Deye(SH:605117) Xin Lang Cai Jing·2025-05-08 08:40Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 11.206 billion yuan, a year-on-year growth of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% [1] - The company's energy storage business is a key growth driver, with revenue from energy storage inverters and batteries accounting for 71.5% of total revenue, showing a 50.70% increase [1] - The company is well-positioned to benefit from the growing demand in South Asia and Africa, with notable increases in inverter exports in Pakistan and Nigeria [2] Financial Performance - For 2024, the company achieved total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan [1] - In Q1 2025, revenue was 2.566 billion yuan, reflecting a year-on-year increase of 36.24%, while net profit reached 706 million yuan, up 62.98% [1] - The revenue from energy storage inverters was 8.008 billion yuan, representing a 50.70% increase, while energy storage battery revenue surged to 2.451 billion yuan, a growth of 177.19% [1] Market Expansion - The South Asian and African markets are showing strong growth potential, with Pakistan's monthly inverter export amounts significantly increasing and Nigeria's inverter exports reaching 101 million USD in 2024 [2] - India's national power plan aims for a cumulative installed capacity of 186 GW by 2026-2027, indicating a need for over 110 GW of new installations in the next 3-4 years [2] - European policy support is enhancing demand, with Germany simplifying regulations for balcony photovoltaic installations and other countries like Austria and France implementing supportive policies [2] Future Projections - The company is projected to achieve revenues of 14.670 billion yuan, 18.453 billion yuan, and 23.261 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 3.748 billion yuan, 4.862 billion yuan, and 6.123 billion yuan [2] - Earnings per share (EPS) are expected to be 5.80 yuan, 7.53 yuan, and 9.48 yuan for the same years, with price-to-earnings (PE) ratios of 14.86, 11.45, and 9.09 [2]