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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][8]. Core Views - The company's performance shows significant recovery, with the energy storage and inverter businesses expected to accelerate growth [3][4]. - The company reported a revenue of 7.48 billion in 2023, a year-on-year increase of 25.59%, and a net profit of 1.79 billion, up 18.03% year-on-year [2][5]. - The inverter revenue reached 4.43 billion in 2023, growing by 11.95% year-on-year, with a gross margin of 52.33% [2][5]. - The energy storage battery pack revenue surged to 0.884 billion, a remarkable increase of 965.43% year-on-year, indicating strong growth potential in this segment [2][5]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 1.88 billion, a decrease of 9.64% year-on-year, and a net profit of 0.433 billion, down 26.48% year-on-year [2][5]. - The gross margin for Q1 2024 was 36.33%, reflecting a decline of 6.73 percentage points year-on-year [2][5]. - The company is expected to see revenues of 10.91 billion, 14.11 billion, and 18.15 billion in 2024, 2025, and 2026 respectively, with growth rates of 45.85%, 29.31%, and 28.65% [5][6]. - The projected net profit for 2024, 2025, and 2026 is 2.38 billion, 2.88 billion, and 3.56 billion respectively, with growth rates of 32.75%, 21.13%, and 23.59% [5][6]. Market Position and Strategy - The company is positioned as a leader in the energy storage and inverter market, with a comprehensive product matrix that includes energy storage, string, and micro-inverter products [6][7]. - The report highlights the company's ongoing investment in R&D to enhance product competitiveness and reduce production costs [2][5]. - The company is actively expanding its market presence in emerging markets, which is expected to drive further growth in its inverter business [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company is expected to see a recovery in its inverter and battery segments, with a significant increase in revenue and profit projected for the coming years [1][6]. - The company reported a strong performance in Q1 2024, with revenue of 1.884 billion and a net profit of 433 million, indicating a robust recovery from previous downturns [1][2]. - The report highlights the company's strategic expansion into emerging markets, which has mitigated the impact of inventory challenges faced in the inverter industry [2][6]. Financial Summary - Revenue is projected to grow from 10.521 billion in 2024 to 16.255 billion by 2026, with a compound annual growth rate (CAGR) of approximately 23.5% [1][6]. - Net profit is expected to increase from 2.281 billion in 2024 to 3.796 billion by 2026, reflecting a strong growth trajectory [1][6]. - The company's EPS is forecasted to rise from 5.30 in 2024 to 8.83 in 2026, indicating improved profitability [1][6]. Product Performance - The company shipped 889,000 inverters in 2023, with a notable recovery in Q1 2024, where shipments reached 235,120 units [2][6]. - The storage battery segment achieved a revenue of 884 million in 2023, marking a substantial growth of 965.43% year-on-year [2][6]. - The traditional business segments, including dehumidifiers and heat exchangers, also showed positive growth, contributing to the overall revenue stability [2][6].

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 2023 年度持续督导现场检查报告 上海证券交易所： 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为宁波德 业科技股份有限公司（以下简称"公司"）2022年度向特定对象发行A股股票的保荐机 构，于2023年1月承接了德业股份原保荐机构光大证券股份有限公司（以下简称"光大 证券"）未完成的持续督导工作，根据《证券发行上市保荐业务管理办法》、《上海证 券交易所上市公司自律监管指引第1号——规范运作》、《上海证券交易所上市公司自律 监管指引第11号——持续督导》、《上市公司监管指引第2号——上市公司募集资金管 理和使用的监管要求》等有关法律、法规和规范性文件的要求，中金公司于2024年4月 15日至16日、4月24日对宁波德业科技股份有限公司就2023年度持续督导（以下简称"本 持续督导期"）事项进行了现场检查，参加人员为保荐代表人孙伟及项目组成员。现将 本次检查的情况报告如下： （三）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资、分红、公司经营状况、 公司及股 ...

公司代码：605117 公司简称：德业股份 宁波德业科技股份有限公司 2023 年年度股东大会 会议资料 二零二四年五月十五日 宁波德业科技股份有限公司 2023 年年度股东大会 会议资料 目录 | 2023 年年度股东大会会议须知 2 | | --- | | 年年度股东大会会议议程及相关事项 2023 3 | | 议案一：2023 年度董事会工作报告 5 | | 议案二：2023 年度监事会工作报告 12 | | 议案三：2023 年度独立董事述职报告 17 | | 议案四：2023 年度财务决算报告 18 | | 议案五：2023 年年度报告及其摘要 21 | | 议案六：关于 2023 年度利润分配及资本公积金转增股本方案的议案 22 | | 议案七：关于 2024 年度使用自有资金进行现金管理的议案 23 | | 议案八：关于 2024 年度公司及子公司向银行申请综合授信额度及担保暨实际控 | | 制人为公司及子公司提供关联担保的议案 24 | | 议案九：关于 2024 年度开展外汇套期保值业务的议案 25 | | 议案十：关于 年度董事薪酬方案的议案 2024 26 | | 议案十一：关于 202 ...

电力设备 | 证券研究报告 — 调整盈利预测 2024年4月29日 605117.SH 德业股份 增持 需求有所回暖，Q1 业绩环比高速增长 原评级：增持 市场价格:人民币 91.16 公司发布 2023 年年报与 2024 年一季报，业绩分别变动+18.03%/-26.48%， 伴随需求向好，公司业绩环比修复明显，盈利相对稳健，一季报业绩环比增 板 块评级:强于大市 长94.37%；维持增持评级。 支撑评级的要点 股价表现  2023年公司业绩同比增长 18.03%：公司发布 2023年年报，全年实现营 收74.80亿元，同比增长25.59%；实现归母净利润17.91亿元，同比增长 16% 18.03%；实现扣非盈利18.53亿元，同比增长20.72%。2023Q4公司实现 1% 盈利2.23亿元，同比减少62.26%，环比减少26.90%。 (14%)  2024Q1 公司业绩环比开始修复：公司同时发布 2024 年一季报，2024Q1 公司实现归母净利润4.33亿元，同比减少26.48%，环比增长94.37%。我 (29%) 们认为，伴随需求向好，公司业绩环比修复明显。 (45%)  微逆召回冲销 ...

公司研 究 证 券研究 报 告 太阳能 2024年04月29日 德 业股份（605117）2023年报及 2024年一季报点评 推 荐 （维持） Q1 业绩环比高增，新兴市场需求爆发，欧洲 目标价：109元 需求逐步修复 当前价：91.16元 事项： 华创证券研究所  公司发布2023年报及2024年一季报。2023年公司实现营收74.80亿元，同比 证券分析师：黄麟 +25.59%；归母净利润17.91亿元，同比+18.03%；毛利率40.41%，同比+2.38pct； 归母净利率 23.94%，同比-1.53pct。2024Q1 公司实现营收 18.84 亿元，同比- 邮箱：huanglin1@hcyjs.com 9.64%，环比+63.26%；归母净利润4.33亿元，同比-26.48%，环比+94.37%； 执业编号：S0360522080001 毛利率36.33%，同比-6.73pct，环比-3.69pct；归母净利率22.98%，同比-5.26pct， 证券分析师：盛炜 环比+3.68pct。一季度业绩环比明显改善。 邮箱：shengwei@hcyjs.com 评论： 执业编号：S03605221 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 7.48 billion yuan in 2023, a year-on-year increase of 26%, and a net profit attributable to shareholders of 1.79 billion yuan, up 18% year-on-year [2]. - In Q1 2024, the company reported a revenue of 1.88 billion yuan, a decrease of 10% year-on-year, and a net profit of 433 million yuan, down 26% year-on-year [2]. - The inverter business showed positive growth with revenue reaching 4.43 billion yuan in 2023, a 12% increase year-on-year, while the sales volume of inverter products was 889,000 units, a decline of 34% [3]. - The energy storage battery segment saw significant growth, with revenue soaring to 880 million yuan, a staggering 965% increase year-on-year, contributing 12% to total revenue [3]. - The dehumidifier business also experienced stable growth, generating 700 million yuan in revenue, a 22% increase year-on-year [3]. - The company has adjusted its profit forecasts for 2024-2025 due to increased competition in the inverter market, projecting net profits of 2.24 billion yuan and 2.83 billion yuan for 2024 and 2025, respectively [3]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.48 billion yuan, with a net profit of 1.79 billion yuan and a non-recurring net profit of 1.85 billion yuan [2]. - The revenue growth rate for 2023 was 25.59%, while the net profit growth rate was 18.03% [4]. Business Segments - The inverter business accounted for 59% of total revenue, with a gross margin of 52% [3]. - The energy storage battery segment's sales volume reached 127,600 units, marking a 1,093% increase year-on-year [3]. - The dehumidifier segment maintained a leading position in online sales for eight consecutive years [3]. Profit Forecast and Valuation - The company has revised its profit forecasts for 2024-2026, expecting net profits of 2.24 billion yuan, 2.83 billion yuan, and 3.5 billion yuan, respectively [3]. - The current stock price corresponds to a P/E ratio of 17, 14, and 11 for 2024-2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 95.36 CNY per share based on a 20x PE valuation for 2024 [3][8]. Core Insights - The company reported its 2023 annual results and Q1 2024 results, which met expectations. In 2023, it achieved revenue of 7.48 billion CNY, a year-on-year increase of 25.59%, and a net profit attributable to shareholders of 1.79 billion CNY, up 18.03% year-on-year. The gross margin was 40.41%, an increase of 2.38 percentage points year-on-year [2][8]. - The company's inverter business has expanded significantly in overseas markets, with a total of 889,000 units sold in 2023, including 408,700 energy storage inverters. The gross margin for inverters reached 52.33%, an increase of 4.15 percentage points year-on-year [2][8]. - The energy storage battery business saw remarkable growth, with revenue of 884 million CNY in 2023, a staggering increase of 965.43% year-on-year, accounting for 11.82% of total revenue [2][8]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 7,480 million CNY, with a growth rate of 25.6%. The net profit attributable to shareholders was 1,791 million CNY, reflecting an 18.0% growth. The EPS for 2023 was 4.17 CNY [6][16]. - For Q1 2024, the company reported a revenue of 1,884 million CNY, a decrease of 9.64% year-on-year, and a net profit of 433 million CNY, down 26.48% year-on-year [2][6]. Business Segments - **Inverter Business**: Revenue from inverters in 2023 was 4.43 billion CNY, with a gross margin of 52.38%. The company expects revenue to grow to 4.62 billion CNY in 2024 [9][10]. - **Energy Storage Battery**: Revenue from energy storage batteries is projected to reach 3 billion CNY in 2024, with a gross margin of around 35% [7][9]. - **Heat Exchanger Series**: Revenue for heat exchangers in 2023 was 1.34 billion CNY, with expectations of growth to 1.47 billion CNY in 2024 [10]. - **Dehumidifier Series**: Revenue from dehumidifiers was 704 million CNY in 2023, with projections of 879 million CNY in 2024 [10]. Earnings Forecast - The company forecasts EPS of 4.77 CNY for 2024, 6.27 CNY for 2025, and 7.56 CNY for 2026, indicating a positive growth trajectory [8][16].

Investment Rating - The report maintains a "Buy-A" rating for the company, with a target price of 89.36 CNY [1]. Core Views - The company reported a significant increase in Q1 2024 performance, with a quarter-on-quarter revenue growth of 63.26% despite a year-on-year decline of 9.64% [1]. - The inverter series contributed 59.22% to the total revenue in 2023, showing an 11.95% increase compared to the previous year [1]. - The energy storage battery pack series saw a remarkable revenue increase of 965.43% year-on-year, accounting for 11.82% of total revenue [1]. - The global photovoltaic industry continues to grow, with an expected increase in global installed capacity from 390 GW in 2023 to 512-587 GW by 2030 [1]. - The company is strategically expanding its market presence internationally, establishing after-sales services in key regions such as South Africa, Germany, and Lebanon [1]. Financial Performance Summary - In 2023, the company achieved a revenue of 7.48 billion CNY, a year-on-year increase of 25.59%, and a net profit of 1.79 billion CNY, up 18.03% [2]. - For Q1 2024, the company reported a revenue of 1.884 billion CNY, with a net profit of 433 million CNY, reflecting a quarter-on-quarter increase of 94.17% [1]. - The forecasted revenues for 2024, 2025, and 2026 are 10.771 billion CNY, 13.463 billion CNY, and 17.031 billion CNY respectively, with corresponding year-on-year growth rates of 44.0%, 25.0%, and 26.5% [2][4]. - The projected net profits for the same years are 2.534 billion CNY, 3.179 billion CNY, and 3.851 billion CNY, with growth rates of 41.5%, 25.5%, and 21.2% respectively [2][4]. Valuation Metrics - The company’s EPS is projected to increase from 5.89 CNY in 2024 to 8.96 CNY in 2026, with corresponding P/E ratios decreasing from 15.2 to 10.0 [2][4]. - The gross margin is expected to slightly decline from 40.4% in 2023 to 36.8% in 2026 [2][4]. - The return on equity (ROE) is forecasted to decrease from 34.2% in 2023 to 27.8% in 2026 [2][4].