Investment Rating - The report maintains a "Buy" rating for the company [2][3]. 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 26.7%, and a net profit attributable to shareholders of 2.24 billion yuan, up 42.8% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 3.27 billion yuan, marking a significant year-on-year growth of 128.2% and a quarter-on-quarter increase of 14.1%. The net profit for Q3 reached 1.00 billion yuan, reflecting a year-on-year increase of 229.5% and a quarter-on-quarter growth of 25.1% [2]. - The gross margin saw a substantial increase, likely due to optimized shipment structure, with Q3 gross margin at 44.5%, up 6.8 percentage points quarter-on-quarter and 8.4 percentage points year-on-year [2]. - Despite a general decline in the industry, the company maintained revenue and net profit growth in Q3, indicating strong channel advantages in emerging markets [2]. - Inventory increased slightly to 1.38 billion yuan, up 20.9% quarter-on-quarter, attributed to typhoon impacts and preparations for Q4 demand [2]. Summary by Sections Performance Overview - Revenue for 2024E is projected at 11.57 billion yuan, with a growth rate of 54.68%, and net profit is expected to reach 2.90 billion yuan, reflecting a growth rate of 62.06% [5]. - The diluted earnings per share for 2024E is estimated at 4.502 yuan, with a P/E ratio of 19.99 [5]. Profitability and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 2.90 billion yuan (+3%), 3.93 billion yuan (+10%), and 4.62 billion yuan (+9%), corresponding to P/E ratios of 20, 15, and 13 respectively [3][5]. - The return on equity (ROE) is projected to be 31.84% for 2024E, gradually decreasing to 31.96% by 2026E [5]. Market Position and Outlook - The company is expected to continue benefiting from strong demand in the energy storage inverter and battery pack segments, particularly in regions like Germany and Ukraine [2]. - The report anticipates sustained performance growth in Q4 due to the end of the rainy season in Southeast Asia and the launch of new products [2].

隐证券 公 司 研 究 德业股份（605117.SH） 2024 年 10 月 30 日 电力设备/光伏设备 多区域市场出货稳步增长，业绩表现亮眼 ——公司信息更新报告 投资评级：买入（维持） 鞠爽（分析师） jushuang@kysec.cn 证书编号：S0790524070002 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 90.00 | | 一年最高最低 ( 元 ) | 111.80/55.51 | | 总市值 ( 亿元 ) | 580.64 | | 流通市值 ( 亿元 ) | 548.25 | | 总股本 ( 亿股 ) | 6.45 | | 流通股本 ( 亿股 ) | 6.09 | | 近 3 个月换手率 (%) | 84.99 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -40% 0% 40% 80% 120% 160% 2023-10 ...

本公司监事会及全体监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。 证券代码：605117 证券简称：德业股份 公告编号：2024-074 宁波德业科技股份有限公司 第三届监事会第七次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2024 年前三季度利润分配方案的议案》 经核查，监事会认为公司本次利润分配方案充分考虑了公司的盈利情况、资 金需求情况等因素，符合公司经营现状，合理履行了相关程序，符合《关于进一 步落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上市 公司现金分红》《公司章程》等相关规定，不存在损害公司及全体股东利益的情 形。因此，监事会同意本次利润分配方案，并同意将该方案提交至公司股东大会 审议。 一、 监事会会议召开情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法 规及《宁波德业科技股份有限公司章程》（以下简称"《公司章程》"）的规定， 宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日上午 10 时在公司 9 楼 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-075 宁波德业科技股份有限公司 关于 2024 年前三季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。 每股分配比例：每股派发现金红利 1.20 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为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另外公告具体调整情况。 一、利润分配方案内容 根据宁波德业科技股份有限公司（以下简称"公司"）2024 年第三季度报告 （未经审计），截至 2024 年 9 月 30 日，公司期末可供分配利润(母公司报表口径) 为人民币 4,795,792,154.26 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》和公司《2024 年度"提质增效重回报"行动方案》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 2024 年前三季度拟以 实施权 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-076 宁波德业科技股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 网络投票起止时间：自 2024 年 11 月 14 日 至 2024 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 14 日 14 点 00 分 召开地点： ...

证券代码：605117 证券简称：德业股份 公告编号：2024-073 本次会议由张和君先生主持，公司监事、高级管理人员列席了会议。会议的 召开符合《公司法》《公司章程》及其他有关法律、法规的规定，形成决议合法 有效。 二、 董事会会议审议情况 宁波德业科技股份有限公司 第三届董事会第九次会议决议公告 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、 董事会会议召开情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法规及 《宁波德业科技股份有限公司章程》（以下简称"《公司章程》"）的规定，宁波德 业科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日上午 9 时在公司 9 楼会议室召开第三届董事会第九次会议，本次会议以现场结合通讯方式召开。 本次会议于 2024 年 10 月 18 日以书面、邮件等方式通知了全体董事。会议应到 董事 7 名，实到董事 7 名，董事张和君、张栋斌、ZHANG DONG YE、谈最以现 场参会形式参加了会议，董事朱一鸿、诸成刚、沙亮亮以通讯方式参加 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,267,871,555.26, representing a year-on-year increase of 128.16%[2] - Net profit attributable to shareholders for Q3 2024 was ¥1,003,919,509.97, a significant increase of 229.52% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥921,159,847.29, reflecting a year-on-year growth of 187.53%[2] - Basic earnings per share for Q3 2024 were ¥1.59, up 213.52% from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥8,016,066,000.83, a 26.8% increase from ¥6,325,905,703.74 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was ¥2,572,848,678.58, compared to ¥1,821,777,572.68 in the previous year, reflecting a significant growth[17] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥2,239,603,338.01, up from ¥1,568,267,580.18 in 2023, indicating a year-over-year increase of 42.7%[17] - The total comprehensive income for the first three quarters of 2024 was ¥2,239,269,693.98, compared to ¥1,567,958,653.72 in the same period of 2023, representing a growth of 42.7%[18] - The company's basic earnings per share for the first three quarters of 2024 were ¥3.64, compared to ¥2.60 in the previous year, indicating a 40% increase[18] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥15,256,376,309.17, an increase of 41.04% compared to the end of the previous year[3] - The total liabilities as of the end of Q3 2024 amounted to ¥5,877,246,321.60, compared to ¥5,585,950,423.64 at the end of Q3 2023, showing an increase of 5.2%[15] - The equity attributable to shareholders reached ¥9,379,129,987.57, marking a 79.28% increase year-on-year[3] - The company's total equity reached ¥9,379,129,987.57, up from ¥5,231,433,595.23 in the previous year, marking an increase of 79.5%[15] - The total number of common shareholders at the end of the reporting period is 32,647[8] - The largest shareholder, Ningbo Meishan Bonded Port Area Aisri Investment Management Co., Ltd., holds 228,636,979 shares, accounting for 35.46% of total shares[10] Cash Flow - The company reported a net cash flow from operating activities of ¥2,683,105,526.11 for the year-to-date, which is a 25.66% increase compared to the same period last year[3] - The cash inflow from operating activities for the first three quarters of 2024 was CNY 6,632,103,456.53, an increase of 14.93% compared to CNY 5,771,572,804.28 in the same period of 2023[20] - The net cash flow from operating activities was CNY 2,683,105,526.11, up 25.67% from CNY 2,135,189,827.93 year-on-year[20] - The cash inflow from investment activities reached CNY 8,206,616,211.72, significantly higher than CNY 1,143,684,154.74 in the previous year[20] - The net cash flow from investment activities was -CNY 2,199,301,524.30, worsening from -CNY 1,116,817,535.87 in the same period last year[20] - The cash inflow from financing activities totaled CNY 6,060,339,079.38, compared to CNY 1,915,000,000.00 in 2023[21] - The net cash flow from financing activities was -CNY 218,595,832.35, a decline from a positive CNY 37,962,198.19 in the previous year[21] - The total cash and cash equivalents at the end of the period amounted to CNY 2,699,350,291.72, down from CNY 3,336,846,982.25 at the end of Q3 2023[21] Market Expansion and Operations - The company has expanded its market presence in emerging markets such as Pakistan, Ukraine, India, and the Philippines, compensating for declines in the South African market[6] - The rapid growth in sales of energy storage battery packs has significantly contributed to the increase in revenue and net profit for the reporting period[7] - The company completed a targeted issuance of shares and employee stock option exercises, contributing to the increase in total assets and equity[7] Inventory and Expenses - The company reported a significant increase in inventory, which rose to ¥1,379,829,349.94 from ¥754,002,316.31[13] - Research and development expenses for the first three quarters of 2024 were ¥354,019,879.50, slightly up from ¥343,240,295.86 in the same period of 2023[16] - The total cost of operations for the first three quarters of 2024 was ¥5,566,232,763.63, compared to ¥4,302,989,169.27 in the same period of 2023, reflecting a rise of 29.3%[16] - The company's financial liabilities included accounts payable of ¥1,812,398,775.64, which increased from ¥836,876,432.30 year-over-year[14] - The cash paid to employees increased to CNY 565,971,241.75, up 25.14% from CNY 452,378,662.42 in the previous year[20] - The cash paid for taxes was CNY 489,934,512.04, an increase from CNY 431,017,946.48 in the same period last year[20] - The company received tax refunds of CNY 351,083,483.66, an increase of 76.38% compared to CNY 199,288,236.60 in the same period last year[20] Shareholder Participation - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[11] - Short-term borrowings decreased to ¥1,597,377,702.78 from ¥2,422,906,277.78[13]

证券代码：605117 证券简称：德业股份 公告编号：2024-072 宁波德业科技股份有限公司 ●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。保荐机构已出具同意的核查 意见。 一、理财产品到期赎回情况 公司之全资子公司海盐德业新能源科技有限公司曾与中国建设银行股份有 限公司宁波北仑分行签署相关协议，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：2024-056）。 上述理财产品已于 2024 年 10 月 25 日兑付收益，理财产品本金以及理财产 二、公司最 ...

2024年08月27日隔夜股份公司发布了半年度财务报告我们首先将从营业收入归母金利润来进行分析营业收入47.48亿元相比2023年同期的48.94亿元 同比下降了2.97%规模净利润12.36亿元相比2023年同期的12.64亿元同比下降了2.21%公司基本每股收益相较于去年同期从2.10元下降为2.05元从盈利能力分析公司销售净利率26.02%净资产收益率21.45%总资产报酬率10.93% 销售毛利率37.15%成本费用利润率41.53%偿债能力方面公司流动比率为1.95速动比率为1.74资产负债率为42.78%营业收入增长率为-2.97营业利润增长率为-4.13%净利润增长率为-2.21% 应付账款周转率1.43同比增长7.52%应收账款周转率5.74相比去年下降28.78%存货周转率3.15 同比下降2.17%总资产周转利0.39相比去年下降23.53%现金流量情况公司经营活动产生的现金流量进额为13.22亿元现金及现金等价近增加额为23.82亿元公司本报道期前十大流通股东北地区股42746.4万股占比66.99% 公司本报告期前十大流通股东每季持股42,742.89万股占比66.99%股东户数近几年 ...

Investment Rating - The investment rating for the company is maintained as "Recommended" [2][8] Core Views - The impact of the expected decrease in electricity prices in Pakistan is considered limited for the company, as the demand for energy storage remains strong due to ongoing power shortages and outdated infrastructure [2] - The company has set a sales target of 500,000 to 600,000 energy storage inverters for 2024, reflecting a year-on-year growth of over 25% [2] - The company is expected to achieve a net profit of 3 billion to 4.5 billion yuan from 2024 to 2026, with corresponding P/E ratios of 18.2, 15.6, and 12.2 [2][3] Financial Data Forecast - Main business revenue is projected to grow from 7.48 billion yuan in 2023 to 11.8 billion yuan in 2024, representing a year-on-year growth of 57.8% [3] - Net profit attributable to the parent company is forecasted to increase from 1.79 billion yuan in 2023 to 3 billion yuan in 2024, with a growth rate of 67.5% [3] - Earnings per share (EPS) is expected to rise from 2.78 yuan in 2023 to 4.65 yuan in 2024 [3] Market Performance - The company has seen a significant increase in inverter demand in Pakistan, with monthly sales rising from 3,000-4,000 units to 15,000 units since December 2023 [2] - The company is experiencing strong performance in the Asia, Africa, and Latin America markets, with a diversified risk profile and recovering growth in the European market [2]