Deye(SH:605117) Xin Lang Cai Jing·2025-08-26 08:34Core Viewpoint - The company reported its 2025 H1 results, showing revenue and net profit growth, with a strong performance in energy storage inverters and battery packs, while facing challenges in other product lines [1][2]. Financial Performance - In 2025 H1, the company achieved revenue of 5.535 billion yuan, a year-on-year increase of 16.6%, and a net profit attributable to shareholders of 1.52 billion yuan, up 23.2% [1]. - For Q2 2025, revenue was 2.97 billion yuan, reflecting a year-on-year increase of 3.7% and a quarter-on-quarter increase of 15.7%, with net profit of 817 million yuan, up 1.7% year-on-year and 15.7% quarter-on-quarter [1]. - The company shipped approximately 316,000 energy storage inverters in H1 2025, a year-on-year increase of about 48%, with Q2 shipments reaching about 184,000 units [1]. Product Performance - The energy storage inverter shipments in Q2 2025 increased by approximately 40% quarter-on-quarter, with a growing share of commercial storage [1]. - Battery pack revenue in H1 2025 reached 1.42 billion yuan, with a year-on-year increase of over 80%, and Q2 revenue of 740 million yuan, reflecting a quarter-on-quarter increase of 56% [1]. - The company experienced a slight decline in the shipments of string and micro inverters, with H1 2025 shipments around 460,000 units, a year-on-year decrease [2]. Employee Engagement - The company announced an employee stock ownership plan, allowing up to 800 employees to subscribe to a maximum of 1.9072 million shares, representing 0.21% of total equity, with a subscription price of 30.19 yuan per share [2]. Profit Forecast and Investment Rating - The company adjusted its profit forecasts for 2025-2027, expecting net profits of 3.6 billion yuan, 4.31 billion yuan, and 5.17 billion yuan, with corresponding growth rates of 22%, 20%, and 20% [3]. - The target price for 2026 is set at 95 yuan, based on a 20x PE ratio, maintaining a "buy" rating [3].