证券代码：605117 证券简称：德业股份 公告编号：2025-009 关于公司与专业机构共同投资设立投资基金的进展 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。 一、本次对外投资概述 为推动公司持续发展，充分利用专业机构的经验和资源，拓宽公司产业布局 和战略视野，宁波德业科技股份有限公司（以下简称"公司"）与宁波曦晨私募 基金管理有限公司、戴志勇共同投资设立宁波德润泰和创业投资合伙企业（有限 合伙）（以下简称"投资基金"、"德润泰和"）。投资基金认缴出资总额为 10,000 万元，公司作为有限合伙人以自有资金认缴出资人民币 8,800 万元，出资占比 88%，宁波曦晨私募基金管理有限公司认缴出资人民币 200 万元，出资占比 2%， 戴志勇认缴出资人民币 1,000 万元，出资占比 10%。具体内容详见公司 2025 年 3 月 12 日披露于上海证券交易所网站（www.sse.com.cn）的《关于公司与专业机 构共同投资设立投资基金的公告》（公告编号：2025-008）。 二、投资基金进展 近日，公司收到宁 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-008 宁波德业科技股份有限公司 关于公司与专业机构共同投资设立投资基金的公告 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： ●投资项目名称：宁波德润泰和创业投资合伙企业（有限合伙）（以下简称 "投资基金"或"合伙企业"，暂定名，最终以实际注册登记为准）。 ●投资金额：投资基金认缴出资总额为 10,000 万元，宁波德业科技股份有 限公司（以下简称"公司"）作为有限合伙人以自有资金认缴出资人民币 8,800 万 元，出资占比 88%。 ●风险提示： 投资基金尚未完成工商注册登记，尚需完成中国证券投资基金业协会备案程 序，实施过程尚存在不确定性。本基金在运营过程中将受宏观经济、行业周期、 市场变化、投资标的等多种因素影响，可能存在投资项目不能实现预期收益的风 险。敬请投资者注意投资风险。 ●本次对外投资不涉及关联交易，不构成重大资产重组。根据《公司章程》 等相关制度规定，本次交易已履行内部审批程序，本次交易无需经过董事会审议， 无需提交股东大 ...

宁波德业科技股份有限公司 关于境外子公司完成设立登记、签订土地购买协议 暨对外投资的进展公告 证券代码：605117 证券简称：德业股份 公告编号：2025-007 公司已完成马来西亚子公司的设立登记，基本信息如下： 1、中文名称：德业新能源科技（马来西亚）有限公司 2、英文名称：DEYE NEW ENERGYTECHNOLOGY (MALAYSIA) SDN.BHD. 3、注册登记编号：202501000277 (1601692-P) 4、公司类型：有限责任公司 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。 一、本次对外投资概述 宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 12 月 16 日召开 了第三届董事会第十一次会议，审议通过了《关于对外投资并设立境外子公司的 议案》。为适应国际形势和贸易环境的不断变化，进一步拓展海外市场，公司拟 在马来西亚设立境外全资子公司并投资建设马来西亚生产基地，用于从事光伏设 备及储能电池等相关业务。 具体内容详见公司披露于上海证券交易所网站（www.sse.com. ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The wind power sector is experiencing accelerated export growth, with China's wind turbine exports reaching 5.19 GW in 2024, a year-on-year increase of 41.7% [7][14]. - The photovoltaic (PV) equipment sector is facing challenges with significant losses across the supply chain, prompting companies to adopt debt-to-equity swaps to mitigate cash flow issues [8][10]. - India's new mandatory energy storage policy for solar projects is expected to open up opportunities for Chinese energy storage companies in the Indian market [9][32]. Summary by Sections Wind Power - Wind power exports are on the rise, with major companies like Goldwind and Envision Energy leading the market, exporting 2.48 GW and 2.28 GW respectively in 2024 [14][15]. - The wind power index increased by 0.04% in the week of February 24-28, 2025, outperforming the CSI 300 index by 2.27 percentage points [16]. - The current price-to-earnings (P/E) ratio for the wind power sector is approximately 19.84 times [16]. Photovoltaic - Companies in the photovoltaic sector are implementing debt-to-equity swaps to address severe cash flow issues, with JinkoSolar and Aotai Technology being notable examples [8][10]. - The overall P/E ratio for the photovoltaic sector is around 35.2 times, indicating high valuation despite ongoing losses [4]. - The supply chain is under pressure, with upstream polysilicon production expected to decrease by 32%-46% in 2025, which may help stabilize prices in the future [8]. Energy Storage & Hydrogen - India's new policy mandates that all renewable energy projects include at least 10% co-located energy storage systems, potentially leading to a storage capacity of at least 14 GW by 2030 [9][32]. - The energy storage index saw a decline of 0.58%, with a current P/E ratio of 28.23 times [4]. - The hydrogen sector is also gaining attention, with companies focusing on electrolyzer technology and fuel cell systems [9]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [9]. - In the photovoltaic sector, attention is drawn to companies like Longi Green Energy and Tongwei Co., as the industry undergoes significant changes [9]. - In energy storage, companies like Sungrow Power Supply and Sunking Electric are highlighted for their strong growth potential [9].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4][6]. Core Views - The company has established a product matrix consisting of three main product series: heat exchangers, circuit control, and environmental appliances. The inverter products, including storage, micro-grid, and string inverters, have seen significant growth since 2016, with a notable increase in sales volume [1][25]. - The global household energy storage market is rapidly growing, benefiting the company's storage inverter sales, which have increased significantly from 2.62 million units in the first half of 2021 to 214,100 units in the first half of 2024 [1][42]. - The integration of energy storage battery products with storage inverters has opened new market opportunities, with revenue from storage battery products reaching approximately 884 million yuan in 2023, a year-on-year increase of 965.43% [2][50]. Summary by Sections 1. Traditional Business Development - The company has a stable development in traditional businesses, with inverters contributing significantly to performance elasticity. In 2023, the company achieved total revenue of 7.48 billion yuan, a year-on-year increase of 25.6% [16][18]. - The inverter products accounted for 66.44% of the company's revenue in 2022, with a remarkable growth of 230.41% compared to 2021 [18][23]. 2. Rapid Growth in Household Storage Market - The household storage market is experiencing rapid growth, driving high demand for storage inverters. The global household storage market is expected to exceed 15GW/34GWh by the end of 2023, with significant contributions from countries like Germany, Italy, Japan, the USA, and Australia [36][39]. - The company’s storage inverters have seen a substantial increase in shipment volume, with 214,100 units sold in the first half of 2024, despite a year-on-year decline of 28.56% in storage inverters [1][42]. 3. Emerging Market Demand - The demand for solar storage in emerging markets is robust, particularly in regions like South Africa and Pakistan, which are experiencing significant growth in solar installations due to supportive policies and government funding [3][54]. - In 2023, the company’s photovoltaic products had a revenue distribution of 32.84% in South Africa, 8.52% in Brazil, 7.20% in Hong Kong, 5.60% in Germany, and 4.04% in India, indicating a strong international presence [66]. 4. Profit Forecast and Investment Recommendations - The company is expected to see revenue growth from 10.31 billion yuan in 2024 to 15.38 billion yuan in 2026, with corresponding net profits increasing from 3.03 billion yuan to 4.72 billion yuan during the same period [4][11]. - The report anticipates a price-to-earnings ratio of 19, 15, and 12 times for the years 2024, 2025, and 2026, respectively, reflecting a favorable valuation for investors [4][11].

证券代码：605117 证券简称：德业股份 公告编号：2025-006 重要内容提示： ●宁波德业科技股份有限公司（以下简称"公司"）控股股东宁波梅山保税港 区艾思睿投资管理有限公司（以下简称"艾思睿投资"）持有公司股份数量 228,636,979 股，占公司总股本比例 35.42%；本次解除质押后，艾思睿投资所持 有的公司股份不存在质押的情况。 公司近日获悉控股股东艾思睿投资所持有本公司的部分股份已办理完成了 解除质押的手续，具体情况如下： 宁波德业科技股份有限公司 关于控股股东部分股份解除质押的公告 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。 一、控股股东解除质押基本情况 | 股东名称 | | 艾思睿投资 | | --- | --- | --- | | 本次解除质押股份 | | 2,800,000 | | 占其所持股份比例 | | 1.22% | | 占公司总股本比例 | | 0.43% | | 解除质押时间 | 2025 | 年 月 日 2 10 | | 持股数量 | | 228,636,979 | | 持股比 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-005 宁波德业科技股份有限公司 关于公司实际控制人、董事长增持公司股份的公告 重要内容提示： 宁波德业科技股份有限公司（以下简称"公司"）于近日收到公司实际 控制人、董事长张和君先生发来的告知函，张和君先生于 2025 年 2 月 10 日通过 上海证券交易所系统以连续竞价方式增持公司股份 120,000 股，占公司总股本的 0.02%。 一、增持主体基本情况 （一）增持主体：公司实际控制人、董事长张和君先生。 本次增持实施前，张和君先生及其一致行动人宁波梅山保税港区艾思睿投 资管理有限公司（以下简称"艾思睿投资"）、宁波梅山保税港区亨丽创业投资 合伙企业（有限合伙）（以下简称"亨丽创投"）、宁波梅山保税港区德派创业 投资合伙企业（有限合伙）（以下简称"德派创投"）、陆亚珠女士合计共持有 公司无限售条件流通股 392,488,779 股，占公司总股本的 60.81%。其中张和君 先生直接持股 144,506,880 股，占公司总股本的 22.39%，艾思睿投资持股 228,636,979 股，占公司总股本的 35.42%；亨丽创投持股 11,5 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-004 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购买理财产品到期 赎回的公告 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： ●现金管理受托方：交通银行宁波北仑支行。 ●本次现金管理金额：暂时闲置募集资金 10,000 万元。 ●现金管理产品名称及期限：交通银行蕴通财富定期型结构性存款 189 天（挂 钩汇率区间累计型）。 ●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 2024 年 7 月 18 日召开了第三届董事会第七次会议、第三届监事会第五次会议，审议 通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子 公司使用总额不超过人民币 100,000.00 万元（含本数）的暂时闲置募集资金进行 现金管理，用于购买安全性高、流动性好、不影响公司正常经营的保本型理财产 品，决议有效期自公司董事会审议通过之日起 12 个月内，在上述额度及期限内 可滚动使用。公司监事会已对该事项发表同意意见。保荐机 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [22]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 2.9 to 3.1 billion yuan in 2024, representing a year-on-year increase of 61.9% to 73.1%. For Q4 2024, the expected net profit is between 660 to 860 million yuan, showing a significant year-on-year growth of 196.5% to 286.3% [2][4]. - The company benefits from a first-mover advantage in emerging markets, with strong demand for household energy storage products driven by power shortages in regions like Asia, Africa, and Latin America. The company has adapted its product offerings based on regional needs, leading to substantial revenue growth [4][8]. - The company plans to establish a wholly-owned subsidiary in Malaysia to enhance its international market presence and production capacity, which is expected to facilitate market expansion and risk management [4][8]. Financial Summary - Total revenue is expected to grow from 7.48 billion yuan in 2023 to 11.76 billion yuan in 2024, reflecting a growth rate of 57.2% [4]. - The net profit attributable to shareholders is forecasted to increase from 1.79 billion yuan in 2023 to 3.00 billion yuan in 2024, indicating a growth rate of 67.5% [4]. - Earnings per share (EPS) is projected to rise from 2.78 yuan in 2023 to 4.65 yuan in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 32 times in 2023 to 19 times in 2024, suggesting improved valuation metrics [4]. Market Performance - The company has shown a strong market performance compared to the CSI 300 index, with a notable increase of 89% over the past year [7]. Future Outlook - The demand for energy storage solutions is anticipated to remain stable, with significant growth expected in emerging markets such as the Middle East, Southeast Asia, and Africa. The integration of battery pack and inverter sales channels is expected to drive further revenue growth [4][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.9 to 3.1 billion yuan in 2024, representing a year-on-year growth of 62% to 73% [8] - The company has a strong growth potential in household and commercial energy storage for 2025, driven by demand in emerging markets [8] - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.0 billion, 3.9 billion, and 4.7 billion yuan respectively, with growth rates of 68%, 29%, and 20% [8] Financial Projections - Total revenue is projected to grow from 7,480 million yuan in 2023 to 11,251 million yuan in 2024, reflecting a year-on-year increase of 50.42% [1] - The net profit attributable to shareholders is forecasted to rise from 1,791 million yuan in 2023 to 3,007 million yuan in 2024, indicating a growth of 67.92% [1] - The earnings per share (EPS) is expected to increase from 2.78 yuan in 2023 to 4.66 yuan in 2024 [1] Market Data - The closing price of the stock is 88.58 yuan, with a market capitalization of approximately 57.16 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 31.92 in 2023 to 19.01 in 2024 [1][9] Operational Insights - The company is experiencing a decline in energy storage inverter shipments in Q4 2024 due to seasonal factors, but improvements are expected in early 2025 [8] - The introduction of new products, such as single-phase off-grid hybrid inverters, is anticipated to meet the growing demand in the Asia-Pacific and African markets [8]