Financial Data and Key Metrics Changes - The company expects Q2 shipments to improve month by month, with projections of 300,000 micro-inverters, 120,000 storage units, and 220,000 string inverters [3][4] - Q2 gross margin remains stable and better than expected due to scale effects and ongoing cost reduction measures [3][4] Business Line Data and Key Metrics Changes - The company has launched several new products, including an 80kW high-pressure energy storage system expected to be mass-produced in Q3 2024, and the industry's first 20kW low-voltage three-phase storage inverter [5][6] - The company has also introduced a new generation of balcony photovoltaic micro-inverters and a 100kW PCS for commercial use, both expected to be mass-produced in Q3 2024 [5][6] Market Data and Key Metrics Changes - The company holds significant market shares in various regions: Southeast Asia (60%+), South Africa (60-70%), North Africa (40-50%), Brazil (15%), and Pakistan (60%+) [2][5] - Monthly production rates for household storage units are 50,000, micro-inverters at 120,000, and string inverters at 70,000 to 80,000 [2][3] Company Strategy and Development Direction - The company is focusing on emerging markets in Asia, Africa, and Latin America, viewing them as blue ocean markets with significant growth potential [5][6] - The strategy includes launching competitive products and enhancing market share in regions with high demand, such as Southeast Asia and South Africa [5][6] Management Comments on Operating Environment and Future Outlook - Management anticipates improved storage demand in the second half of the year due to factors like interest rate cuts in Europe and power shortages in the U.S. [4][5] - The company is optimistic about new product contributions and ongoing demand in emerging markets like India and Pakistan [4][5] Other Important Information - The company has completed the first generation of air-cooled commercial storage products, which are now being shipped in small batches domestically [7] - A new liquid cooling system platform is in the final stages of development, expected to launch in Q3/Q4 2024 [7] Q&A Session Summary Question: What is the gross margin and planning for the domestic commercial storage market? - The domestic market is not a focus for the company; the aim is to test product reliability through local projects [8] Question: Is the liquid cooling system planned for in-house production? - Yes, the company plans to self-manufacture most components of the liquid cooling system, aiming to improve product performance and reduce costs [8] Question: What are the current micro-inverter and micro-storage products available? - The main markets for micro-inverters are Brazil, Germany, and France, with specific monthly production targets [9] Question: What is the outlook for the Southeast Asian household storage market? - The company expects significant growth in Southeast Asia, particularly in countries like Pakistan, Myanmar, and Vietnam, driven by high demand and unstable electricity supply [11][15] Question: What is the expected production for Q2? - The company projects production of approximately 50,000 storage units, 120,000 micro-inverters, and 70,000 to 80,000 string inverters [3][4] Question: How does the company view competition in the low-voltage sector in Europe? - The company does not currently feel significant competition in the low-voltage sector, as it continues to innovate and improve product reliability [14][15] Question: What is the expected gross margin for Q2? - The gross margin is expected to remain stable, primarily due to increased production scale and ongoing cost reduction efforts [15][18] Question: What is the company's strategy for the U.S. market? - The company is focusing on high-end products in the U.S. market and has established a local subsidiary to enhance its presence [12][15]

Financial Data and Key Metrics - Q2 shipments are expected to improve month by month, with microinverters at 300k units, energy storage at 120k units, and string inverters at 220-230k units [4] - Q2 gross margin remains stable, better than expected, due to scale effects and cost reduction measures [4][6] - H1 battery shipments doubled year-over-year [15] Business Line Data and Key Metrics - High-voltage energy storage upgraded to 80kW, expected to mass produce in Q3 2024 [2][6] - Low-voltage three-phase energy storage inverter upgraded to 20kW, the first of its kind in the industry [2][6] - New balcony PV microinverter launched, expected to increase market share in the balcony PV sector [2][6] - Commercial and industrial 100kW PCS expected to mass produce in Q3 2024 [2][6] - First-generation air-cooled commercial and industrial energy storage products have started small-scale shipments domestically [2][8] Market Data and Key Metrics - Residential energy storage market share: Southeast Asia 60%+, South Africa 60-70%, North Africa 40-50%, Brazil 15%, Pakistan 60%+ [3] - Monthly production in June: residential energy storage 50k units, microinverters 120k units, string inverters 70-80k units [3] - Residential energy storage: Pakistan, Southeast Asia, Europe, and Middle East each at 10k+ units/month, showing diversified demand compared to last year's reliance on South Africa [3] - Microinverters: Brazil 30k units/month, Germany 60-70k units/month, France 10-20k units/month [3] - String inverters: Brazil and India account for 70%, Southeast Asia and Europe account for 30% [3] Company Strategy and Industry Competition - The company is optimistic about the Blue Ocean markets in Asia, Africa, and Latin America, where energy transformation is just starting, and penetration rates are low [6] - New products launched at the PV exhibition include high-voltage energy storage, low-voltage three-phase energy storage inverters, balcony PV microinverters, and commercial and industrial PCS, all of which are highly competitive and unique in the market [6] - The company is preparing for the next generation of liquid cooling systems, which are expected to be launched in Q3/Q4 2024, leading the industry by half a generation [8] Management Commentary on Operating Environment and Future Outlook - The company expects improved energy storage demand in H2 due to European interest rate cuts, inventory depletion, South Africa's renewed power restrictions, and worsening power shortages in the US [5][6] - Emerging markets like India, Pakistan, and Southeast Asia (Myanmar, Vietnam, Philippines) are expected to contribute sustained growth [5] - The company has a significant first-mover advantage in Asia, Africa, and Latin America, with leading market shares [6] Other Important Information - The company has launched a new generation of liquid cooling system platforms, including liquid-cooled inverters and batteries, with high self-sufficiency rates in core components [8] - The company is also researching next-generation fully submerged liquid cooling technology, expected to be launched by the end of the year [8] - The company has started small-scale shipments of its first-generation air-cooled commercial and industrial energy storage products in China, with plans to launch European-standard outdoor air-cooled products in Q3 2024 [8] Q&A Summary Q: What is the gross margin and plan for the domestic commercial and industrial energy storage market? - The domestic market is not the company's focus, but it uses domestic projects to test product reliability and gain experience for overseas markets [9] Q: Is the liquid cooling system self-developed? What are the advantages compared to competitors? - The liquid cooling system can provide pure AC coupling, suitable for both off-grid and grid-connected scenarios [9] - The company can produce most components except for battery cells, including EMS, sheet metal, injection molding, and inverters [9] - The company is benchmarking against the top three domestic liquid cooling systems and aims to improve product performance and reduce costs through cross-department integration [9] Q: What are the current microinverter and micro energy storage products? What is the market share in Europe? - Microinverters are mainly sold in Brazil, Germany, and France [9] - The company has just launched balcony energy storage products, with small orders in trial production, expected to see sales in Q3 2024 [11] Q: What are the commonalities in the explosive growth of markets like Southeast Asia and South Africa, and why does the company have a near-monopoly in these markets? - South Africa: High market share, but demand for residential energy storage has dropped significantly after power outages eased [12] - Southeast Asia: Rigid demand, with the company having a 5-6 year presence in the market [12] - Pakistan: Exclusive distributor partnership, with a market share of around 60% [12] Q: What is the latest shipment target for commercial and industrial inverters, and what is the proportion of using the company's own batteries? - Commercial and industrial energy storage has a high battery-to-inverter ratio, with 80-90% of high-voltage systems using the company's own batteries [12] Q: What is the progress in the US market? - The company has started small-scale trial production of microinverters in the US, with a target of 50-100k units/month next year [13] - The company has established a local subsidiary in Los Angeles and completed all preparations for the US market in H1 2024 [13] Q: What is the power range of residential energy storage products in Southeast Asia, and how do they differ across markets? - Southeast Asia: 3-20kW, mainly low-voltage, with high cost requirements [14] - Single-phase units go up to 12kW, with 16kW units more common in Thailand and the Philippines [14] Q: Is the demand in Europe still increasing, and what is the impact of competitors in the low-voltage segment? - Europe: 10k units/month, with low-voltage three-phase units mainly in Germany [15] - The company has not yet felt significant competition in the low-voltage segment and is actively iterating products to maintain advantages [15] Q: What is the Q2 outlook and the trend for H2? - Q2 shipments are expected to increase month by month, with energy storage at 50k units/month, microinverters at 120k units/month, and string inverters at 70-80k units/month [15] - H2 is expected to see quarter-by-quarter growth, with orders for July showing improvement compared to June [15] Q: What is the impact of rising freight costs and supply shortages? - Most shipments are FOB, with customers bearing the freight costs [15] - Freight costs account for only 1% of total costs, and demand is recovering, with customers less concerned about freight costs [15] Q: What is the company's market share in emerging markets, and is it sustainable? - Southeast Asia: 60%+ in the Philippines, Myanmar, and Vietnam [16] - North Africa: 40-50% in Nigeria and Lebanon, up to 60-70% in some areas [16] - Brazil: 15% [16] - Pakistan: 60%+, with 10-15k units/month [16] - The company expects sustained demand in markets like India, Pakistan, Myanmar, Vietnam, and the Philippines due to population growth, economic development, and falling component prices [16] Q: What caused the better-than-expected Q2 gross margin? - The stable gross margin is due to rapid scale-up and ongoing cost reduction measures [16] Q: Is the US energy storage market mainly OEM? - The US market primarily uses the company's own brand, but OEM is not ruled out in the future [16] - The company has signed an exclusive distribution agreement with Portable Solar (Sol-Ark) for inverters [16] Q: Is the target of 50-100k microinverters/month in the US next year still in partnership with Sol-Ark? - Yes, the microinverter business in the US will continue to partner with Sol-Ark [16] Q: Who receives the subsidies in the US? - Subsidies are given to customers, while the company sells products at normal prices [16] Q: Which countries are driving the higher-than-expected residential energy storage production of 50k units/month? - Pakistan: 10k units/month [16] - Southeast Asia (Myanmar, Philippines, Vietnam): 10k+ units/month [16] - Europe: 10k+ units/month [16] - Middle East: 10k+ units/month [16] Q: What is the status of European terminal demand and inventory? - European inventory is relatively low, typically 1-2 months [16] - The company has established local warehouses in Europe but they are not yet operational [16] Q: How long would it take for competitors to enter emerging markets? - The company entered the energy storage market 5-8 years later than some competitors but has established a strong position through product differentiation and customer loyalty [17] Q: What is the breakdown of string inverter production by country? - Brazil and India account for 70%, while Southeast Asia and Europe account for 30% [18] Q: What is the status of the private placement? - The private placement was priced last week, with no major capital expenditures planned, and the dividend payout ratio increased from 35% to 50% [18] Q: What is the profitability of energy storage products in different markets? - Overall energy storage gross margin is around 50% [18] - US and Europe have higher gross margins, followed by South Africa, Southeast Asia, India, and Pakistan, all above 40% [18] Q: Has the company considered policy risks in the US? - The US market accounts for a small portion of the company's business, and there are no significant policy risks for inverters [18] Q: What is the performance guidance? - The company maintains its full-year target without upward revision [18] Q: What is the profitability of battery packs? - Battery packs have a high gross margin of over 40% [18] - Q2 shipments increased quarter-over-quarter, with manufacturing efficiency being a key advantage [18] Q: What is the expense ratio? - The expense ratio is relatively balanced across business lines, at around 10% [19] Q: Are competitors undercutting prices for energy storage battery packs? - The company's energy storage battery packs are priced lower than those of leading competitors like Huawei and Sungrow [19] Q: What is the status of the home appliance business? - The home appliance business exceeded expectations, with a target of 200 million yuan in profit for the year [20] Q: What is the safety of residential energy storage products? - Low-voltage systems with fewer batteries and LFP chemistry are considered safe [20] Q: What is the direction of future product iterations? - The fifth-generation products are in preparation, with a 30% cost reduction compared to the third generation [20] Q: Is there a trend of residential energy storage replacing string inverters in Belt and Road countries? - In India, string inverters dominate unless there are power outages or subsidy cuts [20] - In Pakistan and Brazil, residential energy storage is gradually replacing grid-connected systems due to unstable grids [20] Q: Are all Southeast Asian countries covered, and is residential energy storage only for those with large rooftops? - The company has coverage in most Southeast Asian countries, and residential energy storage is not limited to those with large rooftops [20] Q: Do rigid demand markets consider IRR? - Rigid demand markets do not consider IRR, but in markets like Brazil, residential energy storage is growing, accounting for 5% of grid-connected shipments [20] Q: What is the price of a 10kW system? - The company sells a 10kW system with 10kWh of storage and an inverter to agents for $3,000, with agents adding 10-15% for installers [21] - In Brazil, installation costs are lower, while in Europe, installation costs account for 60-70% of the total price [21] Q: Which countries have significant subsidies? - Only India offers significant subsidies, covering 60-70% of the system cost, with the highest subsidies for systems under 3kW [21] - Pakistan has no subsidies [21] Q: Is India replacing diesel generators first? - That is the case in South Africa, not India [21]

证券代码：605117 证券简称：德业股份 公告编号：2024-027 宁波德业科技股份有限公司 2023 年年度权益分派实施公告 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法律责任。 重要内容提示： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 新增无限售 条件流通股 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | | | | 日 | 份上市日 | 放日 | | Ａ股 | 2024/5/28 | － | 2024/5/29 | 2024/5/29 | 2024/5/29 | 差异化分红送转： 否 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司 2024 年 5 月 15 日的 2023 年年度股东大会审议通过。 二、 分配、转增股本方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 ...

北京大成（宁波）律师事务所 关 于 宁波德业科技股份有限公司 2023 年年度股东大会的 浙江省宁波市和济街 180 号国际金融中心 E 座 17-18 楼 315040 电话 +86 574 8732 6088 传真 +86 574 8789 3911 二〇二四年五月 宁波德业科技股份有限公司 2023 年年度股东大会 法律意见书 www.dentons.cn 北京大成（宁波）律师事务所 关于宁波德业科技股份有限公司 2023 年年度股东大会的法律意见书 致：宁波德业科技股份有限公司 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民共和国 公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市公司股东大 会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、法规和其他有 关规范性文件的要求，北京大成（宁波）律师事务所（以下简称"本所"）接受宁 波德业科技股份有限公司（以下简称"公司"）的委托，指派律师参加公司 2023 年 年度股东大会（以下简称"本次股东大会"）。 本所声明：本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员 资格、召集人资格、表决程序及表 ...

宁波德业科技股份有限公司 2023 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：有 证券代码：605117 证券简称：德业股份 公告编号：2024-026 司法》及本公司《公司章程》等有关规定。 二、 议案审议情况 审议结果：通过 | 表决情况： | | --- | 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 32 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 290,137,004 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 67.9094 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，公司董事长张和君先生主持，大会采取现 场投票和网络投票相结合的方式进行表决。本次会议的召集、召开和表决符合《公 (一) 股东大会召开的时间：2024 年 5 月 15 日 (二) 股东大会召开的地点 ...

宁波德业科技股份有限公司 关于股票期权限制行权期间的提示性公告 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。 证券代码：605117 证券简称：德业股份 公告编号：2024-025 三、公司将按照有关规定及时向中国证券登记结算有限责任公司上海分公司 申请办理限制行权相关事宜。 特此公告。 宁波德业科技股份有限公司 激励计划 行权期 行权代码 行权起止日期 公司 2022 年股票 期权首次授予 第一个行权期 1000000214 2023 年 7 月 26 日 -2024 年 7 月 25 日 公司 2022 年股票 期权预留授予 第一个行权期 1000000326 2023 年 12 月 20 日-2024 年 12 月 19 日 一、公司股票期权已进入行权期的情况 董事会 2024 年 5 月 16 日 宁波德业科技股份有限公司（以下简称"公司"）计划开展 2023 年年度权益 分派工作，根据《上市公司股权激励管理办法》《宁波德业科技股份有限公司 2022 年股票期权激励计划（草案）》及中国证券登记结算有限责任公司上 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-024 宁波德业科技股份有限公司股东集中竞价减持股份 计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 股东持股的基本情况 截至本公告披露日，宁波梅山保税港区亨丽创业投资合伙企业（有限合伙） （以下简称"亨丽创投"） 直接持有宁波德业科技股份有限公司（以下简称"公 司"）10,870,272 股，占公司总股本的 2.53%；宁波梅山保税港区德派创业投资合 伙企业（有限合伙）（以下简称"德派创投"）直接持有公司 3,225,600 股，占公 司总股本的 0.75%。亨丽创投、德派创投为公司员工持股平台。上述股份为公司 首次公开发行前取得的股份以及发行上市后以资本公积转增股本取得的股份，并 于 2024 年 4 月 22 日解除限售后上市流通。 集中竞价减持计划的主要内容 上述减持主体存在一致行动人： | | 股东名称 | 持股数量 （股） | 持股比例 | 一致行动关系形成原因 | | --- | --- | --- | --- | ...

中国国际金融股份有限公司 关于宁波德业科技股份有限公司 2022 年度向特定对象发行 A 股股票之 发行保荐书 保荐机构 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 2024 年 5 月 宁波德业科技股份有限公司 发行保荐书 关于宁波德业科技股份有限公司 2 0 2 2 年度向特定对象发行 A 股股票之发行保荐书 中国证券监督管理委员会、上海证券交易所： （本发行保荐书中如无特别说明，相关用语具有与《关于宁波德业科技股份 有限公司 2022 年度向特定对象发行 A 股股票之尽职调查报告》中相同的含义） 3-1-1 宁波德业科技股份有限公司（以下简称"德业股份"、"发行人"或"公司"）拟 申请向特定对象发行不超过 12,902.4252 万股（含本数）的人民币普通股（A 股） 股票（以下简称"本次证券发行"、"本次发行"或"向特定对象发行 A 股股 票"），并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为本 次证券发行的保荐机构（以下简称"保荐机构"或"本机构"）。 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨德业股份（ ） 605117.SH [QT1ab需le求_T明it显le]改 善，细分市场全面向好 报告要点 [德Ta业bl股e_份Su发m布ma2ry0]23 年年报及 2024 年一季报，2023 年公司实现收入 74.8 亿元，同比增长 25.59%；归母净利17.91亿元，同比增长18.03%；其中，2023Q4实现收入11.54亿元，同 比下降38.69%，环比下降19.44%；归母净利2.23亿元，同比下降62.26%，环比下降26.9%。 2024Q1实现收入18.84亿元，同比下降9.64%，环比增长63.26%；归母净利4.33亿元，同 ...

Investment Rating - Buy/Maintain rating for Deye Technology (605117) with a target price of 97.71 [1] Core Views - Deye Technology's performance has shown significant recovery, with its energy storage and inverter businesses expected to accelerate growth [1][2] - The company's 2023 annual report and 2024 Q1 report indicate a strong rebound in performance, driven by downstream demand recovery and expansion into emerging markets [2] Financial Performance - In 2023, Deye Technology achieved revenue of 7.48 billion yuan, a year-on-year increase of 25.59%, with net profit attributable to shareholders of 1.79 billion yuan, up 18.03% [2] - Gross margin in 2023 was 40.41%, an increase of 2.38 percentage points year-on-year, while net margin was 23.94%, down 1.64 percentage points [2] - In 2024 Q1, revenue was 1.88 billion yuan, down 9.64% year-on-year, with net profit attributable to shareholders of 433 million yuan, down 26.48% [2] Business Segments - Inverter revenue in 2023 was 4.429 billion yuan, up 11.95% year-on-year, with a gross margin of 52.33%, up 4.14 percentage points [2] - Energy storage battery pack revenue in 2023 was 884 million yuan, a significant increase of 965.43% year-on-year [2] - Home appliance business remained stable, with dehumidifier revenue increasing by 21.51% to 704 million yuan and heat exchanger revenue up 8.69% to 1.345 billion yuan [2] R&D and Product Development - The company has been actively optimizing its products, such as introducing silicon carbide solutions for energy storage inverters to reduce size and material costs [2] - New products under development include balcony micro energy storage inverters and energy storage PCS100KW series [2] Future Projections - Revenue for 2024/2025/2026 is projected to be 10.91/14.11/18.15 billion yuan, with year-on-year growth of 45.9%/29.3%/28.7% [2] - Net profit attributable to shareholders is expected to be 2.38/2.88/3.56 billion yuan, with year-on-year growth of 32.8%/21.1%/23.6% [2] - The current stock price corresponds to a PE ratio of 17/14/11 times for 2024-2026 [3] Valuation Metrics - The company's 2024-2026 PE ratios are projected at 16.76/13.84/11.20, with PB ratios at 5.20/3.78/2.83 and PS ratios at 3.65/2.83/2.20 [6]