Deye(SH:605117) Xin Lang Cai Jing·2025-09-22 13:03Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in revenue and net profit, driven by the demand for energy storage inverters and battery packs [2][3]. Financial Performance - In H1 2025, the company achieved revenue of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [2]. - In Q2 2025, the company recorded revenue of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.7% [2]. Inverter and Battery Pack Business - The inverter segment generated revenue of 2.644 billion yuan in H1 2025, reflecting a year-on-year growth of 13.9%, with a total shipment of 763,800 units, up 7.32% year-on-year [3]. - The energy storage inverter shipments reached 315,600 units, a significant increase of 47% year-on-year, while the shipments of string and micro inverters decreased by 10% [3]. - The battery pack business saw revenue growth of 85.8% year-on-year, reaching 1.422 billion yuan in H1 2025, driven by increased global demand for household storage solutions [3]. Home Appliance Business - The dehumidifier segment reported revenue of 408 million yuan in H1 2025, down 10.3% year-on-year, primarily due to a shorter rainy season and increased export uncertainties [4]. - The heat exchanger segment experienced a revenue decline of 17.83% year-on-year, totaling 868 million yuan, although there were signs of recovery in Q2 2025 with a quarter-on-quarter increase of 38% [4]. Employee Stock Ownership Plan - The company announced a 2025 employee stock ownership plan covering up to 800 individuals, with a total scale not exceeding 50 million yuan, aimed at enhancing employee motivation and company competitiveness [4]. Profit Forecast and Investment Recommendation - The company forecasts net profits attributable to shareholders of 3.52 billion yuan, 4.33 billion yuan, and 5.19 billion yuan for 2025-2027, representing year-on-year growth rates of 19%, 23%, and 20% respectively [5]. - The current stock price corresponds to a price-to-earnings ratio of 17.8, 14.5, and 12.1 for the years 2025-2027, indicating a favorable investment outlook [5].