北京大成（宁波）律师事务所 关 于 宁波德业科技股份有限公司 2024 年第三次临时股东大会的 法律意见书 www.dentons.cn 浙江省宁波市和济街 180 号国际金融中心 E 座 17-18 楼 315040 电话 +86 574 8732 6088 传真 +86 574 8789 3911 二〇二四年十一月 宁波德业科技股份有限公司 2024 年第三次临时股东大会 北京大成（宁波）律师事务所 关于宁波德业科技股份有限公司 2024 年第三次临时股东大会的法律意见书 致：宁波德业科技股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大 会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和规范性 文件的要求，北京大成（宁波）律师事务所（以下简称"本所"）接受宁波德业科 技股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2024 年第三次 临时股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人 ...

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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 证券代码：605117 证券简称：德业股份 公告编号：2024-078 宁波德业科技股份有限公司 2024 年第三次临时股东大会决议公告 (一)股东大会召开的时间：2024 年 11 月 14 日 (二)股东大会召开的地点：宁波市北仑区甬江南路 26 号研发楼 7 楼 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 911 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 408,558,161 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 63.7152 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长张和君先生主持，大会采取现 场投票和网络投票相结合的方式进行表决。本次会议的召集、召开和表决 ...

德业股份(605117) / 光伏设备 / 公司点评 / 2024.11.12 因 投资评级:增持(维持) | --- | --- | |-------------------|------------| | 基本數据 | 2024-11-12 | | 收盘价(元) | 88.65 | | 流通股本(亿股) | 6.09 | | 每股净资产(元) | 14.55 | | 总股本(亿股) | 6.45 | | 最近 12月市场表现 | | 张一弛 分析师 SAC 证书编号： S0160522110002 zhangyc02@ctsec.com � 相关报告 1.《组串式逆变器业务在新兴市场表现 突出》 2024-08-28 2. 《光伏储能双轮驱动促发展,成本产 品双端优势迎增长》 2024-08-17 3. 《光伏储能双轮驱动促发展,成本产 品双端优势迎增长》 2024-03-17 � 核心观点 ■ 证券研究报告 事件:公司 3Q2024 营收 32.68 亿元,同比增长 128.16%,环比增长 14.08%。 公司 3Q2024 归母净利润 10.04 亿元,同比增长 229.52%,环比增长 25.06 ...

Investment Rating - Buy/Maintain rating for Deye Co Ltd (605117) with a target price of 94.56 [1] Core Views - Deye Co Ltd's 2024 Q3 report shows significant improvement in profitability, driven by rapid growth in battery packs and commercial energy storage [1] - Revenue for Q1-3 2024 reached 8.02 billion yuan, a 26.7% year-on-year increase, with net profit attributable to shareholders of 2.24 billion yuan, up 42.8% year-on-year [1] - Q3 2024 revenue was 3.27 billion yuan, a 128.2% year-on-year increase, with net profit attributable to shareholders of 1 billion yuan, up 229.5% year-on-year [1] - Gross profit margin and net profit margin for Q1-3 2024 were 40.2% and 27.9%, respectively, with Q3 margins at 44.5% and 30.7%, up 8.4 and 9.5 percentage points year-on-year [1] - The company's operating cash flow for Q1-3 2024 was 2.68 billion yuan, indicating strong operational quality [1] Financial Performance - Revenue for 2024 is forecasted to be 12.04 billion yuan, a 61% year-on-year increase, with net profit attributable to shareholders of 3.096 billion yuan, up 72.9% year-on-year [2] - Revenue for 2025 is expected to reach 15.26 billion yuan, a 26.7% year-on-year increase, with net profit attributable to shareholders of 3.805 billion yuan, up 22.9% year-on-year [2] - Revenue for 2026 is projected to be 19.26 billion yuan, a 26.3% year-on-year increase, with net profit attributable to shareholders of 4.633 billion yuan, up 21.8% year-on-year [2] - The company's PE ratio for 2024-2026 is estimated at 20/16/13 times [2] Market and Product Development - Deye Co Ltd has expanded its market coverage in emerging markets such as Pakistan, Ukraine, Germany, India, Philippines, and Myanmar, despite a significant decline in the South African market [1] - The company has developed new products such as balcony micro energy storage inverters and commercial energy storage PCS-100KW series, leveraging its deep understanding of market demand [1] - The company's inverter products have driven sales of energy storage battery packs, contributing to rapid growth in this segment [1] Future Outlook - With the global interest rate cut cycle, the economic viability of residential and commercial solar storage products is expected to improve, supporting high growth in emerging markets and recovery in European and American markets [1] - The company is well-positioned as a leader in energy storage and inverter exports, with potential for further growth from new commercial energy storage and battery pack products [1]

证券代码：605117 证券简称：德业股份 公告编号：2024-077 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： 公司之全资子公司海盐德业新能源科技有限公司曾与交通银行股份有限公 司签署相关协议，具体信息详见公司在上海证券交易所网站（www.sse.com.cn） 披露的《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》（公告编号： 2024-059）。 上述理财产品已于 2024 年 11 月 4 日兑付收益，理财产品本金以及理财产品 二、公司最近十二个月使用募集资金进行现金管理的情况 | | | | 金额：万元 | | --- | ●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 6,000 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 95 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 ...

宁波德业科技股份有限公司 2024 年第三次临时股东大会 会议资料 二零二四年十一月十四日 宁波德业科技股份有限公司 2024 年第三次临时股东大会 会议资料 目录 | 2024 | 年第三次临时股东大会会议须知 2 | | --- | --- | | 2024 | 年第三次临时股东大会会议议程及相关事项 3 | | 议案一：关于 | 年前三季度利润分配方案的议案 5 2024 | 1 宁波德业科技股份有限公司 2024 年第三次临时股东大会 会议资料 公司代码：605117 公司简称：德业股份 宁波德业科技股份有限公司 2024 年第三次临时股东大会会议须知 尊敬的各位股东及股东代理人： 宁波德业科技股份有限公司（以下简称"公司"或"德业股份"）为维护股 东的合法权益，确保股东及股东代理人在公司本次股东大会期间依法行使权利， 保证股东大会的正常秩序和议事效率，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公 司股东大会规则》等有关规定，特制定如下规定： 一、出席会议的股东（或股东代理人）须在会议召开前 15 分钟到达会议现 场向董事会办公 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved a revenue of 8.016 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 26.72%. The net profit attributable to shareholders reached 2.240 billion yuan, up 42.81% year-on-year [2][3]. - In Q3 2024, the company reported a revenue of 3.268 billion yuan, a significant year-on-year increase of 128.16%, and a quarter-on-quarter increase of 14.08%. The net profit attributable to shareholders was 1.004 billion yuan, reflecting a year-on-year growth of 229.52% and a quarter-on-quarter growth of 25.06% [2][3]. - The company's inverter business experienced high growth due to strong demand in emerging markets and reconstruction efforts in Ukraine. The differentiated layout in emerging markets has led to significant performance improvements [3]. - The energy storage battery pack business is rapidly growing, benefiting from high integration, safety, and long cycle life. The synergy with self-owned energy storage inverters is expected to enhance profitability [3]. - Revenue forecasts for 2024-2026 are projected at 11.033 billion, 15.171 billion, and 19.963 billion yuan, with corresponding growth rates of 47.5%, 37.5%, and 31.6%. Net profits are expected to be 3.182 billion, 4.009 billion, and 5.015 billion yuan, with growth rates of 77.7%, 26.0%, and 25.1% respectively [3][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 11.033 billion yuan, with a growth rate of 47.5%. The net profit attributable to shareholders is projected to be 3.182 billion yuan, reflecting a growth rate of 77.7% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 4.93 yuan, with a price-to-earnings (PE) ratio of 19 [4][6]. - The company’s gross margin is expected to be 41.66% in 2024, with a net profit margin of 28.84% [6].

证 券 研 究 报 告 德业股份（605117）2024 年三季报点评 推荐（维持） 储能逆变器出货同环比高增，盈利能力保持 坚挺 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 8.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27%, with a net profit attributable to shareholders of 2.24 billion yuan, up 43% year-on-year [2] - In Q3 2024, the company achieved a revenue of 3.27 billion yuan, with a quarter-on-quarter increase of 128% and a year-on-year increase of 14%, while the net profit reached 1 billion yuan, reflecting a quarter-on-quarter increase of 230% [2] - The company’s gross margin for Q3 2024 was 44.5%, an increase of 8.4 percentage points quarter-on-quarter [2] Revenue and Profit Forecast - The company’s total revenue is projected to reach 11.82 billion yuan in 2024, with a year-on-year growth of 58%, and net profit is expected to be 3.16 billion yuan, reflecting a growth of 76.68% [1][5] - The earnings per share (EPS) for 2024 is estimated at 4.91 yuan, with a price-to-earnings (P/E) ratio of 18.34 based on the current price [1][5] Product Performance - The company’s energy storage inverters generated revenue of 3.23 billion yuan in the first three quarters of 2024, with total sales of 406,200 units, a year-on-year increase of over 15% [3] - In Q3 2024, the company shipped 210,000 units of energy storage inverters, a quarter-on-quarter increase of over 40% [3] - The company’s micro-inverter sales in Q3 2024 were 97,000 units, a decrease of approximately 40% quarter-on-quarter, primarily due to weakened demand in Germany [4] Financial Health - The company’s operating cash flow for Q3 2024 was 1.36 billion yuan, an increase of 970 million yuan year-on-year [4] - The company’s inventory at the end of Q3 2024 was 1.38 billion yuan, an increase of 83% compared to the beginning of the year [4] - The company’s total assets are projected to reach 16.17 billion yuan in 2024, with total liabilities of 5.77 billion yuan [11]

Investment Rating - The report maintains a "Recommend" rating for the company [1][6] Core Views - The company has shown impressive revenue growth, with a 26.7% year-on-year increase in revenue for the first three quarters, reaching 8.016 billion yuan. The third quarter alone saw a remarkable 128.2% year-on-year growth in revenue [3][4] - The net profit for the first three quarters was 2.240 billion yuan, reflecting a 42.8% year-on-year increase, with the third quarter net profit soaring by 229.5% year-on-year [3][4] - The company plans to distribute a cash dividend of 1.20 yuan per share, amounting to a total of 774 million yuan, which is 34.6% of the net profit for the first three quarters [5][6] Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 8.016 billion yuan, a 26.7% increase year-on-year. The third quarter revenue was 3.268 billion yuan, up 128.2% year-on-year and 14.1% quarter-on-quarter [3][4] - The gross margin for the first three quarters was 40.15%, slightly down from 40.49% in the same period last year but up from 37.15% in the previous half-year [4] - The total expenses ratio was 8.80%, an increase of 0.93 percentage points year-on-year, mainly due to reduced exchange gains [4] Market Position and Strategy - The company has diversified its market presence, reducing reliance on any single market, which enhances its growth potential. It has successfully tapped into emerging markets such as Pakistan, Ukraine, Germany, India, the Philippines, and Myanmar [6] - The company is a leading player in the household storage inverter market in China, with significant advantages in product, brand, and channel [6] Future Outlook - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 3.171 billion yuan, 4.138 billion yuan, and 4.962 billion yuan respectively, reflecting strong growth potential [6] - The report highlights the rapid growth of distributed solar storage demand in emerging markets and anticipates a recovery in the European market, supporting the company's diversified strategy [6]