82 billion yuan, a decrease of 3.59%, and a net profit of 745.41 million yuan, down 21.4% [15]. - In Q1 2025, these companies achieved a total revenue of 1.58 billion yuan, a year-on-year increase of 12.39%, and a net profit of 210.33 million yuan, up 34% [15]. - The profitability in the energy storage sector is increasingly concentrated among leading companies, with firms like CATL and Sungrow Power Supply reporting significant profit increases [16]. - The Chinese market remains the largest for energy storage installations, driven by domestic policies and growing overseas demand [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance slightly exceeded the upper limit of forecasts, with growth in household storage and industrial storage expected in 2025 [1] - The company reported a revenue of 11.2 billion yuan for 2024, a year-on-year increase of 49.8%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65.3% year-on-year [8] - The company anticipates continued improvement in shipments, particularly in household storage, driven by demand in regions with power shortages [8] Financial Forecasts - Total revenue projections are as follows: 2023A: 7.48 billion yuan, 2024A: 11.206 billion yuan, 2025E: 14.09 billion yuan, 2026E: 16.908 billion yuan, 2027E: 19.782 billion yuan [1] - Net profit attributable to shareholders is forecasted to be: 2023A: 1.791 billion yuan, 2024A: 2.960 billion yuan, 2025E: 3.848 billion yuan, 2026E: 4.647 billion yuan, 2027E: 5.490 billion yuan [1] - The latest diluted EPS is projected to be: 2024A: 4.58 yuan, 2025E: 5.96 yuan, 2026E: 7.19 yuan, 2027E: 8.50 yuan [1] Segment Performance - In 2024, the inverter segment generated revenue of 5.56 billion yuan, a year-on-year increase of 25.4%, with a gross margin of 47.8% [8] - The energy storage battery pack segment saw revenue of 2.45 billion yuan, up 177.2% year-on-year, with a gross margin of 41.3% [8] - The heat exchanger segment reported revenue of 1.95 billion yuan, a 45.4% increase year-on-year, with a gross margin of 12.1% [8] Market Dynamics - The company experienced rapid growth in Europe, Pakistan, and Ukraine, with significant contributions from various markets [8] - The demand for household storage products is expected to continue improving, particularly in regions facing energy shortages [8]

Core Viewpoint - DeYe Co., Ltd. (605117.SH) reported its Q1 2025 financial results, highlighting significant institutional investor interest and changes in public fund holdings [1][2] Group 1: Institutional Investor Holdings - As of April 30, 2025, a total of 177 institutional investors disclosed holdings in DeYe Co., with a combined shareholding of 338 million shares, representing 52.40% of the total share capital [1] - The top ten institutional investors collectively hold 45.78% of the shares, with a 1.01 percentage point increase from the previous quarter [1] Group 2: Public Fund Holdings - In the current period, 72 public funds increased their holdings, with a total increase rate of 0.91%, including funds like Jiaoyin Balanced Growth One-Year Mixed A and Guangfa High-End Manufacturing Stock A [2] - Conversely, 40 public funds reduced their holdings, with a decrease rate of 1.02%, including funds like Guotai Junan New Energy Mixed A and Guotai Junan Advanced Manufacturing Mixed [2] - There were 45 newly disclosed public funds, while 605 funds did not disclose their holdings in this period [2] Group 3: Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings, representing a 1.27% increase [2]

立信 2024 年业务收入（经审计）47.48 亿元，其中审计业务收入 36.72 亿元， 证券业务收入 15.05 亿元。2024 年度立信为 693 家上市公司提供年报审计服务， 审计收费 8.54 亿元，同行业上市公司审计客户 44 家。 宁波德业科技股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市 公司选聘会计师事务所管理办法》等法律法规及《审计委员会议事规则》的相关 规定，现将宁波德业科技股份有限公司（以下简称"公司"）审计委员会对 2024 年度会计师事务所履行监督职责情况汇报如下： 一、会计师事务所基本情况 （一）资质条件 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业 务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB） 注册登记。 截至 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-030 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公告 ●特别风险提示：公司及子公司拟使用部分暂时闲置募集资金进行现金管理， 但金融市场受宏观经济影响较大，不排除受到政策风险、市场风险、流动性风险 等因素带来的影响，理财收益具有不确定性。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意宁波德业科技股份有限公司向特定对 象发行股票注册的批复》（证监许可[2023]1583号）注册，公司向特定对象发行 人民币普通股（A股）数量为35,997,120股，发行价格为55.56元/股，募集资金总 额合计人民币1,999,999,987.20元，扣除与本次发行有关的费用共计人民币 8,249,002.89元（不含增值税），实际募集资金净额为人民币1,991,750,984.31元。 上述募集资金已于2024年6月14日全部到位。立信会计师事务所（特殊普通合伙） 对上述募集资金到位情况进行了验证，并出具了信会师报字[2024]第ZF10952 号 《验资报告》。公司开立了募集资金专用账户，对上述募集资金进行专户存储。 二、投 ...

宁波德业科技股份有限公司 审计委员会对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上市 公司选聘会计师事务所管理办法》等法律法规及《审计委员会议事规则》的相关 规定，现将宁波德业科技股份有限公司（以下简称"公司"）审计委员会对 2024 年度会计师事务所履行监督职责情况汇报如下： 一、会计师事务所基本情况 （一）资质条件 立信会计师事务所（特殊普通合伙）由我国会计泰斗潘序伦博士于 1927 年 在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会 计师事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信是国际会计网 络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业 务许可证，具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB） 注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员 总数 10,021 名，签署过证券服务业务审计报告的注册会计师 743 名。 立信 2024 年业务收入（经审计）47.48 亿元，其中审计业务收入 36.72 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-039 宁波德业科技股份有限公司 关于会计政策变更的公告 2024 年 12 月 6 日，财政部发布了《企业会计准则解释第 18 号》（财会[2024]24 号），规定了"关于不属于单项履约义务的保证类质量保证的会计处理"的内容， 该解释自印发之日起施行，允许企业自发布年度提前执行。 （二）变更前公司采用的会计政策 本次会计政策变更前，公司执行财政部发布的《企业会计准则——基本准则》 和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告以及其他 相关规定。 （三）变更后公司采用的会计政策 本次会计政策变更后，公司将执行《企业会计准则解释第 18 号》的相关规 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： 本次会计政策变更是宁波德业科技股份有限公司（以下简称"公司"）根据 中华人民共和国财政部（以下简称"财政部"）于 2024 年 12 月 6 日发布的《企 业会计准则解释第 18 号》（财会[2024]24 号）相关规定进行的变更 ...

中国国际金融股份有限公司关于 宁波德业科技股份有限公司 2024 年度募集资金存放与使用情况的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 宁波德业科技股份有限公司（以下简称"德业股份"、"发行人"或"公司"） 2022 年度向特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务 管理办法》《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管 要求》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号——规范运作》等有关规定，对公司 2024 年度募集资金存放与使用情 况进行了专项核查，核查情况与意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 经中国证券监督管理委员会证监许可[2023]1583 号《关于同意宁波德业科技 股份有限公司向特定对象发行股票注册的批复》注册，公司向特定对象发行人民 币普通股（A 股）35,997,120 股，发行价格 55.56 元/股，募集资金总额为 1,999,999,987.20 元，扣除保荐承销费用人民币 7,547,169.76 元，减除其他与发行 权益性证券直接相关的 ...