Financial Performance - The company's operating revenue for Q3 2024 reached ¥3,267,871,555.26, representing a year-on-year increase of 128.16%[2] - Net profit attributable to shareholders for Q3 2024 was ¥1,003,919,509.97, a significant increase of 229.52% compared to the same period last year[2] - The net profit after deducting non-recurring gains and losses for Q3 2024 was ¥921,159,847.29, reflecting a year-on-year growth of 187.53%[2] - Basic earnings per share for Q3 2024 were ¥1.59, up 213.52% from the previous year[3] - Total operating revenue for the first three quarters of 2024 reached ¥8,016,066,000.83, a 26.8% increase from ¥6,325,905,703.74 in the same period of 2023[16] - Operating profit for the first three quarters of 2024 was ¥2,572,848,678.58, compared to ¥1,821,777,572.68 in the previous year, reflecting a significant growth[17] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥2,239,603,338.01, up from ¥1,568,267,580.18 in 2023, indicating a year-over-year increase of 42.7%[17] - The total comprehensive income for the first three quarters of 2024 was ¥2,239,269,693.98, compared to ¥1,567,958,653.72 in the same period of 2023, representing a growth of 42.7%[18] - The company's basic earnings per share for the first three quarters of 2024 were ¥3.64, compared to ¥2.60 in the previous year, indicating a 40% increase[18] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥15,256,376,309.17, an increase of 41.04% compared to the end of the previous year[3] - The total liabilities as of the end of Q3 2024 amounted to ¥5,877,246,321.60, compared to ¥5,585,950,423.64 at the end of Q3 2023, showing an increase of 5.2%[15] - The equity attributable to shareholders reached ¥9,379,129,987.57, marking a 79.28% increase year-on-year[3] - The company's total equity reached ¥9,379,129,987.57, up from ¥5,231,433,595.23 in the previous year, marking an increase of 79.5%[15] - The total number of common shareholders at the end of the reporting period is 32,647[8] - The largest shareholder, Ningbo Meishan Bonded Port Area Aisri Investment Management Co., Ltd., holds 228,636,979 shares, accounting for 35.46% of total shares[10] Cash Flow - The company reported a net cash flow from operating activities of ¥2,683,105,526.11 for the year-to-date, which is a 25.66% increase compared to the same period last year[3] - The cash inflow from operating activities for the first three quarters of 2024 was CNY 6,632,103,456.53, an increase of 14.93% compared to CNY 5,771,572,804.28 in the same period of 2023[20] - The net cash flow from operating activities was CNY 2,683,105,526.11, up 25.67% from CNY 2,135,189,827.93 year-on-year[20] - The cash inflow from investment activities reached CNY 8,206,616,211.72, significantly higher than CNY 1,143,684,154.74 in the previous year[20] - The net cash flow from investment activities was -CNY 2,199,301,524.30, worsening from -CNY 1,116,817,535.87 in the same period last year[20] - The cash inflow from financing activities totaled CNY 6,060,339,079.38, compared to CNY 1,915,000,000.00 in 2023[21] - The net cash flow from financing activities was -CNY 218,595,832.35, a decline from a positive CNY 37,962,198.19 in the previous year[21] - The total cash and cash equivalents at the end of the period amounted to CNY 2,699,350,291.72, down from CNY 3,336,846,982.25 at the end of Q3 2023[21] Market Expansion and Operations - The company has expanded its market presence in emerging markets such as Pakistan, Ukraine, India, and the Philippines, compensating for declines in the South African market[6] - The rapid growth in sales of energy storage battery packs has significantly contributed to the increase in revenue and net profit for the reporting period[7] - The company completed a targeted issuance of shares and employee stock option exercises, contributing to the increase in total assets and equity[7] Inventory and Expenses - The company reported a significant increase in inventory, which rose to ¥1,379,829,349.94 from ¥754,002,316.31[13] - Research and development expenses for the first three quarters of 2024 were ¥354,019,879.50, slightly up from ¥343,240,295.86 in the same period of 2023[16] - The total cost of operations for the first three quarters of 2024 was ¥5,566,232,763.63, compared to ¥4,302,989,169.27 in the same period of 2023, reflecting a rise of 29.3%[16] - The company's financial liabilities included accounts payable of ¥1,812,398,775.64, which increased from ¥836,876,432.30 year-over-year[14] - The cash paid to employees increased to CNY 565,971,241.75, up 25.14% from CNY 452,378,662.42 in the previous year[20] - The cash paid for taxes was CNY 489,934,512.04, an increase from CNY 431,017,946.48 in the same period last year[20] - The company received tax refunds of CNY 351,083,483.66, an increase of 76.38% compared to CNY 199,288,236.60 in the same period last year[20] Shareholder Participation - The company has not reported any changes in the participation of major shareholders in margin trading or securities lending[11] - Short-term borrowings decreased to ¥1,597,377,702.78 from ¥2,422,906,277.78[13]

证券代码：605117 证券简称：德业股份 公告编号：2024-072 宁波德业科技股份有限公司 ●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。保荐机构已出具同意的核查 意见。 一、理财产品到期赎回情况 公司之全资子公司海盐德业新能源科技有限公司曾与中国建设银行股份有 限公司宁波北仑分行签署相关协议，具体信息详见公司在上海证券交易所网站 （www.sse.com.cn）披露的《关于使用部分暂时闲置募集资金进行现金管理的进 展公告》（公告编号：2024-056）。 上述理财产品已于 2024 年 10 月 25 日兑付收益，理财产品本金以及理财产 二、公司最 ...

2024年08月27日隔夜股份公司发布了半年度财务报告我们首先将从营业收入归母金利润来进行分析营业收入47.48亿元相比2023年同期的48.94亿元 同比下降了2.97%规模净利润12.36亿元相比2023年同期的12.64亿元同比下降了2.21%公司基本每股收益相较于去年同期从2.10元下降为2.05元从盈利能力分析公司销售净利率26.02%净资产收益率21.45%总资产报酬率10.93% 销售毛利率37.15%成本费用利润率41.53%偿债能力方面公司流动比率为1.95速动比率为1.74资产负债率为42.78%营业收入增长率为-2.97营业利润增长率为-4.13%净利润增长率为-2.21% 应付账款周转率1.43同比增长7.52%应收账款周转率5.74相比去年下降28.78%存货周转率3.15 同比下降2.17%总资产周转利0.39相比去年下降23.53%现金流量情况公司经营活动产生的现金流量进额为13.22亿元现金及现金等价近增加额为23.82亿元公司本报道期前十大流通股东北地区股42746.4万股占比66.99% 公司本报告期前十大流通股东每季持股42,742.89万股占比66.99%股东户数近几年 ...

Investment Rating - The investment rating for the company is maintained as "Recommended" [2][8] Core Views - The impact of the expected decrease in electricity prices in Pakistan is considered limited for the company, as the demand for energy storage remains strong due to ongoing power shortages and outdated infrastructure [2] - The company has set a sales target of 500,000 to 600,000 energy storage inverters for 2024, reflecting a year-on-year growth of over 25% [2] - The company is expected to achieve a net profit of 3 billion to 4.5 billion yuan from 2024 to 2026, with corresponding P/E ratios of 18.2, 15.6, and 12.2 [2][3] Financial Data Forecast - Main business revenue is projected to grow from 7.48 billion yuan in 2023 to 11.8 billion yuan in 2024, representing a year-on-year growth of 57.8% [3] - Net profit attributable to the parent company is forecasted to increase from 1.79 billion yuan in 2023 to 3 billion yuan in 2024, with a growth rate of 67.5% [3] - Earnings per share (EPS) is expected to rise from 2.78 yuan in 2023 to 4.65 yuan in 2024 [3] Market Performance - The company has seen a significant increase in inverter demand in Pakistan, with monthly sales rising from 3,000-4,000 units to 15,000 units since December 2023 [2] - The company is experiencing strong performance in the Asia, Africa, and Latin America markets, with a diversified risk profile and recovering growth in the European market [2]

重要内容提示： 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划 2024 年第三季度 自主行权结果暨股份变动的公告 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。 证券代码：605117 证券简称：德业股份 公告编号：2024-071 2022 年股票期权激励计划首次授予股票期权第一个行权期行权结果：宁 波德业科技股份有限公司（以下简称"公司"）2022 年股票期权激励计划首次授 予股票期权第一个行权期可行权股票期权数量为 405.7200 万份，实际可行权期 间为 2023 年 9 月 1 日至 2024 年 7 月 25 日，行权方式为自主行权。2024 年第三 季度，共行权并完成股份过户登记 398.8328 万股，占可行权股票期权总量的 98.3025%。 2022 年股票期权激励计划首次授予股票期权第二个行权期行权结果：公 司 2022 年股票期权激励计划首次授予股票期权第二个行权期可行权股票期权数 量为 289.2456 万份，实际可行权期间为 2024 年 8 月 1 日至 2025 年 7 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 100.04 CNY, based on a 22x PE ratio for 2024 [2][4][8]. Core Views - The company is actively expanding its global footprint by participating in major renewable energy exhibitions in China and India, which are expected to enhance brand recognition and optimize global sales channels [1]. - The company's mid-year performance shows a solid foundation, with significant improvement in Q2 2023, where revenue reached 2.86 billion CNY, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.1% [1]. - The economic viability of solar storage is driving demand in emerging markets, particularly in developing countries where electricity needs are rising due to various challenges [1]. Summary by Sections Financial Performance - For the first half of 2023, the company reported a revenue of 4.75 billion CNY, a year-on-year decrease of 3.0%, and a net profit of 1.24 billion CNY, down 2.2% year-on-year. However, Q2 showed a strong recovery with revenue of 2.86 billion CNY and net profit of 800 million CNY, marking increases of 2.0% and 19.0% year-on-year, respectively [1][6]. - The forecast for net profit from 2024 to 2026 is adjusted to 2.93 billion CNY, 3.79 billion CNY, and 4.50 billion CNY, with corresponding earnings per share of 4.55 CNY, 5.88 CNY, and 6.98 CNY [2][6]. Market Dynamics - The report highlights the increasing electricity demand in developing countries, particularly in Pakistan and India, where energy shortages are prompting a shift towards solar storage solutions [1]. - Geopolitical conflicts, such as the situation in Ukraine, are also creating a surge in demand for home storage solutions due to significant drops in national power generation capabilities [1]. Valuation and Comparables - The company is compared to peers in the renewable energy sector, with a target price derived from a 22x PE ratio based on comparable companies, indicating a favorable valuation relative to its market position [2][8][9].

证券代码：605117 证券简称：德业股份 公告编号：2024-070 宁波德业科技股份有限公司 关于召开 2024 年半年度业绩说明会的公告 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法律责任。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心视频直播和网络互动 重要内容提示： ●会议召开时间：2024 年 10 月 10 日(星期四) 下午 15:00-16:30 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心视频直播和网络互动 ●投资者可于 2024 年 9 月 26 日(星期四) 至 10 月 9 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 stock@deye.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 宁波德业科技股份有限公司（ ...

Investment Rating - The report maintains a "Buy-A" rating for the company, with projected EPS for 2024-2026 at 4.63, 5.80, and 6.82 respectively, corresponding to PE ratios of 19.9, 15.9, and 13.5 based on the closing price of 91.90 on September 12, 2024 [1]. Core Views - The company experienced a year-on-year revenue decline of 3.0% in the first half of 2024, with total revenue of 47.5 billion yuan and a net profit of 12.4 billion yuan, down 2.2% year-on-year. However, Q2 showed a revenue increase of 2.0% year-on-year and a significant 52.1% increase quarter-on-quarter [3][4]. - The inverter business faced challenges with a revenue drop of 26.1% year-on-year, primarily due to decreased demand for storage inverters in the South African market. Nevertheless, the company sold 711,700 inverters in the first half of 2024, marking a 7.8% increase year-on-year [4]. - The sales of energy storage battery packs surged by 74.8% year-on-year, driven by high demand in emerging markets and the integration of products with the company's inverter sales channels [4]. Financial Performance Summary - The company’s revenue is projected to grow significantly, with expected revenues of 115.96 billion yuan in 2024, 151.62 billion yuan in 2025, and 180.87 billion yuan in 2026, reflecting year-on-year growth rates of 55.0%, 30.8%, and 19.3% respectively [5][7]. - The net profit is forecasted to reach 2.983 billion yuan in 2024, 3.737 billion yuan in 2025, and 4.394 billion yuan in 2026, with corresponding growth rates of 66.6%, 25.3%, and 17.6% [5][7]. - Key financial ratios indicate a gross margin of 39.6% in 2024, a net margin of 25.7%, and a return on equity (ROE) of 32.1% [6][7].

宁波德业科技股份有限公司（以下简称"公司"）于2024年8月26日召开第 三届董事会第八次会议、第三届监事会第六次会议，审议通过了《关于对2022年 股票期权激励计划首次授予部分第一个行权期到期未行权的股票期权进行注销 的议案》，同意注销2022年股票期权激励计划首次授予部分第一个行权期中到期 但尚未行权的股票期权合计6.8864万份。具体情况如下： 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）》的相关规定，鉴于公司2022年股票期权激励计划首次 授予部分第一个行权期已于2024年7月25日届满，董事会决定注销首次授予部分 第一个行权期中到期但尚未行权的股票期权合计6.8864万份。本次注销2022年股 票期权激励计划股票期权合计6.8864万份。具体内容详见2024年8月27日公司披 露于上海证券交易所网站（www.sse.com.cn）的《关于对2022年股票期权激励计 划首次授予部分第一个行权期到期未行权的股票期权进行注销的公告》（公告编 号：2024-065）。 公司已向中国证券登记结算有限责任公司上海分公司提交了注销上述股票 期权的申请，经中国证券登 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company reported a revenue of 4.75 billion yuan for H1 2024, a year-on-year decrease of 3%, with a net profit of 1.24 billion yuan, down 2.2% year-on-year. However, Q2 2024 showed a revenue increase of 2% year-on-year and a significant 52.1% increase quarter-on-quarter [2]. - The demand for energy storage in emerging markets has driven growth, with a 60% increase in energy storage inverter shipments in Q2 2024 compared to the previous quarter [2]. - The company has adjusted its net profit forecasts for 2024-2026 to 3.22 billion, 4.01 billion, and 4.85 billion yuan, respectively, reflecting a year-on-year growth of 80%, 24%, and 21% [2]. Financial Performance Summary - For H1 2024, the company achieved a revenue of 4.75 billion yuan, with a net profit of 1.24 billion yuan, and a non-recurring net profit of 1.16 billion yuan, showing a decline of 16.2% year-on-year [2]. - The energy storage inverter segment generated a revenue of 1.61 billion yuan in H1 2024, down 36% year-on-year, with shipments of 214,100 units, a decrease of 29% year-on-year [2]. - The battery pack business saw a revenue increase of 75% year-on-year, reaching 765 million yuan, with shipments of approximately 160,000 units, a 156% increase year-on-year [3]. Market and Business Outlook - The company is expected to continue benefiting from the growing demand for energy storage solutions in Asia, Africa, and Latin America, with a strong growth outlook for its inverter business [2]. - The report highlights the company's excellent cost control capabilities, with a period expense rate of 8.1% for H1 2024, indicating efficient management of operational costs [3]. - The company anticipates a significant increase in shipments for Q3 2024, projecting over 200,000 units for the battery pack segment, surpassing H1 2024 levels [3].