公 司 研 究 Q2 业绩环比高增，充分受益亚非拉市场需求放量 德业股份（605117.SH） 2024 年 08 月 27 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------------|--------------------------| | 殷晟路（分析师） | 鞠爽（分析师） | | yinshenglu@kysec.cn | jushuang@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790524070002 | | --- | --- | |--------------------|--------------| | 日期 | 2024/8/27 | | 当前股价(元) | 87.02 | | 一年最高最低(元) | 109.96/55.51 | | 总市值(亿元) | 555.28 | | 流通市值(亿元) | 523.96 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.02 | | 近 3 个月换手率(%) | 96.96 | 股价走势图 德业股份 沪深3 ...

证券研究报告·公司点评报告·家电零部件Ⅱ 德业股份（605117） 2024 中报点评：Q2 新兴市场拉动光储逆变 器爆发，盈利表现亮眼 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5956 | 7480 | 12190 | 16610 | 20778 | | 同比（%） | 42.89 | 25.59 | 62.98 | 36.26 | 25.10 | | 归母净利润（百万元） | 1517 | 1791 | 3164 | 4215 | 5102 | | 同比（%） | 162.27 | 18.03 | 76.68 | 33.22 | 21.03 | | EPS-最新摊薄（元/股） | 2.38 | 2.81 | 4.96 | 6. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.75 billion RMB in the first half of 2024, a year-on-year decrease of 3.0%, and a net profit attributable to shareholders of 1.24 billion RMB, down 2.2%, which was within the expected range [2] - The company's Q2 performance showed resilience with a revenue of 2.86 billion RMB, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.0%, while the net profit reached 803 million RMB, up 19.0% year-on-year and 85.5% quarter-on-quarter [2] - The inverter sales revenue for the first half was 2.32 billion RMB, down 26.1%, primarily due to a shift in product mix affecting high-value energy storage inverters [2] - The energy storage battery segment saw significant growth, with revenue of 765 million RMB, a year-on-year increase of 74.82%, and an estimated sales volume of 110,000 units, leading to a storage ratio increase of 21 percentage points compared to the full year of 2023 [2] - Traditional home appliance business slightly exceeded expectations, with heat exchangers generating 1.06 billion RMB in revenue, up 16.7%, and dehumidifiers achieving 454 million RMB, up 32.0% [2] - Accounts receivable turnover days increased slightly to 31 days, up approximately 9 days year-on-year, attributed to a higher proportion of emerging markets and increased market competition [2] Summary by Sections Performance Analysis - The company achieved a revenue of 4.75 billion RMB in H1 2024, down 3.0% year-on-year, and a net profit of 1.24 billion RMB, down 2.2% [2] - Q2 revenue was 2.86 billion RMB, up 2.0% year-on-year and 52.0% quarter-on-quarter, with net profit at 803 million RMB, up 19.0% year-on-year and 85.5% quarter-on-quarter [2] Business Segments - Inverter sales revenue was 2.32 billion RMB, down 26.1%, with energy storage inverters seeing a decline in shipment volume [2] - Energy storage battery revenue was 765 million RMB, up 74.82%, with a significant increase in storage ratio [2] - Traditional home appliance revenue included 1.06 billion RMB from heat exchangers and 454 million RMB from dehumidifiers, reflecting strong demand due to extreme weather [2] Financial Projections - The net profit forecasts for 2024-2026 have been adjusted to 2.82 billion RMB, 3.58 billion RMB, and 4.22 billion RMB, respectively, with corresponding P/E ratios of 20, 16, and 13 [2]

业绩简评 2024 年 8 月 26 日公司披露半年报，上半年实现营收 47.5 亿元， 同比下降 3.0%；实现归母净利润 12.4 亿元，同比下降 2.2%，在 业绩预告范围之内，符合预期。受益于新兴市场需求释放，逆变器 行业出口同比下滑背景下，公司 Q2 业绩逆势增长，公司 Q2 实现 营收 28.6 亿元，同比增长 2.0%，环比增长 52.0%；实现归母净利 润 8.03 亿元，同比增长 19.0%，环比增长 85.5%。 经营分析 逆变器出货结构调整，下半年出货有望高增：上半年公司实现逆 变器销售收入 23.2 亿元，同比下降 26.1%，我们判断主要受逆变 器出货结构调整，高附加值的储能逆变器出货量下降影响。分产品 来看，上半年储能逆变器实现出货 21.4 万台，同比下降 28.6%， 微型逆变器出货 24.3 万台，同比增长 1.1%，组串式逆变器出货 25.5 万台，同比增长 111.2%。公司逆变器以外销为主，7 月国内 逆变器出口今年以来首次实现同比转正，2023 年高基数影响逐步 减弱，预计下半年逆变器业务有望实现同比较快增长。 电池业务高速增长，测算配储率提升明显：上半年公司储能电池 ...

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Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,748,194,445.57, a decrease of 2.97% compared to CNY 4,893,619,512.15 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was CNY 1,235,683,828.04, down 2.21% from CNY 1,263,607,873.21 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was CNY 1,162,333,234.13, representing a significant decline of 16.19% compared to CNY 1,386,829,827.67 in the previous year[14]. - The net cash flow from operating activities was CNY 1,322,494,282.73, a decrease of 24.25% from CNY 1,745,812,650.58 in the same period last year[14]. - Basic earnings per share for the first half of 2024 were CNY 2.05, down 2.38% from CNY 2.10 in the same period last year[15]. - The weighted average return on net assets decreased by 6.17 percentage points to 21.45% from 27.62% year-on-year[15]. Asset and Equity Growth - The net assets attributable to shareholders of the listed company increased by 48.20% to CNY 7,753,136,974.87 from CNY 5,231,433,595.23 at the end of the previous year[14]. - Total assets rose by 25.25% to CNY 13,548,893,209.34 from CNY 10,817,384,018.87 at the end of the previous year[14]. - The total equity of the company as of June 30, 2024, was CNY 8.27 billion, up from CNY 5.65 billion, indicating a growth of approximately 46.5%[110]. - The total owner's equity at the end of the first half of 2024 is CNY 7,753,136,974.87, reflecting the company's overall financial health[132]. Market Trends and Business Focus - The photovoltaic inverter market showed significant recovery, with domestic exports reaching RMB 6.516 billion in June 2024, marking four consecutive months of growth[20]. - The global new energy storage market saw a 130% year-on-year increase in new installations, totaling approximately 47.1 GW/103.5 GWh in 2023[21]. - The company is focusing on the development of household energy storage systems, which are expected to grow due to increasing electricity demand in developing countries[20]. - The company is expanding its product matrix in the photovoltaic inverter sector, covering storage, string, and micro-inverter products[19]. - The company is actively participating in the growing balcony photovoltaic market, which is gaining popularity in Europe due to its ease of installation[22]. Risks and Challenges - The company has outlined potential risks in the report, urging investors to be cautious regarding investment risks[3]. - The company faces risks related to technological upgrades and competition in the renewable energy sector, particularly in the inverter market, which requires continuous innovation[42]. - The company is exposed to risks from fluctuating raw material prices, particularly for components like copper and aluminum, which can impact cost control[43]. - Future market expansion may be hindered by trade policies and potential tariffs affecting the export of photovoltaic products, including inverters[42]. Cash Flow and Financing Activities - The net cash flow from financing activities surged by 350.51% to ¥788,371,299.55 from ¥174,993,525.53 in the previous year[36]. - The company reported a significant increase in net cash flow from investing activities, amounting to ¥263,098,860.78, compared to a negative cash flow of ¥298,423,237.11 last year, representing a change of 188.16%[36]. - The company reported a net increase in cash and cash equivalents of CNY 2,381,549,591.67 for the first half of 2024, compared to CNY 1,747,451,963.82 in the first half of 2023[124]. Shareholder and Governance Matters - The company plans to implement a 2024 employee stock ownership plan, with a total of up to 500 participants and a scale not exceeding 2,839,480 shares[34]. - The company does not plan to distribute profits or increase capital reserves in the first half of 2024[49]. - The company has established a long-term commitment regarding shareholding incentives, which remains valid[59]. - The company has a commitment to disclose any violations of share reduction intentions and to compensate investors for any losses incurred[63]. Research and Development - The company is committed to enhancing the safety and reducing the costs of lithium battery technology to promote energy storage development[21]. - The company is collaborating with the Chinese Academy of Sciences to develop new air purification technologies that do not cause secondary pollution and operate at room temperature[54]. - The company aims to improve its product design capabilities to align with green manufacturing principles, focusing on lifecycle management and resource utilization[56]. Compliance and Accounting Policies - The company’s accounting policies comply with the relevant accounting standards and reflect its financial status accurately[149]. - The company confirms its ability to continue as a going concern for at least the next 12 months[147]. - The company consolidates financial statements based on control, including all subsidiaries, and offsets internal transactions[155].

证券代码：605117 证券简称：德业股份 公告编号：2024-066 宁波德业科技股份有限公司 关于终止对外投资并签署解约协议的公告 二、 本次终止对外投资的原因 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。 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分别审议通过了《关于终止对外 投资并签署解约协议的议案》，同意公司及全资子公司浙江德业新能源有限公司 （以下简称"浙江新能源"）终止对外投资项目并与海宁市黄湾镇人民政府签订 《解约协议》。根据《上海证券交易所股票上市规则》及《公司章程》等有关法 律法规的规定，本次终止对外投资无需提交公司股东大会审议。本次终止对外投 资事项不构成关联交易，亦不构成《上市公司重大资产重组管理办法》中规定的 重大资产重组。现将有关事项公告如下： 一、 对外投资概述及进展情况 2022 年 10 月 24 日，公司召开第二届董事会第十八次会议、第二届监事会 第十七次会议审议通过《关于签署项目投资协议并设立海宁子 ...

证券代码：605117 证券简称： 德业股份 公告编号：2024 -064 宁波德业科技股份有限公司 关于 2024 年半年度募集资金存放与实际使用情况的 专项报告 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、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《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，公司向特定对象发行 人民币普通股（A 股）数量为 35,997,120 股，发行价格为 55.56 元/股，募集资金 总额合计人民币 1,999,999,987.20 元，扣除与本次发行有关的费用共计人民币 8,249,002.89 元（不含增值税），实际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。立信会计师事务所（特殊普通合 伙）对上述募集资金到位情况进行了验证，并出具了信会师报字[2024]第 ZF10952 号《验资报告》。公司开立了募集资金 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-065 宁波德业科技股份有限公司 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 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。 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》。现将相关事项公告如下： 一、已履行的决策程序和信息披露情况 1、2022年7月5日，公司召开第二届董事会第十三次会议，审议通过了《宁 波德业科技股份有限公司2022年股票期权激励计划（草案）及其摘要》《宁波德 业科技股份有限公司2022年股票期权激励计划实施考核管理办法》《关于提请股 东大会授权董事会办理2022年股票期权激励计划相关事宜的议案》。公司独立董 事对此发表了独立意见。 同日，公司召开第二届监事会第十三次会议，审议通过了《宁波德业 ...

（本页无正文，为《宁波德业科技股份有限公司监事会关于公司<2024年半年度 投告>的书面审核意见》之签字页) 监事签字: 宁波德业科技股份有限公司监事会 关于公司《2024年半年度报告》的书面审核意见 宁波德业科技股份有限公司〈以下简称"公司"）于2024年8月26日召开了 第__届监事会第六次会议,审议通过了《2024年半年度报告全文及其摘要》。根 据《上海证券交易所股票上市规则》等有关规定，我们对公司2024年半年度报告 发表书面审核意见如下: 经核查,监事会认为公司2024年半年度报告的编制和审核程序符合现行法律、 法规及中国证监会的相关规定,半年度报告的内容和格式符合中国证监会和上海 证券交易所的各项规定,报告的内容真实、准确、完整地反映了公司的实际情况, 未发现参与半年度报告编制和审议的人员有违反保密规定及其他有关规定的行 为。 (以下无正文) フ∞2年 8月 76日 : : 来二航: 乐飞军: 乐静娜： 上 ...