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].

Investment Rating - The report assigns a rating of "Buy" for the company, indicating a positive outlook for future performance [5]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $7.48 billion in 2023, increasing to $16.72 billion by 2026, reflecting a compound annual growth rate (CAGR) of 42.9% from 2022 to 2023 and 18.1% from 2025 to 2026 [5][6]. - Earnings per share (EPS) are expected to rise from $2.81 in 2023 to $6.46 in 2026, showcasing a strong growth trajectory [5][6]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 30.6 in 2023 to 13.3 by 2026, suggesting that the stock may become more attractive as earnings grow [5][6]. Financial Performance Summary - Revenue projections for the company are as follows: $5.96 billion in 2022, $7.48 billion in 2023, $11.16 billion in 2024, $14.16 billion in 2025, and $16.72 billion in 2026, with year-over-year growth rates of 42.9%, 25.6%, 49.2%, 26.9%, and 18.1% respectively [5][6]. - The company's net income is expected to grow from $1.52 billion in 2022 to $4.12 billion in 2026, with a year-over-year growth rate of 162.3% in 2023 and 14.7% in 2026 [5][6]. - The report highlights a projected return on equity (ROE) of 34.2% in 2024, decreasing to 30.8% by 2026, indicating strong profitability [5][6]. Valuation Metrics - The report indicates a decreasing trend in the price-to-book (P/B) ratio from 10.5 in 2023 to 4.1 in 2026, which may suggest an undervaluation of the stock as the company grows [5][6]. - The enterprise value to EBITDA (EV/EBITDA) ratio is projected to decline from 74 in 2023 to 30 by 2026, indicating improved operational efficiency and valuation attractiveness [5][6].

证券代码：605117 证券简称：德业股份 公告编号：2024-068 宁波德业科技股份有限公司股东集中竞价减持计划 时间届满暨减持结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 本次减持计划实施前，宁波德业科技股份有限公司（以下简称"公司"）股 东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"） 直接持有公司 10,870,272 股，占公司总股本的 2.53%；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"）直接持有公司 3,225,600 股，占公司总股本的 0.75%。亨丽创投、德派创投为公司员工持股平台。上述股 份为公司首次公开发行前取得的股份以及发行上市后以资本公积转增股本取得 的股份，并于 2024 年 4 月 22 日解除限售后上市流通。 2、公司实施 2023 年度权益分派以方案实施前的公司总股本 430,080,841 股 为基数，以资本公积金向全体股东每股转增 0.4 股，转增 172,032,336 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][3]. Core Insights - The company reported a significant quarter-on-quarter increase in performance for Q2, with emerging markets showing strong growth [2]. - In H1 2024, the company achieved operating revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%, and a net profit attributable to shareholders of 1.236 billion yuan, down 2.21% year-on-year [2]. - The company's inverter business saw a revenue of 2.32 billion yuan in H1 2024, a year-on-year decline of 26.06%, but the total shipment reached 711,700 units, an increase of 8% year-on-year [2]. - The energy storage battery pack business experienced a revenue growth of 74.82% year-on-year, reaching 765 million yuan, benefiting from the rising global demand for household energy storage products [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved operating revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06%, with a net profit of 803 million yuan, up 18.97% year-on-year and 85.44% quarter-on-quarter [2]. - The gross margin for Q2 was 37.69%, and the net margin was 28.03% [2]. Business Segments - The inverter segment's revenue decreased, but shipments to emerging markets like Pakistan, Germany, Brazil, India, and South Africa showed strong performance [2]. - The energy storage inverter maintained a gross margin of 52.00%, slightly down from 54.96% in 2023 [2]. - The heat exchanger product revenue grew by 16.73% year-on-year, and dehumidifier product revenue increased by 31.98% year-on-year, driven by high temperature and humidity conditions [2]. Earnings Forecast - The company is projected to achieve revenues of 11.271 billion yuan, 15.561 billion yuan, and 19.586 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 4.49 yuan, 5.88 yuan, and 7.06 yuan [3]. - The current stock price corresponds to PE ratios of 19.8, 15.1, and 12.6 for the years 2024, 2025, and 2026 respectively, indicating a favorable outlook for the company's growth in the global solar storage market, particularly in emerging markets [3].

证券代码：605117 证券简称：德业股份 公告编号：2024-067 宁波德业科技股份有限公司 关于公司完成工商变更登记并换发营业执照的公告 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。 近日，因公司实际业务开展需要，将法定代表人由"张栋业"变更为"ZHA NG DONG YE"。本事项系法定代表人中英文名称的变更，不存在变更法定代 表人的情况。公司已取得宁波市市场监督管理局换发的《营业执照》，除上述变 更事宜外，公司《营业执照》的其他登记事项均保持不变。 主要信息如下： 公司名称：宁波德业科技股份有限公司 法定代表人：ZHANG DONG YE 住所：浙江省宁波市北仑区大碶甬江南路 26 号 成立时间：2000 年 8 月 4 日 经营范围：热交换器、制冷设备、除湿设备、空气净化设备、水净化设备、 新风系统设备、太阳能空调、逆变器、变频水泵、电子智能控制器的研发、制造、 销售；自有房屋租赁；自营和代理各类货物和技术的进出口，但国家限定或禁止 的技术和货物除外。（依法须经批准的项目，经相关部门批准后方可开展经营活 动 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][5] Core Views - The company is expected to benefit from high growth in emerging markets, with significant increases in both revenue and profit anticipated in the upcoming quarters [5][6] - The company's performance in Q2 2024 showed a revenue increase of 52.1% quarter-on-quarter and a profit increase of 85.4% quarter-on-quarter, indicating strong recovery and demand in the photovoltaic inverter market [5][6] - The company has a strong market position in emerging markets, particularly in South Africa, Pakistan, India, the Philippines, and Myanmar, where there is a rigid demand for energy solutions [6][7] Financial Overview - For the first half of 2024, the company reported revenue of 4.75 billion yuan, a year-on-year decrease of 3.0%, and a net profit of 1.24 billion yuan, a year-on-year decrease of 2.2% [5][7] - In Q2 2024, revenue reached 2.86 billion yuan, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.1%, with net profit at 800 million yuan, a year-on-year increase of 19.0% and a quarter-on-quarter increase of 85.4% [5][6] - The company sold a total of 711,700 inverters in the first half of 2024, with significant contributions from energy storage inverters and micro-grid inverters [5][6] Segment Performance - In H1 2024, the revenue breakdown showed that inverter sales were 2.32 billion yuan (down 26.06% year-on-year), energy storage battery packs were 770 million yuan (up 74.82% year-on-year), heat exchangers were 1.06 billion yuan (up 16.73% year-on-year), and dehumidifiers were 450 million yuan (up 31.98% year-on-year) [5][6] - The energy storage battery pack business is rapidly growing, with revenue expected to reach 2.32 billion yuan in 2024, reflecting a year-on-year growth of 162.9% [8][10] Earnings Forecast and Valuation - The company is projected to achieve net profits of 3.02 billion yuan and 3.85 billion yuan in 2024 and 2025, respectively, representing year-on-year growth rates of 68.8% and 27.4% [7][10] - The report assigns a price-to-earnings (P/E) ratio of 24-25 times for 2024, suggesting a reasonable value range of 113.76 to 118.50 yuan per share [6][10]