Investment Rating - The report maintains a "Buy-A" rating for the company [1][3]. Core Views - The company has a strong market presence in emerging markets, holding the top market share in its sector. Despite a slight decline in revenue and net profit in the first half of 2024, the company is expected to benefit from its differentiated layout in emerging markets and its advantages in inverter product channels and cost control [1][3]. Financial Performance - In the first half of 2024, the company achieved revenue of 4.748 billion yuan, a year-on-year decrease of 2.97%. The net profit attributable to the parent company was 1.236 billion yuan, down 2.21%, while the net profit after deducting non-recurring gains and losses was 1.162 billion yuan, a decrease of 16.19% [1]. - The company's inverter business generated revenue of 2.321 billion yuan, a year-on-year decrease of 26.06%. The South African market, which has been affected by power shortages, saw a significant increase in photovoltaic installations, with 2.5 GW added in 2023, up 47% from 1.7 GW in 2022 [1]. - The energy storage battery pack business achieved revenue of 770 million yuan, a year-on-year increase of 74.82%, benefiting from the growing global demand for household energy storage products [1][4]. Market Position and Strategy - The company has established a strong brand and customer base in the South African market, leading to significant sales growth in energy storage inverters last year. However, sales in this segment have declined in the first half of 2024 due to reduced power shortages and increased competition [1]. - The company has successfully expanded its sales to emerging markets such as Pakistan, India, the Philippines, and Myanmar, which are experiencing rigid demand due to severe power shortages [1]. Future Outlook - The company is expected to see net profits of 2.933 billion yuan, 3.663 billion yuan, and 4.473 billion yuan for the years 2024 to 2026, respectively, with corresponding EPS of 4.6, 5.74, and 7.01 yuan [1][4]. - The report anticipates a significant increase in revenue, projecting 12.192 billion yuan in 2024, 15.240 billion yuan in 2025, and 19.050 billion yuan in 2026, reflecting a year-on-year growth of 63.0%, 25.0%, and 25.0% respectively [4][5].

Investment Rating - The report maintains an **Overweight** rating for the company, with a target price of RMB 87.02 [1] - The sector rating is **Outperform** [1] Core Views - The company's Q2 2024 performance showed significant recovery, with net profit attributable to the parent company increasing by 18.97% YoY and 85.44% QoQ [3] - Inverter shipments increased by 7.77% YoY in H1 2024, driven by strong demand in emerging markets such as Pakistan, India, Philippines, and Myanmar [3] - The energy storage battery pack segment saw a 74.82% YoY revenue increase in H1 2024, benefiting from global demand for residential energy storage products [3] - The home appliance business, including heat exchangers and dehumidifiers, grew by 16.73% and 31.98% YoY, respectively, due to extreme weather conditions and increased consumer awareness [3] Financial Performance Summary - H1 2024 revenue decreased by 2.97% YoY to RMB 4.748 billion, while net profit attributable to the parent company decreased by 2.21% YoY to RMB 1.236 billion [3] - Q2 2024 net profit margin improved to 28.03%, up 4.00 percentage points YoY and 5.04 percentage points QoQ [3] - The company's gross margin for energy storage inverters remained stable at 52.00% in H1 2024, slightly down from 54.96% in 2023 [3] Valuation and Forecast - The report revised the EPS forecasts for 2024-2026 to RMB 4.57, RMB 5.82, and RMB 6.63, respectively, representing an increase of 29.8%, 25.4%, and 32.7% from previous estimates [3] - The P/E ratio for 2024-2026 is projected at 19.1x, 14.9x, and 13.1x, respectively [4] - The company's EV/EBITDA for 2024-2026 is forecasted at 15.5x, 12.2x, and 10.0x [4] Market Performance - The company's stock price has shown a 9.9% increase year-to-date, outperforming the Shanghai Composite Index by 13.8 percentage points [1] - Over the past 12 months, the stock has gained 21% in absolute terms and 5.3% relative to the Shanghai Composite Index [1] Industry Outlook - The photovoltaic equipment sector is experiencing a recovery in demand, particularly in emerging markets, driven by factors such as power shortages, rising electricity prices, and policy support [3] - The global residential energy storage market continues to grow, supporting the company's energy storage battery pack business [3]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 96.17 CNY per share based on a 20x PE valuation for 2024 [4][8]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 4.748 billion CNY, a year-on-year decrease of 2.97%, and a net profit of 1.236 billion CNY, down 2.21% year-on-year. The gross margin was 37.15%, a decline of 4.61 percentage points year-on-year [3][7]. - The company is experiencing growth in its emerging market layout, particularly in the inverter and energy storage sectors, with significant sales in countries like Pakistan, Germany, Brazil, India, and South Africa [2][7]. Financial Summary - Revenue for 2022 was 5.956 billion CNY, projected to grow to 12.000 billion CNY by 2024, reflecting a growth rate of 60.4% [3][10]. - The company's net profit is expected to increase from 1.517 billion CNY in 2022 to 3.068 billion CNY in 2024, representing a growth rate of 71.3% [3][10]. - The earnings per share (EPS) are forecasted to rise from 3.53 CNY in 2022 to 4.81 CNY in 2024 [3][10]. Business Segments - Inverter Business: Revenue for the inverter segment is expected to reach 6.514 billion CNY in 2024, with a gross margin of approximately 49% [7][9]. - Energy Storage Battery Packs: Revenue is projected to grow significantly, reaching 3.000 billion CNY in 2024, with a gross margin of around 38% [7][9]. - Heat Exchanger Series: Expected revenue for this segment is 1.469 billion CNY in 2024, with a stable gross margin of 11% [10]. - Dehumidifier Series: Revenue is anticipated to be 0.879 billion CNY in 2024, maintaining a gross margin of approximately 32% [10].

证 券 研 究 报 告 德业股份（605117）2024 年半年报点评 推荐（维持） 光储性价比凸显，新兴市场多点开花，公司 业绩有望持续向好 事项： ❖ 公司发布 2024 半年报，2024H1 公司实现营收 47.48 亿元，同比-2.97%；归母 净利润 12.36 亿元，同比-2.21%；毛利率 37.15%，同比-4.60pct；归母净利率 26.02%，同比+0.20pct。其中 2024Q2 公司实现营收 28.64 亿元，同比+1.98%， 环比+52.06%；归母净利润 8.03 亿元，同比+18.97%，环比+85.44%；毛利率 37.69%，同比-3.10pct，环比+1.37pct；归母净利率 28.03%，同比+4.00pct，环 比+5.04pct。业绩落在此前预告中值。 评论： ❖ 在传统市场增长乏力的情况下，新兴市场的爆发弥补了一定的缺口。今年上半 年，公司逆变器业务实现收入 23.22 亿元，同比减少 26.06%。今年以来，南非 市场缺电程度减弱，叠加竞争加剧、行业库存增加，导致今年南非市场储能逆 变器销售量同比下滑。今年上半年巴基斯坦、印度、菲律宾、缅甸等东南亚新 兴市 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][9]. Core Views - In H1 2024, the company benefited from a significant increase in inverter demand in emerging markets such as Pakistan, India, the Philippines, and Myanmar due to severe power shortages and policy support, which helped offset declines in the South African market [3][9]. - The company's differentiated layout in emerging markets is expected to lead to further sales growth [3][9]. - The traditional business showed strong growth, with the energy storage battery pack business expected to contribute to new growth [9]. Financial Performance Summary - In H1 2024, the company achieved 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 [9]. - In Q2 2024, the company reported 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 [9]. - The inverter business revenue in H1 2024 was 2.322 billion yuan, down 26.06% year-on-year, primarily due to reduced power shortages in South Africa and increased market competition [9]. - The energy storage battery pack business revenue was 765 million yuan, up 74.82% year-on-year, benefiting from high integration, safety, and long cycle life of products [9]. Revenue and Profit Forecast - The company forecasts revenues of 12.593 billion yuan, 15.852 billion yuan, and 19.220 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 68.36%, 25.88%, and 21.25% [9][10]. - Net profit attributable to shareholders is expected to be 2.938 billion yuan, 3.661 billion yuan, and 4.331 billion yuan for the same years, with growth rates of 64.06%, 24.58%, and 18.30% [9][10]. - Earnings per share (EPS) are projected to be 4.60 yuan, 5.74 yuan, and 6.79 yuan for 2024, 2025, and 2026, respectively, with a three-year compound annual growth rate (CAGR) of 34.22% [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 4.748 billion yuan in the first half of 2024, a year-on-year decrease of 2.97%, while the net profit attributable to shareholders was 1.236 billion yuan, an increase of 2.21% year-on-year [1]. - In Q2 2024, the company achieved a 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, reflecting a strong recovery driven by high demand in emerging markets [2]. - The inverter business is gradually recovering, with significant sales growth in energy storage in emerging markets like Pakistan, India, and the Philippines, compensating for declines in the South African market [2]. - The energy storage battery pack business saw rapid growth, achieving a revenue of 765 million yuan in the first half of 2024, a year-on-year increase of 74.82% [2]. - An employee stock ownership plan was established to enhance employee cohesion and attract talent, supporting long-term sustainable development [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 11.459 billion yuan, 14.538 billion yuan, and 18.002 billion yuan, with corresponding growth rates of 53.2%, 26.9%, and 23.8% [3]. - Net profit attributable to shareholders is expected to be 3.019 billion yuan, 3.621 billion yuan, and 4.370 billion yuan for the same years, with growth rates of 68.6%, 20.0%, and 20.7% respectively [3]. - The projected PE ratios for 2024, 2025, and 2026 are 18X, 15X, and 13X, indicating a favorable valuation outlook [3].

证 券 研 究 报 告 2024年08月27日 电力设备及新能源 德业股份(605117.SH) 盈利能力优良，新兴市场亮眼 推荐 ( 维持) 事项： 股价:87.02元 主要数据 | --- | --- | |-------------------|----------------------------------| | 行业 | 电力设备及新能源 | | 公司网址 | www.deye.com.cn | | 大股东/持股 | 宁波梅山保税港区艾思睿投资管理有 | | | 限公司/35.83% | | 实际控制人 | 张和君 | | 总股本(百万股) | 638 | | 流通A股(百万股) | 602 | | 流通B/H股(百万股) | | | 总市值(亿元) | 555 | | 流通A股市值(亿元) | 524 | | 每股净资产(元) | 12.15 | | 资产负债率(%) | 42.8 | 行情走势图 相关研究报告 【平安证券】德业股份（605117.SH）*首次覆盖报告 *亚非拉光储爆发，领军者行稳致远*推荐20240724 证券分析师 张之尧 投资咨询资格编号 | --- | |------- ...

公 司 研 究 Q2 业绩环比高增，充分受益亚非拉市场需求放量 德业股份（605117.SH） 2024 年 08 月 27 日 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------------|--------------------------| | 殷晟路（分析师） | 鞠爽（分析师） | | yinshenglu@kysec.cn | jushuang@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790524070002 | | --- | --- | |--------------------|--------------| | 日期 | 2024/8/27 | | 当前股价(元) | 87.02 | | 一年最高最低(元) | 109.96/55.51 | | 总市值(亿元) | 555.28 | | 流通市值(亿元) | 523.96 | | 总股本(亿股) | 6.38 | | 流通股本(亿股) | 6.02 | | 近 3 个月换手率(%) | 96.96 | 股价走势图 德业股份 沪深3 ...

证券研究报告·公司点评报告·家电零部件Ⅱ 德业股份（605117） 2024 中报点评：Q2 新兴市场拉动光储逆变 器爆发，盈利表现亮眼 2024 年 08 月 27 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 5956 | 7480 | 12190 | 16610 | 20778 | | 同比（%） | 42.89 | 25.59 | 62.98 | 36.26 | 25.10 | | 归母净利润（百万元） | 1517 | 1791 | 3164 | 4215 | 5102 | | 同比（%） | 162.27 | 18.03 | 76.68 | 33.22 | 21.03 | | EPS-最新摊薄（元/股） | 2.38 | 2.81 | 4.96 | 6. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.75 billion RMB in the first half of 2024, a year-on-year decrease of 3.0%, and a net profit attributable to shareholders of 1.24 billion RMB, down 2.2%, which was within the expected range [2] - The company's Q2 performance showed resilience with a revenue of 2.86 billion RMB, a year-on-year increase of 2.0% and a quarter-on-quarter increase of 52.0%, while the net profit reached 803 million RMB, up 19.0% year-on-year and 85.5% quarter-on-quarter [2] - The inverter sales revenue for the first half was 2.32 billion RMB, down 26.1%, primarily due to a shift in product mix affecting high-value energy storage inverters [2] - The energy storage battery segment saw significant growth, with revenue of 765 million RMB, a year-on-year increase of 74.82%, and an estimated sales volume of 110,000 units, leading to a storage ratio increase of 21 percentage points compared to the full year of 2023 [2] - Traditional home appliance business slightly exceeded expectations, with heat exchangers generating 1.06 billion RMB in revenue, up 16.7%, and dehumidifiers achieving 454 million RMB, up 32.0% [2] - Accounts receivable turnover days increased slightly to 31 days, up approximately 9 days year-on-year, attributed to a higher proportion of emerging markets and increased market competition [2] Summary by Sections Performance Analysis - The company achieved a revenue of 4.75 billion RMB in H1 2024, down 3.0% year-on-year, and a net profit of 1.24 billion RMB, down 2.2% [2] - Q2 revenue was 2.86 billion RMB, up 2.0% year-on-year and 52.0% quarter-on-quarter, with net profit at 803 million RMB, up 19.0% year-on-year and 85.5% quarter-on-quarter [2] Business Segments - Inverter sales revenue was 2.32 billion RMB, down 26.1%, with energy storage inverters seeing a decline in shipment volume [2] - Energy storage battery revenue was 765 million RMB, up 74.82%, with a significant increase in storage ratio [2] - Traditional home appliance revenue included 1.06 billion RMB from heat exchangers and 454 million RMB from dehumidifiers, reflecting strong demand due to extreme weather [2] Financial Projections - The net profit forecasts for 2024-2026 have been adjusted to 2.82 billion RMB, 3.58 billion RMB, and 4.22 billion RMB, respectively, with corresponding P/E ratios of 20, 16, and 13 [2]