Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company reported a significant quarter-on-quarter increase in performance for Q2, with emerging markets showing strong growth [2]. - In H1 2024, the company achieved operating revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%, and a net profit attributable to shareholders of 1.236 billion yuan, down 2.21% year-on-year [2]. - The company's inverter business saw a revenue of 2.32 billion yuan in H1 2024, a year-on-year decline of 26.06%, but the total shipment reached 711,700 units, an increase of 8% year-on-year [2]. - The energy storage battery pack business experienced a revenue growth of 74.82% year-on-year, reaching 765 million yuan, benefiting from the rising global demand for household energy storage products [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06%, with a net profit of 803 million yuan, up 18.97% year-on-year and 85.44% quarter-on-quarter [2]. - The gross margin for Q2 was 37.69%, and the net margin was 28.03% [2]. Business Segments - The inverter segment's revenue decreased, but shipments to emerging markets like Pakistan, Germany, Brazil, India, and South Africa showed strong performance [2]. - The energy storage inverter maintained a gross margin of 52.00%, slightly down from 54.96% in 2023 [2]. - The heat exchanger product revenue grew by 16.73% year-on-year, and dehumidifier product revenue increased by 31.98% year-on-year, driven by high temperature and humidity conditions [2]. Earnings Forecast - The company is projected to achieve revenues of 11.271 billion yuan, 15.561 billion yuan, and 19.586 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.49 yuan, 5.88 yuan, and 7.06 yuan [3]. - The current stock price corresponds to PE ratios of 19.8, 15.1, and 12.6 for the years 2024, 2025, and 2026 respectively, indicating a favorable outlook for the company's growth in the global solar storage market, particularly in emerging markets [3].

证券代码：605117 证券简称：德业股份 公告编号：2024-067 宁波德业科技股份有限公司 关于公司完成工商变更登记并换发营业执照的公告 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。 近日，因公司实际业务开展需要，将法定代表人由"张栋业"变更为"ZHA NG DONG YE"。本事项系法定代表人中英文名称的变更，不存在变更法定代 表人的情况。公司已取得宁波市市场监督管理局换发的《营业执照》，除上述变 更事宜外，公司《营业执照》的其他登记事项均保持不变。 主要信息如下： 公司名称：宁波德业科技股份有限公司 法定代表人：ZHANG DONG YE 住所：浙江省宁波市北仑区大碶甬江南路 26 号 成立时间：2000 年 8 月 4 日 经营范围：热交换器、制冷设备、除湿设备、空气净化设备、水净化设备、 新风系统设备、太阳能空调、逆变器、变频水泵、电子智能控制器的研发、制造、 销售；自有房屋租赁；自营和代理各类货物和技术的进出口，但国家限定或禁止 的技术和货物除外。（依法须经批准的项目，经相关部门批准后方可开展经营活 动 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5] Core Views - The company is expected to benefit from high growth in emerging markets, with significant increases in both revenue and profit anticipated in the upcoming quarters [5][6] - The company's performance in Q2 2024 showed a revenue increase of 52.1% quarter-on-quarter and a profit increase of 85.4% quarter-on-quarter, indicating strong recovery and demand in the photovoltaic inverter market [5][6] - The company has a strong market position in emerging markets, particularly in South Africa, Pakistan, India, the Philippines, and Myanmar, where there is a rigid demand for energy solutions [6][7] Financial Overview - For the first half of 2024, the company reported revenue of 4.75 billion yuan, a year-on-year decrease of 3.0%, and a net profit of 1.24 billion yuan, a year-on-year decrease of 2.2% [5][7] - In Q2 2024, revenue reached 2.86 billion yuan, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.1%, with net profit at 800 million yuan, a year-on-year increase of 19.0% and a quarter-on-quarter increase of 85.4% [5][6] - The company sold a total of 711,700 inverters in the first half of 2024, with significant contributions from energy storage inverters and micro-grid inverters [5][6] Segment Performance - In H1 2024, the revenue breakdown showed that inverter sales were 2.32 billion yuan (down 26.06% year-on-year), energy storage battery packs were 770 million yuan (up 74.82% year-on-year), heat exchangers were 1.06 billion yuan (up 16.73% year-on-year), and dehumidifiers were 450 million yuan (up 31.98% year-on-year) [5][6] - The energy storage battery pack business is rapidly growing, with revenue expected to reach 2.32 billion yuan in 2024, reflecting a year-on-year growth of 162.9% [8][10] Earnings Forecast and Valuation - The company is projected to achieve net profits of 3.02 billion yuan and 3.85 billion yuan in 2024 and 2025, respectively, representing year-on-year growth rates of 68.8% and 27.4% [7][10] - The report assigns a price-to-earnings (P/E) ratio of 24-25 times for 2024, suggesting a reasonable value range of 113.76 to 118.50 yuan per share [6][10]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company has a strong market presence in emerging markets, holding the top market share in its sector. Despite a slight decline in revenue and net profit in the first half of 2024, the company is expected to benefit from its differentiated layout in emerging markets and its advantages in inverter product channels and cost control [1][3]. Financial Performance - In the first half of 2024, the company achieved revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%. The net profit attributable to the parent company was 1.236 billion yuan, down 2.21%, while the net profit after deducting non-recurring gains and losses was 1.162 billion yuan, a decrease of 16.19% [1]. - The company's inverter business generated revenue of 2.321 billion yuan, a year-on-year decrease of 26.06%. The South African market, which has been affected by power shortages, saw a significant increase in photovoltaic installations, with 2.5 GW added in 2023, up 47% from 1.7 GW in 2022 [1]. - The energy storage battery pack business achieved revenue of 770 million yuan, a year-on-year increase of 74.82%, benefiting from the growing global demand for household energy storage products [1][4]. Market Position and Strategy - The company has established a strong brand and customer base in the South African market, leading to significant sales growth in energy storage inverters last year. However, sales in this segment have declined in the first half of 2024 due to reduced power shortages and increased competition [1]. - The company has successfully expanded its sales to emerging markets such as Pakistan, India, the Philippines, and Myanmar, which are experiencing rigid demand due to severe power shortages [1]. Future Outlook - The company is expected to see net profits of 2.933 billion yuan, 3.663 billion yuan, and 4.473 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 4.6, 5.74, and 7.01 yuan [1][4]. - The report anticipates a significant increase in revenue, projecting 12.192 billion yuan in 2024, 15.240 billion yuan in 2025, and 19.050 billion yuan in 2026, reflecting a year-on-year growth of 63.0%, 25.0%, and 25.0% respectively [4][5].

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 87.02 [1] - The sector rating is **Outperform** [1] Core Views - The company's Q2 2024 performance showed significant recovery, with net profit attributable to the parent company increasing by 18.97% YoY and 85.44% QoQ [3] - Inverter shipments increased by 7.77% YoY in H1 2024, driven by strong demand in emerging markets such as Pakistan, India, Philippines, and Myanmar [3] - The energy storage battery pack segment saw a 74.82% YoY revenue increase in H1 2024, benefiting from global demand for residential energy storage products [3] - The home appliance business, including heat exchangers and dehumidifiers, grew by 16.73% and 31.98% YoY, respectively, due to extreme weather conditions and increased consumer awareness [3] Financial Performance Summary - H1 2024 revenue decreased by 2.97% YoY to RMB 4.748 billion, while net profit attributable to the parent company decreased by 2.21% YoY to RMB 1.236 billion [3] - Q2 2024 net profit margin improved to 28.03%, up 4.00 percentage points YoY and 5.04 percentage points QoQ [3] - The company's gross margin for energy storage inverters remained stable at 52.00% in H1 2024, slightly down from 54.96% in 2023 [3] Valuation and Forecast - The report revised the EPS forecasts for 2024-2026 to RMB 4.57, RMB 5.82, and RMB 6.63, respectively, representing an increase of 29.8%, 25.4%, and 32.7% from previous estimates [3] - The P/E ratio for 2024-2026 is projected at 19.1x, 14.9x, and 13.1x, respectively [4] - The company's EV/EBITDA for 2024-2026 is forecasted at 15.5x, 12.2x, and 10.0x [4] Market Performance - The company's stock price has shown a 9.9% increase year-to-date, outperforming the Shanghai Composite Index by 13.8 percentage points [1] - Over the past 12 months, the stock has gained 21% in absolute terms and 5.3% relative to the Shanghai Composite Index [1] Industry Outlook - The photovoltaic equipment sector is experiencing a recovery in demand, particularly in emerging markets, driven by factors such as power shortages, rising electricity prices, and policy support [3] - The global residential energy storage market continues to grow, supporting the company's energy storage battery pack business [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 96.17 CNY per share based on a 20x PE valuation for 2024 [4][8]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 4.748 billion CNY, a year-on-year decrease of 2.97%, and a net profit of 1.236 billion CNY, down 2.21% year-on-year. The gross margin was 37.15%, a decline of 4.61 percentage points year-on-year [3][7]. - The company is experiencing growth in its emerging market layout, particularly in the inverter and energy storage sectors, with significant sales in countries like Pakistan, Germany, Brazil, India, and South Africa [2][7]. Financial Summary - Revenue for 2022 was 5.956 billion CNY, projected to grow to 12.000 billion CNY by 2024, reflecting a growth rate of 60.4% [3][10]. - The company's net profit is expected to increase from 1.517 billion CNY in 2022 to 3.068 billion CNY in 2024, representing a growth rate of 71.3% [3][10]. - The earnings per share (EPS) are forecasted to rise from 3.53 CNY in 2022 to 4.81 CNY in 2024 [3][10]. Business Segments - Inverter Business: Revenue for the inverter segment is expected to reach 6.514 billion CNY in 2024, with a gross margin of approximately 49% [7][9]. - Energy Storage Battery Packs: Revenue is projected to grow significantly, reaching 3.000 billion CNY in 2024, with a gross margin of around 38% [7][9]. - Heat Exchanger Series: Expected revenue for this segment is 1.469 billion CNY in 2024, with a stable gross margin of 11% [10]. - Dehumidifier Series: Revenue is anticipated to be 0.879 billion CNY in 2024, maintaining a gross margin of approximately 32% [10].

证 券 研 究 报 告 德业股份（605117）2024 年半年报点评 推荐（维持） 光储性价比凸显，新兴市场多点开花，公司 业绩有望持续向好 事项： ❖ 公司发布 2024 半年报，2024H1 公司实现营收 47.48 亿元，同比-2.97%；归母 净利润 12.36 亿元，同比-2.21%；毛利率 37.15%，同比-4.60pct；归母净利率 26.02%，同比+0.20pct。其中 2024Q2 公司实现营收 28.64 亿元，同比+1.98%， 环比+52.06%；归母净利润 8.03 亿元，同比+18.97%，环比+85.44%；毛利率 37.69%，同比-3.10pct，环比+1.37pct；归母净利率 28.03%，同比+4.00pct，环 比+5.04pct。业绩落在此前预告中值。 评论： ❖ 在传统市场增长乏力的情况下，新兴市场的爆发弥补了一定的缺口。今年上半 年，公司逆变器业务实现收入 23.22 亿元，同比减少 26.06%。今年以来，南非 市场缺电程度减弱，叠加竞争加剧、行业库存增加，导致今年南非市场储能逆 变器销售量同比下滑。今年上半年巴基斯坦、印度、菲律宾、缅甸等东南亚新 兴市 ...

证券研究报告 非金融公司|公司点评|德业股份（605117） 2024Q2 业绩受益于新兴市场放量环比 高增 glzqdatemark1 证券研究报告 |报告要点 2024H1，巴基斯坦、印度、菲律宾、缅甸等新兴市场因严重缺电和政策推动，逆变器需求大幅 增长，公司得益于前期在此类新兴市场的差异化布局，抓住了市场需求放量的机遇，一定程度 上弥补南非市场的缺口。鉴于公司在新兴市场的前瞻布局有望带来销售体量的进一步增长， 维持"买入"评级。 |分析师及联系人 贺朝晖 梁丰铄 SAC：S0590521100002 SAC：S0590523040002 德业股份(605117) 2024Q2 业绩受益于新兴市场放量环比高增 | --- | --- | |------------------------|-------------------| | 行 业： | 电力设备/光伏设备 | | 投资评级： | 买入（维持） | | 当前价格： | 87.02 元 | | 基本数据 | | | 总股本/流通股本(百万股 | 638.11/602.11 | | 流通 A 股市值(百万元) | 52,395.89 | | 每股净资 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 4.748 billion yuan in the first half of 2024, a year-on-year decrease of 2.97%, while the net profit attributable to shareholders was 1.236 billion yuan, an increase of 2.21% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06, with a net profit of 803 million yuan, reflecting a strong recovery driven by high demand in emerging markets [2]. - The inverter business is gradually recovering, with significant sales growth in energy storage in emerging markets like Pakistan, India, and the Philippines, compensating for declines in the South African market [2]. - The energy storage battery pack business saw rapid growth, achieving a revenue of 765 million yuan in the first half of 2024, a year-on-year increase of 74.82% [2]. - An employee stock ownership plan was established to enhance employee cohesion and attract talent, supporting long-term sustainable development [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 11.459 billion yuan, 14.538 billion yuan, and 18.002 billion yuan, with corresponding growth rates of 53.2%, 26.9%, and 23.8% [3]. - Net profit attributable to shareholders is expected to be 3.019 billion yuan, 3.621 billion yuan, and 4.370 billion yuan for the same years, with growth rates of 68.6%, 20.0%, and 20.7% respectively [3]. - The projected PE ratios for 2024, 2025, and 2026 are 18X, 15X, and 13X, indicating a favorable valuation outlook [3].

证 券 研 究 报 告 2024年08月27日 电力设备及新能源 德业股份(605117.SH) 盈利能力优良，新兴市场亮眼 推荐 ( 维持) 事项： 股价:87.02元 主要数据 | --- | --- | |-------------------|----------------------------------| | 行业 | 电力设备及新能源 | | 公司网址 | www.deye.com.cn | | 大股东/持股 | 宁波梅山保税港区艾思睿投资管理有 | | | 限公司/35.83% | | 实际控制人 | 张和君 | | 总股本(百万股) | 638 | | 流通A股(百万股) | 602 | | 流通B/H股(百万股) | | | 总市值(亿元) | 555 | | 流通A股市值(亿元) | 524 | | 每股净资产(元) | 12.15 | | 资产负债率(%) | 42.8 | 行情走势图 相关研究报告 【平安证券】德业股份（605117.SH）*首次覆盖报告 *亚非拉光储爆发，领军者行稳致远*推荐20240724 证券分析师 张之尧 投资咨询资格编号 | --- | |------- ...