Deye(SH:605117) Xin Lang Cai Jing·2025-05-14 10:28Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in various business segments and strategic market expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 11.206 billion yuan, a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - For Q4 2024, revenue was 3.190 billion yuan, reflecting a year-on-year growth of 176.51%, while net profit was 721 million yuan, up 223.61% year-on-year [1]. - In Q1 2025, revenue reached 2.566 billion yuan, a year-on-year increase of 36.24%, with net profit of 706 million yuan, up 62.98% year-on-year [1]. Business Segment Growth - The company experienced significant growth in its business segments, with revenue from heat exchangers at 1.955 billion yuan (up 45.39%), dehumidifiers at 969 million yuan (up 37.69%), inverters at 5.556 billion yuan (up 25.44%), and energy storage battery packs at 2.451 billion yuan (up 177.19%) [2]. - The company's photovoltaic products generated over half of their revenue from emerging markets in Asia, South America, and Africa [2]. Market Strategy - The company is enhancing its market competitiveness by optimizing product structure and controlling costs, while also expanding its domestic and international sales networks [2]. - A focus on currency management and improving capital operation efficiency has strengthened the company's global operational capabilities [2]. Shareholder Confidence - The chairman proposed a share buyback plan of 100 million to 200 million yuan, funded by self-owned funds or bank loans, to be used for employee stock ownership plans or equity incentives, reflecting management's confidence in the company's future [2]. Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 4.002 billion yuan, 5.049 billion yuan, and 6.140 billion yuan for 2024-2026, corresponding to PE ratios of 15, 12, and 10 times [3]. - A target price of 111.51 yuan is set based on an 18x PE for 2025, maintaining a "recommended" rating [3].