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].

1 一、保荐机构对上市公司的持续督导工作情况 序号 项目 工作内容 1 建立健全并有效执行持续督导工作制度， 并针对具体的持续督导工作制定相应的工 作计划 保荐机构已建立健全并有效执行了 持续督导制度，并制定了相应的工作 计划 2 根据中国证监会相关规定，在持续督导工 作开始前，与上市公司或相关当事人签署 持续督导协议，明确双方在持续督导期间 的权利和义务，并报上海证券交易所备案 保荐机构已与公司签订了保荐协议， 该协议已明确了双方在持续督导期 间的权利和义务，并报上海证券交易 所备案 3 通过日常沟通、定期回访、现场检查、尽 职调查等方式开展持续督导工作 保荐机构通过日常沟通、现场检查相 关文件、尽职调查等方式对公司开展 持续督导工作 4 持续督导期间，按照有关规定对上市公司 违法违规事项公开发表声明的，应于披露 前向上海证券交易所报告，并经上海证券 交易所审核后在指定媒体上公告 2023 年度公司在持续督导期不存在 需保荐机构公开发表声明的违法违 规事项 5 持续督导期间，上市公司或相关当事人出 现违法违规、违背承诺等事项的，应自发 现或应当发现之日起五个工作日内向上海 证券交易所报告，报告内容包括上市公 ...

中国国际金融股份有限公司 关规定采取的监管措施。 关于宁波德业科技股份有限公司 首次公开发行股票并上市持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准宁波德业科技股 份有限公司首次公开发行股票的批复》（证监许可〔2021〕201 号）核准，并经上海证 券交易所同意，宁波德业科技股份有限公司（以下简称"公司"）首次公开发行股票于 2021 年 4 月 20 日在上海证券交易所主板上市。公司聘请光大证券股份有限公司（以下简 称"光大证券"）担任首次公开发行股票并上市的保荐机构，持续督导期至2023年12月 31 日止。 公司经第二届董事会第十九次会议及 2022 年第三次临时股东大会，并经第二届董事 会第二十二次会议，审议通过了向特定对象发行 A 股股票的相关议案。根据本次向特定 对象发行 A 股股票的需要，公司聘请中国国际金融股份有限公司（以下简称"中金公 司"）担任本次向特定对象发行 A 股股票的保荐机构，并与中金公司签署保荐协议。根 据《证券发行上市保荐业务管理办法》等相关规定，自签署保荐协议之日起，公司首次 公开发行股票的保荐机构光大证券未完成的持续督导工作由中金公司承 ...

Investment Rating - The report provides a positive investment rating for the company, indicating a favorable outlook for future performance [4]. Core Insights - The company is projected to experience significant revenue growth, with estimates of $7.48 billion in 2023, increasing to $17.04 billion by 2026, representing a compound annual growth rate (CAGR) of approximately 42.9% from 2022 to 2023 and 19.7% from 2025 to 2026 [4][7]. - The earnings per share (EPS) is expected to rise from $4.16 in 2023 to $8.19 in 2026, reflecting a strong growth trajectory [7]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 21.5 in 2023 to 10.6 by 2026, suggesting that the stock may become more attractive to investors over time [7]. Financial Summary - Revenue projections for the company are as follows: - 2023: $7.48 billion - 2024: $11.29 billion - 2025: $14.24 billion - 2026: $17.04 billion - Year-over-year growth rates are expected to be 25.6% in 2023, 50.9% in 2024, 26.2% in 2025, and 19.7% in 2026 [4][7]. - The company's net income is projected to grow significantly, with estimates of $1.79 billion in 2023 and reaching $3.52 billion by 2026, indicating a robust profit margin [7]. - The return on equity (ROE) is expected to remain strong, with estimates of 34.2% in 2023 and declining to 30.2% by 2026, reflecting efficient use of equity capital [7].

证券研究报告 ＃＃iinndduussttrryyIIdd＃＃ 逆变器 ＃investSuggestion＃ ＃ ＃d德yCo业mpa股ny＃份 （ 605117 ） investSug 增持 ( 首ges次tionC）h 605 海11 外7 市场多点开花＃ ，tit 逆le＃ 变器营收持续增长 ange＃ ＃createTime1＃ 2024 年04 月25 日 投资要点 ＃市场ma数rk据etData＃ ＃summary＃  事件：公司发布2023年年报及2024Q1业绩报。（1）公司2023全年实现营 市场数据日期 2024-04-24 业收入74.8亿元，同比+25.59%；归母净利润17.91亿元，同比+18.03%。（2） 收盘价（元） 89.36 2024Q1实现营业收入18.84亿元，同比-9.64%，环比+63.26%；归母净利润 总股本（百万股） 430.08 4.33亿元，同比-26.48%，环比+94.37%。公司Q1业绩环比大幅增长。 流通股本（百万股） 430.08  全球光伏及户储装机增长显著，公司逆变器营收持续增长。2023年全球光伏 净资产（百万元） 5723.52 装 ...

逆变器 2024年04月25日 公 55482555 司 买入（维持评级） 德业股份（ ） 研 605117.SH 究 24Q1 业绩超市场预期，看好 24 年逆变器业务高 当前价格： 86.97元 目标价格： 128.2元 增 基本数据 总股本/流通股本(百万股) 430.08/430.08 投资要点： 流通A股市值(百万元) 37,404.13 每股净资产(元) 13.31  业绩点评 资产负债率(%) 49.82 公司发布2023年&24Q1业绩公告，2023年全年实现营收74.8亿 一年内最高/最低价(元) 275.64/55.51 元，同比+25.6%，归母净利 17.9亿元，同比+18.0%；扣非归母净利 一年内股价相对走势 18.5亿元，同比+20.7%；其中23Q4归母净利2.2亿元，扣非归母净利 公 1.46亿元；24Q1实现营收18.8亿元，同比-9.6%，环比+63%，归母净 司 利4.3亿元，环比+94%；扣非归母净利4.2亿元，环比+190%。 财  24Q1逆变器业务出货环比实现显著改善 报 点 公司23年储能/组串/微型逆变器出货分别为40.87/20.67/27.35万 评 ...