Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 11.206 billion yuan, a year-on-year growth of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% [1] - The company's energy storage business is a key growth driver, with revenue from energy storage inverters and batteries accounting for 71.5% of total revenue, showing a 50.70% increase [1] - The company is well-positioned to benefit from the growing demand in South Asia and Africa, with notable increases in inverter exports in Pakistan and Nigeria [2] Financial Performance - For 2024, the company achieved total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan [1] - In Q1 2025, revenue was 2.566 billion yuan, reflecting a year-on-year increase of 36.24%, while net profit reached 706 million yuan, up 62.98% [1] - The revenue from energy storage inverters was 8.008 billion yuan, representing a 50.70% increase, while energy storage battery revenue surged to 2.451 billion yuan, a growth of 177.19% [1] Market Expansion - The South Asian and African markets are showing strong growth potential, with Pakistan's monthly inverter export amounts significantly increasing and Nigeria's inverter exports reaching 101 million USD in 2024 [2] - India's national power plan aims for a cumulative installed capacity of 186 GW by 2026-2027, indicating a need for over 110 GW of new installations in the next 3-4 years [2] - European policy support is enhancing demand, with Germany simplifying regulations for balcony photovoltaic installations and other countries like Austria and France implementing supportive policies [2] Future Projections - The company is projected to achieve revenues of 14.670 billion yuan, 18.453 billion yuan, and 23.261 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.748 billion yuan, 4.862 billion yuan, and 6.123 billion yuan [2] - Earnings per share (EPS) are expected to be 5.80 yuan, 7.53 yuan, and 9.48 yuan for the same years, with price-to-earnings (PE) ratios of 14.86, 11.45, and 9.09 [2]

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, addressing the urgent demand for energy solutions [5][6] Financial Performance Summary - The company’s revenue projections for 2025-2027 are 14.80 billion yuan, 19.00 billion yuan, and 24.65 billion yuan respectively, with net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were 37.2% and 27.5%, showing improvements in profitability despite some increases in sales and management expenses [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, particularly in energy storage solutions, which are expected to drive future growth [5][6] Financial Performance Summary - The company’s revenue projections for 2025, 2026, and 2027 are 14.80 billion yuan, 19.90 billion yuan, and 24.65 billion yuan respectively, with corresponding net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 times respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were reported at 37.2% and 27.5%, showing improvements in profitability [4]

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

保荐机构根据《证券发行上市保荐业务管理办法》以及《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》的相关规定，出具 2024 年度持续督 导年度报告书。 1 序号 项目 工作内容 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的工 作计划 保荐机构已建立健全并有效执行了 持续督导制度，并制定了相应的工 作计划 2 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 持续督导协议，明确双方在持续督导期间 的权利和义务，并报上海证券交易所备案 保荐机构已与公司签订了保荐协 议，该协议已明确了双方在持续督 导期间的权利和义务，并报上海证 券交易所备案 3 通过日常沟通、定期回访、现场检查、尽 职调查等方式开展持续督导工作 保荐机构通过日常沟通、现场检查 相关文件、尽职调查等方式对公司 开展持续督导工作 4 持续督导期间，按照有关规定对上市公司 违法违规事项公开发表声明的，应于披露 前向上海证券交易所报告，并经上海证券 交易所审核后在指定媒体上公告 2024 年度公司在持续督导期不存在 需保荐机构公开发表声明的违法违 规事项 一、保荐机构对上市公司的持 ...

中国国际金融股份有限公司 2024 年度持续督导现场检查报告 上海证券交易所： 经中国证券监督管理委员会（以下简称"中国证监会"）《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，宁波德业 科技股份有限公司（以下简称"德业股份"、"公司"或"发行人"）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外 部费用人民币701,833.13元，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，到位情况已经立信会计师事务所（特殊普通合伙）审验 并出具信会师报字[2024]第ZF10952号《验资报告》。公司对募集资金采取了专户存储制 度。 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"）作为德业股份向 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》《上海证 券交易所股票上市规则》《上海证券交易所上市公司 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in national solar power generation from January to March 2025, while prices in the downstream of the industry chain are declining [3]. - The report emphasizes the launch of the first AI-powered exoskeleton robot in China, showcasing advancements in technology within the industry [1][4]. - The report notes that the first quarter of 2025 saw a new installed capacity of 59.71 GW in photovoltaic power generation, with distributed photovoltaic accounting for 60.8% of the total [5]. Summary by Sections Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Flat Glass Group (601865.SH) - Buy - A - Hengdian East Magnetic (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deye Technology (605117.SH) - Buy - A [3]. Price Tracking - The report provides price tracking data: - The average price of dense polysilicon is 40.0 CNY/kg, unchanged from last week, while granular silicon has decreased by 5.3% to 36.0 CNY/kg [6][7]. - The average price of 150um 182mm monocrystalline silicon wafers is 1.15 CNY/piece, unchanged, while 130um 183mm N-type wafers have decreased by 8.7% to 1.05 CNY/piece [7]. - The average price of M10 battery cells is 0.29 CNY/W, down 1.7%, and TOPCon battery cells are priced at 0.27 CNY/W, down 5.3% [8]. Investment Recommendations - The report recommends focusing on companies in various sectors: - New technology direction: Aishuo Co., Ltd., Longi Green Energy - Supply-side improvement direction: Flat Glass Group - Overseas layout direction: Hengdian East Magnetic, Sungrow Power Supply, Canadian Solar, Deye Technology [10].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 11.206 billion yuan for 2024, representing a year-on-year growth of 50%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.19 billion yuan, a significant increase of 177% year-on-year, although it saw a slight decline of 2% quarter-on-quarter. The net profit for this quarter was 721 million yuan, marking a 224% year-on-year increase but a 28% decrease from the previous quarter [2][4]. - For Q1 2025, the company reported a revenue of 2.566 billion yuan, a 36% increase year-on-year, but a 20% decrease quarter-on-quarter. The net profit for this quarter was 706 million yuan, up 63% year-on-year, with a 2% decline quarter-on-quarter [2][4]. Financial Performance - The inverter business generated a revenue of 5.56 billion yuan in 2024, growing by 25% year-on-year, with significant increases in sales volumes across various inverter types [10]. - The energy storage battery pack revenue reached 2.45 billion yuan, a remarkable growth of 177% year-on-year, with a gross margin of 41.3%, up 7.4 percentage points [10]. - The company expects to achieve a profit of 4 billion yuan in 2025, corresponding to a price-to-earnings ratio of only 14 times [6][10]. Market Outlook - The company is expected to benefit from increasing demand in emerging markets such as Southeast Asia, Africa, and the Middle East, with a stable market share and profitability anticipated for the year [10]. - The report highlights the company's strong alpha in emerging markets, with significant advantages in products, channels, and costs [10].

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]