Deye(SH:605117) Mei Ri Jing Ji Xin Wen·2025-10-31 04:27Core Viewpoint - The company, DeYee Co., Ltd. (605117.SH), announced a change in its fundraising project, reallocating 6.51 billion RMB of unused funds from a previously planned inverter production line to a new project focused on commercial energy storage systems, with a total investment of 11.12 billion RMB [1][6]. Financial Performance - In Q3 2025, the company reported a revenue of 3.31 billion RMB, a year-on-year increase of 1.32%, while the net profit attributable to shareholders was 824.77 million RMB, a decrease of 17.84% [2][3]. - The total profit for the period was 1.00 billion RMB, reflecting a decline of 13.68% compared to the previous year [2]. - The basic earnings per share were 0.92 RMB, down 19.30% year-on-year [1]. Investment Projects - The new project, "Annual Production of 7GWh Commercial Storage Production Line," is expected to generate an annual net profit of 734 million RMB upon reaching full production [9]. - The original project aimed at producing 25.5GW of string and storage inverters had a total investment of 19.99 billion RMB, with 14.92 billion RMB planned to be funded through the raised capital [3][5]. - The company has already invested 8.64 billion RMB in the original project, with a progress rate of 57.94% [5]. Market Trends - The inverter market is experiencing a stabilization in demand, with a 5.1% increase in export quantity and a 7.6% increase in export value in the first half of the year [10]. - The commercial storage market is witnessing robust demand, driven by policy support and increasing economic viability, particularly in overseas markets [10][11]. - The global energy storage market is projected to grow at a compound annual growth rate of 23% from 2024 to 2030, with significant demand expected in emerging markets [11]. Profitability Analysis - The gross profit margin for commercial storage products is significantly higher than that of string inverters, with margins of 62.15% for commercial storage inverters compared to 42.80% for string inverters in 2023 [12]. - The company aims to leverage its competitive pricing and product offerings in the energy storage sector to enhance profitability [11][12].