德业股份 20250323 摘要 Q&A 德业股份在逆变器市场中的表现如何？ 去年（2024 年）电价上涨和缺电情况对分布式光伏需求产生了怎样的影响？ 去年（2024 年），电价持续上涨，缺电情况严重，居民阶梯电价最高达到 1.5 元人民币以上。特别是在二季度气温达到五十多度时，用电需求激增，导致电 价进一步上涨。这种情况对分布式光伏的需求产生了强烈刺激。 今年（2025 年）印度和巴基斯坦市场的表现如何？ 今年（2025 年），印度和巴基斯坦市场表现良好。从 1、2 月份逆变器出口数 据来看，两国同比增速均达到几十个百分点。巴基斯坦由于电网薄弱，短期内 无法弥补，因此光储需求有很大增长空间。巴基斯坦拥有 2.4 亿人口，大约 德业股份在逆变器市场中表现出色，特别是在户储领域。去年（2024 年）下半 年，逆变器需求相对平淡，但今年（2025 年）由于季节性因素和超预期的市场 需求，逆变器市场在上半年进入了明确的上行阶段。德业股份凭借其成本、产 品和渠道等多重优势，不仅在存量市场中保持竞争力，还积极向新兴增量市场 扩展。 • 新兴市场光伏需求高增，受益于经济性及低渗透率，组件出货同比增速超 40%。拉美、非洲 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of the **electric power equipment industry** in the first quarter of 2025, highlighting strong growth driven by increased investments from the State Grid and the successful implementation of several ultra-high voltage (UHV) projects [2][26]. Key Insights and Arguments Wind Power Industry - The wind power supply chain showed ideal performance in Q1 2025, with significant improvements in the production of components and main units. Companies like Jinglei and Riyue are expected to double their performance, while Daqing Heavy Industry also reported substantial improvements [3][4]. - Offshore wind projects are gaining traction, with major contracts awarded to companies like Dajin Heavy Industry in Europe, while domestic projects are concentrated in Guangdong, Shandong, Zhejiang, and Jiangsu [4]. Lithium Battery Sector - After two years of decline, the lithium battery sector is witnessing a turnaround in profitability in Q1 2025. Leading companies such as CATL and Yiwei Lithium Energy reported strong earnings, with a year-on-year volume growth of 20%-30% [5]. - CATL is expected to achieve approximately 14 billion yuan in performance, while Yiwei Lithium Energy anticipates a 30% year-on-year growth in operational metrics [5]. Photovoltaic Sector - The photovoltaic sector faced overall pressure in Q1 2025, although some companies like Canadian Solar and East Hope performed well. Canadian Solar benefited from its U.S. component and energy storage business, while East Hope gained from increased battery contributions from Indonesia [6][22][23]. - Domestic distribution component prices rose to 0.75 yuan per watt, but concerns about demand and price declines in the second half of the year persist [6][21]. Energy Storage Sector - The energy storage sector performed exceptionally well in Q1 2025, particularly in large-scale storage. Companies like Sungrow, Dewei, and Shangen Electric are expected to see significant growth, with Sungrow projecting revenues of 2.4-2.5 billion yuan [7][15][16]. - The demand for energy storage PCS (Power Conversion System) surged, with a year-on-year increase in bidding exceeding 150% in January and February [16]. Electric Power Equipment Industry - The electric power equipment industry experienced a strong start in Q1 2025, with investment in grid projects exceeding 40 billion yuan, reflecting a year-on-year increase of over 30% [26]. - The tendering amount for transmission and transformation equipment from the State Grid exceeded 15 billion yuan, with a growth rate of over 20% [27]. - The demand for high-voltage equipment is particularly strong, benefiting leading companies like Pinggao, XJ Electric, and Western Electric [28]. Export Trends - The export of electric transformers continued to grow, maintaining a trend of over 40% year-on-year growth in January and February 2025 [29]. - The demand for AIDC (Artificial Intelligence Data Center) supporting electrical equipment is rapidly increasing, with major companies receiving large-scale orders [30]. Other Important Insights - The performance of leading companies in the battery material segment, particularly in positive and negative electrode materials, showed a year-on-year growth of approximately 40% [10]. - The impact of rising petroleum coke prices on Q1 performance was minimal, as the costs were largely absorbed by battery manufacturers [11]. - The photovoltaic industry is experiencing a mixed performance, with many companies still in a loss-making state, but some are beginning to recover due to price adjustments and demand fluctuations [22][23]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the electric power equipment industry and its related sectors in Q1 2025.

证券代码：605117 证券简称：德业股份 公告编号：2025-009 关于公司与专业机构共同投资设立投资基金的进展 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。 一、本次对外投资概述 为推动公司持续发展，充分利用专业机构的经验和资源，拓宽公司产业布局 和战略视野，宁波德业科技股份有限公司（以下简称"公司"）与宁波曦晨私募 基金管理有限公司、戴志勇共同投资设立宁波德润泰和创业投资合伙企业（有限 合伙）（以下简称"投资基金"、"德润泰和"）。投资基金认缴出资总额为 10,000 万元，公司作为有限合伙人以自有资金认缴出资人民币 8,800 万元，出资占比 88%，宁波曦晨私募基金管理有限公司认缴出资人民币 200 万元，出资占比 2%， 戴志勇认缴出资人民币 1,000 万元，出资占比 10%。具体内容详见公司 2025 年 3 月 12 日披露于上海证券交易所网站（www.sse.com.cn）的《关于公司与专业机 构共同投资设立投资基金的公告》（公告编号：2025-008）。 二、投资基金进展 近日，公司收到宁 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-008 宁波德业科技股份有限公司 关于公司与专业机构共同投资设立投资基金的公告 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： ●投资项目名称：宁波德润泰和创业投资合伙企业（有限合伙）（以下简称 "投资基金"或"合伙企业"，暂定名，最终以实际注册登记为准）。 ●投资金额：投资基金认缴出资总额为 10,000 万元，宁波德业科技股份有 限公司（以下简称"公司"）作为有限合伙人以自有资金认缴出资人民币 8,800 万 元，出资占比 88%。 ●风险提示： 投资基金尚未完成工商注册登记，尚需完成中国证券投资基金业协会备案程 序，实施过程尚存在不确定性。本基金在运营过程中将受宏观经济、行业周期、 市场变化、投资标的等多种因素影响，可能存在投资项目不能实现预期收益的风 险。敬请投资者注意投资风险。 ●本次对外投资不涉及关联交易，不构成重大资产重组。根据《公司章程》 等相关制度规定，本次交易已履行内部审批程序，本次交易无需经过董事会审议， 无需提交股东大 ...

宁波德业科技股份有限公司 关于境外子公司完成设立登记、签订土地购买协议 暨对外投资的进展公告 证券代码：605117 证券简称：德业股份 公告编号：2025-007 公司已完成马来西亚子公司的设立登记，基本信息如下： 1、中文名称：德业新能源科技（马来西亚）有限公司 2、英文名称：DEYE NEW ENERGYTECHNOLOGY (MALAYSIA) SDN.BHD. 3、注册登记编号：202501000277 (1601692-P) 4、公司类型：有限责任公司 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、本次对外投资概述 宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 12 月 16 日召开 了第三届董事会第十一次会议，审议通过了《关于对外投资并设立境外子公司的 议案》。为适应国际形势和贸易环境的不断变化，进一步拓展海外市场，公司拟 在马来西亚设立境外全资子公司并投资建设马来西亚生产基地，用于从事光伏设 备及储能电池等相关业务。 具体内容详见公司披露于上海证券交易所网站（www.sse.com. ...

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The wind power sector is experiencing accelerated export growth, with China's wind turbine exports reaching 5.19 GW in 2024, a year-on-year increase of 41.7% [7][14]. - The photovoltaic (PV) equipment sector is facing challenges with significant losses across the supply chain, prompting companies to adopt debt-to-equity swaps to mitigate cash flow issues [8][10]. - India's new mandatory energy storage policy for solar projects is expected to open up opportunities for Chinese energy storage companies in the Indian market [9][32]. Summary by Sections Wind Power - Wind power exports are on the rise, with major companies like Goldwind and Envision Energy leading the market, exporting 2.48 GW and 2.28 GW respectively in 2024 [14][15]. - The wind power index increased by 0.04% in the week of February 24-28, 2025, outperforming the CSI 300 index by 2.27 percentage points [16]. - The current price-to-earnings (P/E) ratio for the wind power sector is approximately 19.84 times [16]. Photovoltaic - Companies in the photovoltaic sector are implementing debt-to-equity swaps to address severe cash flow issues, with JinkoSolar and Aotai Technology being notable examples [8][10]. - The overall P/E ratio for the photovoltaic sector is around 35.2 times, indicating high valuation despite ongoing losses [4]. - The supply chain is under pressure, with upstream polysilicon production expected to decrease by 32%-46% in 2025, which may help stabilize prices in the future [8]. Energy Storage & Hydrogen - India's new policy mandates that all renewable energy projects include at least 10% co-located energy storage systems, potentially leading to a storage capacity of at least 14 GW by 2030 [9][32]. - The energy storage index saw a decline of 0.58%, with a current P/E ratio of 28.23 times [4]. - The hydrogen sector is also gaining attention, with companies focusing on electrolyzer technology and fuel cell systems [9]. Investment Recommendations - For wind power, focus on companies like Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain due to favorable market conditions [9]. - In the photovoltaic sector, attention is drawn to companies like Longi Green Energy and Tongwei Co., as the industry undergoes significant changes [9]. - In energy storage, companies like Sungrow Power Supply and Sunking Electric are highlighted for their strong growth potential [9].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [4][6]. Core Views - The company has established a product matrix consisting of three main product series: heat exchangers, circuit control, and environmental appliances. The inverter products, including storage, micro-grid, and string inverters, have seen significant growth since 2016, with a notable increase in sales volume [1][25]. - The global household energy storage market is rapidly growing, benefiting the company's storage inverter sales, which have increased significantly from 2.62 million units in the first half of 2021 to 214,100 units in the first half of 2024 [1][42]. - The integration of energy storage battery products with storage inverters has opened new market opportunities, with revenue from storage battery products reaching approximately 884 million yuan in 2023, a year-on-year increase of 965.43% [2][50]. Summary by Sections 1. Traditional Business Development - The company has a stable development in traditional businesses, with inverters contributing significantly to performance elasticity. In 2023, the company achieved total revenue of 7.48 billion yuan, a year-on-year increase of 25.6% [16][18]. - The inverter products accounted for 66.44% of the company's revenue in 2022, with a remarkable growth of 230.41% compared to 2021 [18][23]. 2. Rapid Growth in Household Storage Market - The household storage market is experiencing rapid growth, driving high demand for storage inverters. The global household storage market is expected to exceed 15GW/34GWh by the end of 2023, with significant contributions from countries like Germany, Italy, Japan, the USA, and Australia [36][39]. - The company’s storage inverters have seen a substantial increase in shipment volume, with 214,100 units sold in the first half of 2024, despite a year-on-year decline of 28.56% in storage inverters [1][42]. 3. Emerging Market Demand - The demand for solar storage in emerging markets is robust, particularly in regions like South Africa and Pakistan, which are experiencing significant growth in solar installations due to supportive policies and government funding [3][54]. - In 2023, the company’s photovoltaic products had a revenue distribution of 32.84% in South Africa, 8.52% in Brazil, 7.20% in Hong Kong, 5.60% in Germany, and 4.04% in India, indicating a strong international presence [66]. 4. Profit Forecast and Investment Recommendations - The company is expected to see revenue growth from 10.31 billion yuan in 2024 to 15.38 billion yuan in 2026, with corresponding net profits increasing from 3.03 billion yuan to 4.72 billion yuan during the same period [4][11]. - The report anticipates a price-to-earnings ratio of 19, 15, and 12 times for the years 2024, 2025, and 2026, respectively, reflecting a favorable valuation for investors [4][11].

证券代码：605117 证券简称：德业股份 公告编号：2025-006 重要内容提示： ●宁波德业科技股份有限公司（以下简称"公司"）控股股东宁波梅山保税港 区艾思睿投资管理有限公司（以下简称"艾思睿投资"）持有公司股份数量 228,636,979 股，占公司总股本比例 35.42%；本次解除质押后，艾思睿投资所持 有的公司股份不存在质押的情况。 公司近日获悉控股股东艾思睿投资所持有本公司的部分股份已办理完成了 解除质押的手续，具体情况如下： 宁波德业科技股份有限公司 关于控股股东部分股份解除质押的公告 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。 一、控股股东解除质押基本情况 | 股东名称 | | 艾思睿投资 | | --- | --- | --- | | 本次解除质押股份 | | 2,800,000 | | 占其所持股份比例 | | 1.22% | | 占公司总股本比例 | | 0.43% | | 解除质押时间 | 2025 | 年 月 日 2 10 | | 持股数量 | | 228,636,979 | | 持股比 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-005 宁波德业科技股份有限公司 关于公司实际控制人、董事长增持公司股份的公告 重要内容提示： 宁波德业科技股份有限公司（以下简称"公司"）于近日收到公司实际 控制人、董事长张和君先生发来的告知函，张和君先生于 2025 年 2 月 10 日通过 上海证券交易所系统以连续竞价方式增持公司股份 120,000 股，占公司总股本的 0.02%。 一、增持主体基本情况 （一）增持主体：公司实际控制人、董事长张和君先生。 本次增持实施前，张和君先生及其一致行动人宁波梅山保税港区艾思睿投 资管理有限公司（以下简称"艾思睿投资"）、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"）、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"）、陆亚珠女士合计共持有 公司无限售条件流通股 392,488,779 股，占公司总股本的 60.81%。其中张和君 先生直接持股 144,506,880 股，占公司总股本的 22.39%，艾思睿投资持股 228,636,979 股，占公司总股本的 35.42%；亨丽创投持股 11,5 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-004 宁波德业科技股份有限公司 关于使用部分暂时闲置募集资金购买理财产品到期 赎回的公告 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： ●现金管理受托方：交通银行宁波北仑支行。 ●本次现金管理金额：暂时闲置募集资金 10,000 万元。 ●现金管理产品名称及期限：交通银行蕴通财富定期型结构性存款 189 天（挂 钩汇率区间累计型）。 ●履行的审议程序：宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 7 月 18 日召开了第三届董事会第七次会议、第三届监事会第五次会议，审议 通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司及子 公司使用总额不超过人民币 100,000.00 万元（含本数）的暂时闲置募集资金进行 现金管理，用于购买安全性高、流动性好、不影响公司正常经营的保本型理财产 品，决议有效期自公司董事会审议通过之日起 12 个月内，在上述额度及期限内 可滚动使用。公司监事会已对该事项发表同意意见。保荐机 ...