证券研究报告 | 公司动态点评 2025 年 08 月 28 日 德业股份（605117.SH） 降价冲击业绩规模，工商储新品有望增添活力 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7,480 | 11,206 | 13,522 | 15,969 | 18,444 | | 增长率 yoy（%） | 25.6 | 49.8 | 20.7 | 18.1 | 15.5 | | 归母净利润（百万元） | 1,791 | 2,960 | 3,436 | 3,915 | 4,511 | | 增长率 yoy（%） | 18.0 | 65.3 | 16.1 | 13.9 | 15.2 | | ROE（%） | 34.2 | 31.3 | 30.6 | 29.5 | 28.6 | | EPS 最新摊薄（元） | 1.98 | 3.27 | 3.80 | 4.33 | 4.99 | | P/E（倍） | 30.3 | 18.3 | 15.8 | 13.9 | 12.0 | ...

（记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经头条（nbdtoutiao）——世界首例基因编辑猪肺成功移植人体 对话主要参与者：距离临床应用还有 多远？ 每经AI快讯，中国银河8月28日发布研报称，给予德业股份（605117.SH）推荐评级。评级理由主要包 括：1）工商储起量显著；2）储能电池包放量高增；3）海外布局持续深化。风险提示：原材料价格大 幅上涨的风险；市场需求不及预期的风险；行业竞争加剧的风险；地缘政治的风险。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong performance in Q2, with revenue and net profit growth in line with expectations. The company achieved a revenue of 5.535 billion yuan in the first half of 2025, representing a year-over-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% year-over-year [4] - The report highlights the rapid growth in the industrial and commercial energy storage market, with a significant increase in sales of energy storage inverters and battery packs. The company sold 315,600 energy storage inverters in the first half of 2025, a year-over-year increase of 47.41% [5] - The report also notes a slight decline in the sales of string inverters and micro inverters, while the gross margin for heat exchangers has improved [6] Financial Summary - The company’s financial performance shows a projected revenue increase from 7.48 billion yuan in 2023 to 18.799 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.6% [8] - The net profit is expected to grow from 1.791 billion yuan in 2023 to 5.013 billion yuan in 2027, with a year-over-year growth rate of 18.0% to 17.9% [8] - The gross margin is projected to decline slightly from 39.8% in 2023 to 36.8% in 2027, while the net profit margin is expected to stabilize around 26.7% [11]

德业股份 20250827 摘要 2025 年上半年公司营收 57.73 亿元，同比增长 21.97%，净利润 15.31 亿元，同比增长 18.67%。扣除股份支付影响后的净利润为 16.03 亿元。二季度营收、净利润、扣非净利润环比分别增长 15.71%、15.58%和 36.19%。 2025 年上半年，储能逆变器销售收入为 20.9 亿元，户储部分为 14.56 亿元，工商储部分为 6.38 亿元，分别增长 8.75%和 1,303%。储能电 池包销售收入 14.2 亿元，同比增长 85.8%。 2025 年上半年，公司综合毛利率为 37%，较去年同期下降 8 个百分点， 与一季度基本持平。公司整体费用 4 亿，其中股份支付费用 7,200 万元； 期间费用率 7%，较去年同期降低 0 个百分点。 欧洲市场中，东欧和西班牙户储需求强劲，受益于补贴政策和突发停电 事件。预计今年欧洲市场总体表现优于去年，东欧和西班牙的需求弥补 了乌克兰市场下降的缺口。 东南亚市场增长迅速，菲律宾、越南、泰国等地占据较高市占率。非洲 部分国家如黎巴嫩、伊拉克、苏丹及尼日利亚也表现突出，与欧洲共同 支撑公司整体出货规模。 Q ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved significant growth in its inverter and energy storage battery segments, with a notable increase in sales and revenue [2][3] - The company reported a revenue of 5.535 billion yuan for H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [1] - The inverter sales reached 763,800 units in H1 2025, with a revenue of 2.644 billion yuan, reflecting a year-on-year growth of 13.90% [2] - The energy storage battery segment saw a remarkable revenue increase of 85.80% year-on-year, totaling 1.422 billion yuan in H1 2025 [2] Summary by Sections Financial Performance - For H1 2025, the company reported operating income of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% [1] - The second quarter of 2025 saw operating income of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70% [1] Product Performance - The inverter segment showed stable growth, with significant sales in commercial storage products, particularly in overseas markets driven by policy support [2] - The company launched new products, including off-grid energy storage inverters and expanded its energy storage solutions [2] Future Projections - The company is expected to achieve revenues of 13.248 billion yuan, 15.975 billion yuan, and 18.937 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 18.2%, 20.6%, and 18.5% [3][4] - Net profit projections for the same years are 3.529 billion yuan, 4.206 billion yuan, and 4.982 billion yuan, with growth rates of 19.2% for both 2025 and 2026, and 18.4% for 2027 [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5][10]. Core Insights - The company achieved a revenue of 5.535 billion yuan in H1 2025, representing a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1][5]. - In Q2 2025, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70%, with a net profit of 817 million yuan, reflecting a year-on-year growth of 1.72% and a quarter-on-quarter growth of 15.74% [1][5]. - The company's commercial energy storage products have seen significant sales growth, with a total of 763,800 inverters sold in H1 2025, including 272,700 household storage units and 42,900 commercial storage units [1]. - The company has launched new products in the energy storage sector, expanding its power range and introducing a modular design for its storage solutions, enhancing flexibility and scalability [1][2]. Financial Performance Summary - The company’s battery pack product revenue reached 1.422 billion yuan in H1 2025, marking an impressive year-on-year growth of 85.80% [2]. - The company has announced an employee stock ownership plan, aiming to bind core talent and boost future development confidence, with a target of achieving a net profit of no less than 3.1 billion yuan by 2025 [2]. - The profit forecasts for 2025-2027 have been adjusted to 3.612 billion yuan, 4.266 billion yuan, and 5.003 billion yuan respectively, with year-on-year growth rates of 22.0%, 18.1%, and 17.3% [2][3].

Core Viewpoint - DeYe Co., Ltd. has shown a positive stock performance with a year-to-date increase of 4.22% and significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance and investor interest [1][2]. Financial Performance - For the first half of 2025, DeYe Co., Ltd. achieved a revenue of 5.535 billion yuan, representing a year-on-year growth of 16.58% [2]. - The net profit attributable to shareholders for the same period was 1.522 billion yuan, reflecting a year-on-year increase of 23.18% [2]. Stock Market Activity - As of August 27, 2023, DeYe's stock price was 61.19 yuan per share, with a market capitalization of 55.343 billion yuan [1]. - The stock has experienced a 6.68% increase over the past five trading days and a 16.80% increase over the past 20 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 52,300, a rise of 76.28% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 20.57% to 17,284 shares [2]. Dividend Distribution - DeYe Co., Ltd. has distributed a total of 4.238 billion yuan in dividends since its A-share listing, with 3.897 billion yuan distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, increasing its holdings by 9.4808 million shares [3]. - Other notable institutional shareholders include QuanGuo XuYuan Mixed A and GuangFa Small Cap Growth Mixed A, both of which increased their holdings [3].

截至6月30日，德业股份股东户数5.23万，较上期增加76.28%；人均流通股17284股，较上期减少 20.57%。2025年1月-6月，德业股份实现营业收入55.35亿元，同比增长16.58%；归母净利润15.22亿元， 同比增长23.18%。 8月26日，德业股份跌3.15%，成交额15.68亿元。两融数据显示，当日德业股份获融资买入额1.75亿 元，融资偿还1.86亿元，融资净买入-1030.08万元。截至8月26日，德业股份融资融券余额合计12.48亿 元。 融资方面，德业股份当日融资买入1.75亿元。当前融资余额12.46亿元，占流通市值的2.30%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，德业股份8月26日融券偿还2300.00股，融券卖出2600.00股，按当日收盘价计算，卖出金额 15.59万元；融券余量4.44万股，融券余额266.19万元，超过近一年90%分位水平，处于高位。 资料显示，宁波德业科技股份有限公司位于浙江省宁波市北仑区大碶甬江南路26号，成立日期2000年8 月4日，上市日期2021年4月20日，公司主营业务涉及从事蒸发器、冷凝器和变频控制芯片等部件以及除 ...

8月26日主力资金净流出24081.53万元，占流通市值0.44%。近五日主力资金净流出18237.84万元，占流 通市值0.34%。 风险提示：投资有风险，入市需谨慎。 德业股份主营业务涉及光伏行业及家电行业，主要产品包括逆变器、储能电池、除湿机等。公司产品销 往亚非拉、欧洲等市场，海外收入占比约七成。公司推出覆盖户用、工商储及大型储能在内的全场景解 决方案。 德业股份发布2025年半年报，上半年实现营业收入55.35亿元，同比增长16.58%；归母净利润15.22亿 元，同比增长23.18%。公司拟向全体股东每10股派现11.08元。逆变器业务实现营业收入26.44亿元，同 比增长13.90%；储能电池业务实现营业收入14.22亿元，同比增长85.80%。公司推出员工持股计划，参 与对象不超过800人，资金规模不超过5000万元。 德业股份股价报59.98元，较前一交易日下跌1.95元，跌幅3.15%。开盘价为60.00元，最高触及60.74 元，最低下探59.28元，成交量为261129手，成交金额15.68亿元。 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-078 宁波德业科技股份有限公司 关于 2025 年半年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。 重要内容提示： ? 每股分配比例：每股派发现金红利 1.108 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（扣除回购专用 账户的股份）为基数，具体日期将在权益分派实施公告中明确。 根据宁波德业科技股份有限公司（以下简称"公司"）2025 年半年度报告 （未经审计），截至 2025 年 6 月 30 日，公司期末可供分配利润(母公司报表口 径)为人民币 1,080,464,545.57 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》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 2025 年半年度拟以实施权益分派股权登记 日登记的总股本（扣除回购专用账户的股份）为基数分配利润，拟定本次利润分 配方案如下： 公司拟向全体股东每股派发现金红利 1.108 元（ ...