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considered limited for the company, as the demand for energy storage remains strong due to ongoing power shortages and outdated infrastructure [2] - The company has set a sales target of 500,000 to 600,000 energy storage inverters for 2024, reflecting a year-on-year growth of over 25%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]

重要内容提示： 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划 2024 年第三季度 自主行权结果暨股份变动的公告 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。 证券代码：605117 证券简称：德业股份 公告编号：2024-071 2022 年股票期权激励计划首次授予股票期权第一个行权期行权结果：宁 波德业科技股份有限公司（以下简称"公司"）2022 年股票期权激励计划首次授 予股票期权第一个行权期可行权股票期权数量为 405.7200 万份，实际可行权期 间为 2023 年 9 月 1 日至 2024 年 7 月 25 日，行权方式为自主行权。2024 年第三 季度，共行权并完成股份过户登记 398.8328 万股，占可行权股票期权总量的 98.3025%。 2022 年股票期权激励计划首次授予股票期权第二个行权期行权结果：公 司 2022 年股票期权激励计划首次授予股票期权第二个行权期可行权股票期权数 量为 289.2456 万份，实际可行权期间为 2024 年 8 月 1 日至 2025 年 7 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 100.04 CNY, based on a 22x PE ratio for 2024 [2][4][8]. Core Views - The company is actively expanding its global footprint by participating in major renewable energy exhibitions in China and India, which are expected to enhance brand recognition and optimize global sales channels [1]. - The company's mid-year performance shows a solid foundation, with significant improvement in Q2 2023, where revenue reached 2.86 billion CNY, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.1% [1]. - The economic viability of solar storage is driving demand in emerging markets, particularly in developing countries where electricity needs are rising due to various challenges [1]. Summary by Sections Financial Performance - For the first half of 2023, the company reported a revenue of 4.75 billion CNY, a year-on-year decrease of 3.0%, and a net profit of 1.24 billion CNY, down 2.2% year-on-year. However, Q2 showed a strong recovery with revenue of 2.86 billion CNY and net profit of 800 million CNY, marking increases of 2.0% and 19.0% year-on-year, respectively [1][6]. - The forecast for net profit from 2024 to 2026 is adjusted to 2.93 billion CNY, 3.79 billion CNY, and 4.50 billion CNY, with corresponding earnings per share of 4.55 CNY, 5.88 CNY, and 6.98 CNY [2][6]. Market Dynamics - The report highlights the increasing electricity demand in developing countries, particularly in Pakistan and India, where energy shortages are prompting a shift towards solar storage solutions [1]. - Geopolitical conflicts, such as the situation in Ukraine, are also creating a surge in demand for home storage solutions due to significant drops in national power generation capabilities [1]. Valuation and Comparables - The company is compared to peers in the renewable energy sector, with a target price derived from a 22x PE ratio based on comparable companies, indicating a favorable valuation relative to its market position [2][8][9].

证券代码：605117 证券简称：德业股份 公告编号：2024-070 宁波德业科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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法律责任。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心视频直播和网络互动 重要内容提示： ●会议召开时间：2024 年 10 月 10 日(星期四) 下午 15:00-16:30 ● 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 2024 年 9 月 26 日(星期四) 至 10 月 9 日(星期三)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（ ...

Investment Rating - The report maintains a "Buy-A" rating for the company, with projected EPS for 2024-2026 at 4.63, 5.80, and 6.82 respectively, corresponding to PE ratios of 19.9, 15.9, and 13.5 based on the closing price of 91.90 on September 12, 2024 [1]. Core Views - The company experienced a year-on-year revenue decline of 3.0% in the first half of 2024, with total revenue of 47.5 billion yuan and a net profit of 12.4 billion yuan, down 2.2% year-on-year. However, Q2 showed a revenue increase of 2.0% year-on-year and a significant 52.1% increase quarter-on-quarter [3][4]. - The inverter business faced challenges with a revenue drop of 26.1% year-on-year, primarily due to decreased demand for storage inverters in the South African market. Nevertheless, the company sold 711,700 inverters in the first half of 2024, marking a 7.8% increase year-on-year [4]. - The sales of energy storage battery packs surged by 74.8% year-on-year, driven by high demand in emerging markets and the integration of products with the company's inverter sales channels [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with expected revenues of 115.96 billion yuan in 2024, 151.62 billion yuan in 2025, and 180.87 billion yuan in 2026, reflecting year-on-year growth rates of 55.0%, 30.8%, and 19.3% respectively [5][7]. - The net profit is forecasted to reach 2.983 billion yuan in 2024, 3.737 billion yuan in 2025, and 4.394 billion yuan in 2026, with corresponding growth rates of 66.6%, 25.3%, and 17.6% [5][7]. - Key financial ratios indicate a gross margin of 39.6% in 2024, a net margin of 25.7%, and a return on equity (ROE) of 32.1% [6][7].

宁波德业科技股份有限公司（以下简称"公司"）于2024年8月26日召开第 三届董事会第八次会议、第三届监事会第六次会议，审议通过了《关于对2022年 股票期权激励计划首次授予部分第一个行权期到期未行权的股票期权进行注销 的议案》，同意注销2022年股票期权激励计划首次授予部分第一个行权期中到期 但尚未行权的股票期权合计6.8864万份。具体情况如下： 根据《上市公司股权激励管理办法》《宁波德业科技股份有限公司2022年股 票期权激励计划（草案）》的相关规定，鉴于公司2022年股票期权激励计划首次 授予部分第一个行权期已于2024年7月25日届满，董事会决定注销首次授予部分 第一个行权期中到期但尚未行权的股票期权合计6.8864万份。本次注销2022年股 票期权激励计划股票期权合计6.8864万份。具体内容详见2024年8月27日公司披 露于上海证券交易所网站（www.sse.com.cn）的《关于对2022年股票期权激励计 划首次授予部分第一个行权期到期未行权的股票期权进行注销的公告》（公告编 号：2024-065）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company reported a revenue of 4.748 billion yuan for H1 2024, a year-on-year decrease of 2.97%, while the net profit attributable to the parent company was 1.236 billion yuan, down 2.21% year-on-year. In Q2 2024, revenue reached 2.864 billion yuan, an increase of 1.98% year-on-year and a significant 52.06% increase quarter-on-quarter. The net profit for Q2 was 803 million yuan, up 18.97% year-on-year and 85.44% quarter-on-quarter, indicating a positive operational trend [5][6]. Summary by Sections Revenue and Profit Analysis - The company's inverter business generated 2.32 billion yuan in revenue for H1 2024, a decline of 26% year-on-year, primarily due to a high base from the previous year in markets like South Africa. However, there was a notable performance in non-European and American markets such as Pakistan, India, Brazil, the Philippines, and Myanmar, leading to a rebound in Q2 with a significant increase in sales [5][6]. Product Performance - In H1 2024, the company sold 712,000 inverters, with breakdowns of 214,000 for storage inverters, 243,000 for micro-inverters, and 255,000 for string inverters. The demand for string inverters came from Brazil, India, and Germany, while storage inverters saw growth in Southeast Asia, the Middle East, Pakistan, and Europe. Micro-inverter demand was strong in Germany, Brazil, and France [5][6]. Financial Metrics - The company maintained a stable gross margin due to scale effects and continuous cost optimization. The battery pack business achieved revenue of 770 million yuan, a year-on-year increase of 75%, with expectations for significant Q2 growth. The company’s other businesses, including dehumidifiers and heat exchangers, also performed well, with revenues of 450 million yuan and 1.06 billion yuan, respectively, showing year-on-year increases of 32% and 17% [5][6]. Future Outlook - The company is expected to continue benefiting from high demand in electricity-deficient markets in Pakistan and Southeast Asia in Q3, with potential new growth from markets like Ukraine and Israel. The non-European and American markets are anticipated to maintain rapid growth, supported by the company's strong market insight, product differentiation, channel expansion, and cost control [6][7]. Profit Forecast - The company is projected to achieve profits of 3.2 billion yuan and 4.1 billion yuan for 2024 and 2025, respectively, corresponding to price-earnings ratios of 17 and 14 times [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company reported a revenue of 4.75 billion yuan for H1 2024, a year-on-year decrease of 3%, with a net profit of 1.24 billion yuan, down 2.2% year-on-year. However, Q2 2024 showed a revenue increase of 2% year-on-year and a significant 52.1% increase quarter-on-quarter [2]. - The demand for energy storage in emerging markets has driven growth, with a 60% increase in energy storage inverter shipments in Q2 2024 compared to the previous quarter [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 3.22 billion, 4.01 billion, and 4.85 billion yuan, respectively, reflecting a year-on-year growth of 80%, 24%, and 21% [2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 4.75 billion yuan, with a net profit of 1.24 billion yuan, and a non-recurring net profit of 1.16 billion yuan, showing a decline of 16.2% year-on-year [2]. - The energy storage inverter segment generated a revenue of 1.61 billion yuan in H1 2024, down 36% year-on-year, with shipments of 214,100 units, a decrease of 29% year-on-year [2]. - The battery pack business saw a revenue increase of 75% year-on-year, reaching 765 million yuan, with shipments of approximately 160,000 units, a 156% increase year-on-year [3]. Market and Business Outlook - The company is expected to continue benefiting from the growing demand for energy storage solutions in Asia, Africa, and Latin America, with a strong growth outlook for its inverter business [2]. - The report highlights the company's excellent cost control capabilities, with a period expense rate of 8.1% for H1 2024, indicating efficient management of operational costs [3]. - The company anticipates a significant increase in shipments for Q3 2024, projecting over 200,000 units for the battery pack segment, surpassing H1 2024 levels [3].

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [5]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $7.48 billion in 2023, increasing to $16.72 billion by 2026, reflecting a compound annual growth rate (CAGR) of 42.9% from 2022 to 2023 and 18.1% from 2025 to 2026 [5][6]. - Earnings per share (EPS) are expected to rise from $2.81 in 2023 to $6.46 in 2026, showcasing a strong growth trajectory [5][6]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 30.6 in 2023 to 13.3 by 2026, suggesting that the stock may become more attractive as earnings grow [5][6]. Financial Performance Summary - Revenue projections for the company are as follows: $5.96 billion in 2022, $7.48 billion in 2023, $11.16 billion in 2024, $14.16 billion in 2025, and $16.72 billion in 2026, with year-over-year growth rates of 42.9%, 25.6%, 49.2%, 26.9%, and 18.1% respectively [5][6]. - The company's net income is expected to grow from $1.52 billion in 2022 to $4.12 billion in 2026, with a year-over-year growth rate of 162.3% in 2023 and 14.7% in 2026 [5][6]. - The report highlights a projected return on equity (ROE) of 34.2% in 2024, decreasing to 30.8% by 2026, indicating strong profitability [5][6]. Valuation Metrics - The report indicates a decreasing trend in the price-to-book (P/B) ratio from 10.5 in 2023 to 4.1 in 2026, which may suggest an undervaluation of the stock as the company grows [5][6]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to decline from 74 in 2023 to 30 by 2026, indicating improved operational efficiency and valuation attractiveness [5][6].

证券代码：605117 证券简称：德业股份 公告编号：2024-068 宁波德业科技股份有限公司股东集中竞价减持计划 时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，宁波德业科技股份有限公司（以下简称"公司"）股 东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"） 直接持有公司 10,870,272 股，占公司总股本的 2.53%；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"）直接持有公司 3,225,600 股，占公司总股本的 0.75%。亨丽创投、德派创投为公司员工持股平台。上述股 份为公司首次公开发行前取得的股份以及发行上市后以资本公积转增股本取得 的股份，并于 2024 年 4 月 22 日解除限售后上市流通。 2、公司实施 2023 年度权益分派以方案实施前的公司总股本 430,080,841 股 为基数，以资本公积金向全体股东每股转增 0.4 股，转增 172,032,336 ...