2024年04月25日隔夜股份公司发布了年度财务报告我们首先将从营业收入净利润来进行分析公司2023年实现营业收入74.80亿元相比去年同期的营业收入59.56亿元同比增长了25.59%规模净利润17.91亿元相比2022年同期的15.17亿元 同比增长了18.03%公司基本每股收益相较于去年同期从3.53元增长为4.17元从盈利能力分析公司销售经历率23.94%净资产收益率38.54%总资产报酬率20.46%销售毛利率40.41%成本费用利润率39.91%偿债能力方面公司流动比例为1.53 速度比率微1.39资产负债率为51.64%成长能力方面营业收入增长率为25.59%营业利润增长率为19.42%净利润增长率为18.03%从公司营业能力分析应付账款周转率为2.36 红笔增长0.43%应收账款周转率为13.24红笔下降7.22%营业周期为92.60天红笔增长2.93天和货周转率5.50红笔下降1.61%总资产周转率0.77相比去年下降19.79%现金流量情况公司经营活动产生的现金流量金额为20.81亿人 现金及现金等价均增加额为2.69亿元公司本报告期前十大股东累计持股30985.06万股占比72.05%公 ...

2024年04月25日德液股份公司发布了年度财务报告我们首先将从营业收入净利润来进行分析 公司2023年实现营业收入74.80亿元相比去年同期的营业收入59.56亿元同比增长了25.59%规模净利润17.91亿元相比2022年同期的15.17亿元同比增长了18.03%公司基本每股收益相较于去年同期从3.53元增长为4.17元 从盈利能力分析公司销售经历率23.94%净资产收益率38.5%总资产报酬率20.46%销售毛利率40.41%成本费用利润率39.91%偿债能力方面公司流动比率为1.53速动比率为1.39资产负债率为51.64成长能力方面营业收入增长率为25.59% 营业利润增长率为19.42%净利润增长率为18.03%从公司营业能力分析应付账款周转率为2.36同比增长0.43%应收账款周转率为13.24 红笔下降7.22%,营业周期为92.60天红笔增长2.93天,曾过周转率5.50红笔下降1.61%,总资产周转率0.77相比去年下降19.79%,现金流量情况公司经营活动产生的现金流量金额为20.81亿元 现金及现金等价竞争价额为2.69亿元公司本报告期前时大股东累计持股30985.06万股占比72.0 ...

平高电气、德业股份、比亚迪、宁德时代 20240624_ 原文 2024 年 06 月 25 日 08:26 发言人 00:00 本次电话会议仅服务于国泰君安证券正式签约客户,会议音频及文字记录的内容仅供国泰君安 证券客户内部学习使用,不得外发,并且必须经国泰君安证券研究所审核后方可留存。国泰君 安证券未授权任何媒体转发此次电话会议相关内容,未经允许和授权转载、转发均属侵权。国 泰君安证券将保留追究其法律责任的权利。国泰君安证券不承担因转载、转发引起的任何损失 及责任。 发言人 00:46 市场有风险投资需谨慎,提醒广大投资者谨慎做出投资决策。大家好,欢迎参加国泰君安证券 国君电信电话会议,目前所有参会者处于静音状态,下面有请主持人讲话,谢谢。各位投资者, 大家晚上好啊,非常高兴大家能够参加我们的电话会议。今天是我们每周团的第 15 期,我们今 天来继续汇报一下我们在当前时间点的技术重点推荐的这个行业标的和方向。近期市场我们找 到了一些往后看是有超预期,有上行能力的这些相关的标的和方向。那么今天来给大家逐一汇 报。 发言人 01:34 首先想给大家汇报一下我们近期今天的第五个业主。公司在海外的销售出现了非常多 ...

本次电话会议仅服务于国泰居安证券正式签约客户会议音频及文字记录的内容仅供国泰居安证券客户内部学习使用不得外发并且必须经国泰居安证券研究所审核后方可留存国泰居安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰居安证券将保留追究其法律责任的权利国泰居安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策大家好欢迎参加国泰居安证券国军电信电话会议 目前所有参会者均处于静音状态下面有请主持人讲话谢谢 各位投资者大家晚上好非常高兴大家能够参加我们的电话会议今天是我们美洲团的第15期我们今天来继续汇报一下我们在当前时间点进入重点推荐的行业标的和方向近期市场我们找到了一些往后看是有超预期有上行能力的相关的标的和方向那么今天来给大家逐一汇报那么首先想给大家汇报一下我们近期 那么公司呢在海外的这个销售啊出现了非常多的一些超越性的进展那么进行的也有一些新的信息啊我们这里呢就给大家分享一下啊有请我们团队的猪潘啊来给大家做一个汇报猪潘嗯庞老师好呃各位这个领导好我我我这边给大家汇报一下我们关于德叶的一个最新的观点吧呃就是德叶其实他的二季度的一个 这个出货的表现非常超我 ...

] y r t s u d n I _ e l b a T [ [ 德Ta 业bl 股e_ 份T （itl 6e 0] 5 117）动态点评 公 司 研 新品新高度，亚非拉市场需求旺盛 究 挖掘价值 投资成长 / [Table_Rank] 家 买入 （维持） 电 2024 年 06 月 17 日 / 证 券 研 [东Ta方bl财e_富Au证th券or研] 究所 究 报 [【Tab事le_项Sum】ma ry] 证券分析师：周旭辉 告 证书编号：S1160521050001  德业多款新品全球首发。公司以“解锁新高度，拓展新边界”为主题 证券分析师：朱晋潇 参展 SNEC 2024，展示多款创新产品和解决方案，包括新款三相低压 证书编号：S1160522070001 和三相高压储能逆变器、新一代 G5 微逆、融合储能功能的储能微逆 电话：021-23586740 等新品。 [相Ta对b指le数_P表ic现Qu ote] 【评论】 9.15% -5.12% -19.40%  海外需求持续恢复，Q2出货量逐月增加。公司持续加大研发，新品不 -33.67%6/17 8/17 10/17 12/17 2/17 4/ ...

股 票 研 [Table_Industry] 家用电器业/可选消费品 究 德 业股份(605117) [ 评Tab 级le_In ：ves t] 增持 亚非拉需求爆发，公司先发优势明显 上 次评级: 增持 [ 目Tab 标le_T 价arge 格t] ： 94.00 上 次预测: 65.75 [当Ta前bl价e_格Cu：rP rice] 69.53 [table_Aut庞ho钧rs]文 (分析师) 周淼顺(分析师) 朱攀(分析师) 公 司 021-38674703 021-38038264 021-38031724 [ Table_Date] 2024.06.16 pangjunwen@gtjas.com zhoumiaoshun@gtjas.com zhupan027597@gtjas.com 更 登 记编号 S0880517120001 S0880521040003 S0880523090001 新 报 本 24年报 户告 用导 光读 储： 性 价比凸显，亚非拉景气度明显占优。公司在亚非拉先发优势明显， [交 Ta易ble数_M据ar ket] 告 将显著受益需求爆发。 52周内股价区间（元） 55.73 ...

调研对象：德业股份 参与人员： 季德海（副总经理）、刘书剑（董事会秘书）等 调研时间：2024年6月12日 核心摘要： 高低压全线迭代，新品储备充足 1）高压储能升级迭代到80kW，预计24Q3量产；2）夯实低压优势，推出业内首款20kW 低压三相储能逆变器；3）离并网一体的新一代的阳台光伏微逆助力阳台光伏领域份额提升； 4）工商业100kW的PCS，预计24Q3量产；5）风冷工商业储能已小批量出货国内等。 亚非拉户储蓝海，公司先发优势充足，份额领先 户储份额：东南亚60%+/南非60-70%/北非40-50%/巴西15%/巴基斯坦60%+。 分市场6月最新排产情况 分产品看：单月户储5万台/微逆12万台/组串7-8万台。 分市场看：1）户储：单月巴基斯坦、东南亚、欧洲、中东分别1万台+，较去年南非单一 市场需求多元化程度提升；2）微逆：巴西3万台/德国6-7万台/法国1-2万台；3）组串： 巴西+印度占比70%/东南亚+欧洲30%。 业绩指引 Q2出货逐月改善，预期Q2微逆30万台/储能12万台/组串22-23万台； 规模效应叠加持续降本，Q2毛利率保持稳定，优于预期。 ...

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]

%% 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 ...

2024年05月10日 公 司点评 公 买入 / 维持 司 德业股份(605117) 研 究 目标价: 昨收盘:97.71 德业股份 2023 年报及 2024 一季报点评：业绩修复明显，储能+ 逆变器业务有望加速成长 事件：公司发布2023年报及2024年一季报。 ◼ 走势比较 2023年公司实现营业收入74.8亿，同比+25.59%；归母净利润17.9 亿，同比+18.03%；扣非净利润18.5亿，同比+20.72%。毛利率40.41%， 太 30% 同比+2.38pct；期间费用率9.88%，同比+2.51pct；净利率23.94%,同比 12% -1.64pct。 平 对应2023Q4，公司营业收入11.5亿，同比-38.69%；归母净利润2.23 洋 证 (2( 46 %% ))01/5/32 22/7/32 3/01/32 51/21/32 62/2/42 9/5/42 亿 比， -7同 .75比 pc- t6 ；2. 期26 间%； 费扣 用非 率净 7利 .6润 2%1 ，.4 同6 比亿 -， 6同 .2比 5p- c7 t3 ；.1 净%。 利毛 率利 1率 9.4 30 %. ，02 同 ...