又一户储龙头赴港IPO

Core Viewpoint - DeYe Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange and released its first prospectus for the Hong Kong market, focusing on its energy storage business as a primary fundraising purpose [1][13]. Fundraising Purpose - The fundraising will target four core areas: enhancing R&D capabilities over the next five years, expanding production bases and warehouses to increase capacity, strengthening global marketing and service networks, and supplementing working capital for operational flexibility [2][14]. - R&D investments will focus on the energy storage industry, including upgrades to residential energy storage systems, development of commercial and industrial large-scale storage systems, research and commercialization of solid-state transformers, and advancement of smart cloud platforms [2][14]. - The planned production capacity at the Malaysian facility is approximately 3GW of inverters and 200,000 energy storage battery packs annually, aimed at improving service efficiency and delivery flexibility [2][14]. Business Focus - DeYe Co., Ltd. is a provider of solar storage products, concentrating on energy storage inverters, photovoltaic inverters, and energy storage battery packs, covering both residential and commercial applications [2][14]. - The core business includes energy storage inverters with power ratings ranging from 3KW to 125KW, applicable in various scenarios [2][14]. Financial Performance - The company has shown steady revenue growth, with projected revenues of approximately RMB 74.80 billion, RMB 112.06 billion, and RMB 88.46 billion for the fiscal years ending September 30, 2023, 2024, and 2025, respectively [5][17]. - Corresponding profits for the same periods are estimated at RMB 17.91 billion, RMB 29.60 billion, and RMB 23.46 billion, with gross margins of 39.2%, 38.6%, and 38.5% [5][17]. - R&D expenditures have increased, reaching RMB 4.364 billion, RMB 5.489 billion, and RMB 3.54 billion for the same periods, representing 5.8%, 4.9%, 4.4%, and 4.2% of revenue [5][17]. Customer and Supplier Dynamics - The concentration of customers has decreased significantly, with the top five customers' revenue share dropping from 53.2% to 31.5% from 2023 to the first three quarters of 2025, and the largest single customer’s share reducing from 19.4% to 10.5% [7][19]. - This diversification indicates a reduced dependency on a few customers, enhancing the company's resilience and risk management capabilities [7][20]. - The procurement structure has also improved, with the share of purchases from the top five suppliers decreasing from 38.1% to 33.3% over the same period, indicating a more diversified supply chain [9][22]. Strategic Evolution - DeYe Co., Ltd. has transitioned from being a supplier of equipment to an integrated solution provider, developing a comprehensive business system that covers products, scenarios, and ecosystems [11][23]. - The company aims to enhance its capabilities in high-value areas such as AIDC and commercial energy storage by focusing on advanced technologies like solid-state transformers and smart cloud platforms [11][23]. - This evolution signifies the company's shift towards becoming a key enabler in building a smart energy ecosystem and enhancing the lifecycle value of energy storage assets [11][23].