Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved a revenue of 8.016 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 26.72%. The net profit attributable to shareholders reached 2.240 billion yuan, up 42.81% year-on-year [2][3]. - In Q3 2024, the company reported a revenue of 3.268 billion yuan, a significant year-on-year increase of 128.16%, and a quarter-on-quarter increase of 14.08%. The net profit attributable to shareholders was 1.004 billion yuan, reflecting a year-on-year growth of 229.52% and a quarter-on-quarter growth of 25.06% [2][3]. - The company's inverter business experienced high growth due to strong demand in emerging markets and reconstruction efforts in Ukraine. The differentiated layout in emerging markets has led to significant performance improvements [3]. - The energy storage battery pack business is rapidly growing, benefiting from high integration, safety, and long cycle life. The synergy with self-owned energy storage inverters is expected to enhance profitability [3]. - Revenue forecasts for 2024-2026 are projected at 11.033 billion, 15.171 billion, and 19.963 billion yuan, with corresponding growth rates of 47.5%, 37.5%, and 31.6%. Net profits are expected to be 3.182 billion, 4.009 billion, and 5.015 billion yuan, with growth rates of 77.7%, 26.0%, and 25.1% respectively [3][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 11.033 billion yuan, with a growth rate of 47.5%. The net profit attributable to shareholders is projected to be 3.182 billion yuan, reflecting a growth rate of 77.7% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 4.93 yuan, with a price-to-earnings (PE) ratio of 19 [4][6]. - The company’s gross margin is expected to be 41.66% in 2024, with a net profit margin of 28.84% [6].

证 券 研 究 报 告 德业股份（605117）2024 年三季报点评 推荐（维持） 储能逆变器出货同环比高增，盈利能力保持 坚挺 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 8.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27%, with a net profit attributable to shareholders of 2.24 billion yuan, up 43% year-on-year [2] - In Q3 2024, the company achieved a revenue of 3.27 billion yuan, with a quarter-on-quarter increase of 128% and a year-on-year increase of 14%, while the net profit reached 1 billion yuan, reflecting a quarter-on-quarter increase of 230% [2] - The company’s gross margin for Q3 2024 was 44.5%, an increase of 8.4 percentage points quarter-on-quarter [2] Revenue and Profit Forecast - The company’s total revenue is projected to reach 11.82 billion yuan in 2024, with a year-on-year growth of 58%, and net profit is expected to be 3.16 billion yuan, reflecting a growth of 76.68% [1][5] - The earnings per share (EPS) for 2024 is estimated at 4.91 yuan, with a price-to-earnings (P/E) ratio of 18.34 based on the current price [1][5] Product Performance - The company’s energy storage inverters generated revenue of 3.23 billion yuan in the first three quarters of 2024, with total sales of 406,200 units, a year-on-year increase of over 15% [3] - In Q3 2024, the company shipped 210,000 units of energy storage inverters, a quarter-on-quarter increase of over 40% [3] - The company’s micro-inverter sales in Q3 2024 were 97,000 units, a decrease of approximately 40% quarter-on-quarter, primarily due to weakened demand in Germany [4] Financial Health - The company’s operating cash flow for Q3 2024 was 1.36 billion yuan, an increase of 970 million yuan year-on-year [4] - The company’s inventory at the end of Q3 2024 was 1.38 billion yuan, an increase of 83% compared to the beginning of the year [4] - The company’s total assets are projected to reach 16.17 billion yuan in 2024, with total liabilities of 5.77 billion yuan [11]

Investment Rating - The report maintains a "Recommend" rating for the company [1][6] Core Views - The company has shown impressive revenue growth, with a 26.7% year-on-year increase in revenue for the first three quarters, reaching 8.016 billion yuan. The third quarter alone saw a remarkable 128.2% year-on-year growth in revenue [3][4] - The net profit for the first three quarters was 2.240 billion yuan, reflecting a 42.8% year-on-year increase, with the third quarter net profit soaring by 229.5% year-on-year [3][4] - The company plans to distribute a cash dividend of 1.20 yuan per share, amounting to a total of 774 million yuan, which is 34.6% of the net profit for the first three quarters [5][6] Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 8.016 billion yuan, a 26.7% increase year-on-year. The third quarter revenue was 3.268 billion yuan, up 128.2% year-on-year and 14.1% quarter-on-quarter [3][4] - The gross margin for the first three quarters was 40.15%, slightly down from 40.49% in the same period last year but up from 37.15% in the previous half-year [4] - The total expenses ratio was 8.80%, an increase of 0.93 percentage points year-on-year, mainly due to reduced exchange gains [4] Market Position and Strategy - The company has diversified its market presence, reducing reliance on any single market, which enhances its growth potential. It has successfully tapped into emerging markets such as Pakistan, Ukraine, Germany, India, the Philippines, and Myanmar [6] - The company is a leading player in the household storage inverter market in China, with significant advantages in product, brand, and channel [6] Future Outlook - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 3.171 billion yuan, 4.138 billion yuan, and 4.962 billion yuan respectively, reflecting strong growth potential [6] - The report highlights the rapid growth of distributed solar storage demand in emerging markets and anticipates a recovery in the European market, supporting the company's diversified strategy [6]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a revenue of 8.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.7%, and a net profit attributable to shareholders of 2.24 billion yuan, up 42.8% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 3.27 billion yuan, marking a significant year-on-year growth of 128.2% and a quarter-on-quarter increase of 14.1%. The net profit for Q3 reached 1.00 billion yuan, reflecting a year-on-year increase of 229.5% and a quarter-on-quarter growth of 25.1% [2]. - The gross margin saw a substantial increase, likely due to optimized shipment structure, with Q3 gross margin at 44.5%, up 6.8 percentage points quarter-on-quarter and 8.4 percentage points year-on-year [2]. - Despite a general decline in the industry, the company maintained revenue and net profit growth in Q3, indicating strong channel advantages in emerging markets [2]. - Inventory increased slightly to 1.38 billion yuan, up 20.9% quarter-on-quarter, attributed to typhoon impacts and preparations for Q4 demand [2]. Summary by Sections Performance Overview - Revenue for 2024E is projected at 11.57 billion yuan, with a growth rate of 54.68%, and net profit is expected to reach 2.90 billion yuan, reflecting a growth rate of 62.06% [5]. - The diluted earnings per share for 2024E is estimated at 4.502 yuan, with a P/E ratio of 19.99 [5]. Profitability and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 2.90 billion yuan (+3%), 3.93 billion yuan (+10%), and 4.62 billion yuan (+9%), corresponding to P/E ratios of 20, 15, and 13 respectively [3][5]. - The return on equity (ROE) is projected to be 31.84% for 2024E, gradually decreasing to 31.96% by 2026E [5]. Market Position and Outlook - The company is expected to continue benefiting from strong demand in the energy storage inverter and battery pack segments, particularly in regions like Germany and Ukraine [2]. - The report anticipates sustained performance growth in Q4 due to the end of the rainy season in Southeast Asia and the launch of new products [2].

隐证券 公 司 研 究 德业股份（605117.SH） 2024 年 10 月 30 日 电力设备/光伏设备 多区域市场出货稳步增长，业绩表现亮眼 ——公司信息更新报告 投资评级：买入（维持） 鞠爽（分析师） jushuang@kysec.cn 证书编号：S0790524070002 殷晟路（分析师） yinshenglu@kysec.cn 证书编号：S0790522080001 | --- | --- | |-------------------------|--------------| | 日期 | 2024/10/29 | | 当前股价 ( 元 ) | 90.00 | | 一年最高最低 ( 元 ) | 111.80/55.51 | | 总市值 ( 亿元 ) | 580.64 | | 流通市值 ( 亿元 ) | 548.25 | | 总股本 ( 亿股 ) | 6.45 | | 流通股本 ( 亿股 ) | 6.09 | | 近 3 个月换手率 (%) | 84.99 | 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -40% 0% 40% 80% 120% 160% 2023-10 ...

本公司监事会及全体监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：2024-074 宁波德业科技股份有限公司 第三届监事会第七次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权。 （二）审议通过《关于 2024 年前三季度利润分配方案的议案》 经核查，监事会认为公司本次利润分配方案充分考虑了公司的盈利情况、资 金需求情况等因素，符合公司经营现状，合理履行了相关程序，符合《关于进一 步落实上市公司现金分红有关事项的通知》《上市公司监管指引第 3 号——上市 公司现金分红》《公司章程》等相关规定，不存在损害公司及全体股东利益的情 形。因此，监事会同意本次利润分配方案，并同意将该方案提交至公司股东大会 审议。 一、 监事会会议召开情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法 规及《宁波德业科技股份有限公司章程》（以下简称"《公司章程》"）的规定， 宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日上午 10 时在公司 9 楼 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-075 宁波德业科技股份有限公司 关于 2024 年前三季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。 每股分配比例：每股派发现金红利 1.20 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为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股分 配比例不变，相应调整分配总额，并将另外公告具体调整情况。 一、利润分配方案内容 根据宁波德业科技股份有限公司（以下简称"公司"）2024 年第三季度报告 （未经审计），截至 2024 年 9 月 30 日，公司期末可供分配利润(母公司报表口径) 为人民币 4,795,792,154.26 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》和公司《2024 年度"提质增效重回报"行动方案》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 2024 年前三季度拟以 实施权 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-076 宁波德业科技股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 网络投票起止时间：自 2024 年 11 月 14 日 至 2024 年 11 月 14 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 2024 年第三次临时股东大会 召开的日期时间：2024 年 11 月 14 日 14 点 00 分 召开地点： ...

证券代码：605117 证券简称：德业股份 公告编号：2024-073 本次会议由张和君先生主持，公司监事、高级管理人员列席了会议。会议的 召开符合《公司法》《公司章程》及其他有关法律、法规的规定，形成决议合法 有效。 二、 董事会会议审议情况 宁波德业科技股份有限公司 第三届董事会第九次会议决议公告 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个别及连带责任。 一、 董事会会议召开情况 根据《中华人民共和国公司法》（以下简称"《公司法》"）等有关法律法规及 《宁波德业科技股份有限公司章程》（以下简称"《公司章程》"）的规定，宁波德 业科技股份有限公司（以下简称"公司"）于 2024 年 10 月 29 日上午 9 时在公司 9 楼会议室召开第三届董事会第九次会议，本次会议以现场结合通讯方式召开。 本次会议于 2024 年 10 月 18 日以书面、邮件等方式通知了全体董事。会议应到 董事 7 名，实到董事 7 名，董事张和君、张栋斌、ZHANG DONG YE、谈最以现 场参会形式参加了会议，董事朱一鸿、诸成刚、沙亮亮以通讯方式参加 ...