证券代码：605117 证券简称：德业股份 公告编号：2025-041 宁波德业科技股份有限公司 关于以集中竞价方式回购股份的回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份金额：回购资金总额不低于人民币 10,000 万元（含）且不超过 20,000 万元（含）； ● 回购股份资金来源：自有资金和回购专项贷款。其中专项贷款资金系招商银行 股份有限公司宁波分行（以下简称"招商银行宁波分行"）提供的专项贷款，专项 贷款金额不超过 18,000 万元，且不超过实际回购金额的 90%。宁波德业科技股份 有限公司（以下简称"公司"）已取得招商银行宁波分行出具的《贷款承诺函》， 具体贷款事宜将以双方签订的贷款合同为准； ● 回购股份用途：本次回购的股份将在未来适宜时机用于员工持股计划或股权激 励，并在公司披露股份回购实施结果暨股份变动公告日之后的三年内予以转让； 若公司本次回购的股份未能在上述三年内转让完毕，公司将依法履行减少注册资 本的程序，未转让股份将在三年期限届满前注销。如国家对相关政策 ...

德业股份（605117）公告，公司拟以1亿元至2亿元资金回购股份，回购价格不超过130元/股。回购股份 将用于实施员工持股计划或股权激励，预计回购股份数量为76.92万股至153.85万股，占公司总股本的 0.12%至0.24%。回购资金来源为自有资金和专项贷款，专项贷款金额不超过1.8亿元。回购期限为董事 会审议通过之日起不超过12个月。 ...

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [10].

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].