Deye(605117) 国泰君安·2024-06-17 02:01Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to significantly benefit from the demand explosion in the Asia-Pacific and Africa regions, where it holds a clear first-mover advantage [1] - The company's EPS for 2024 is projected to be 4.27 CNY, with a target price raised to 94 CNY, reflecting a valuation of 22 times the 2024 earnings [1][2] - The report highlights the competitive pricing of household energy storage systems, which is becoming increasingly attractive in regions with lower purchasing power [1] Financial Summary - Revenue is projected to grow from 5,956 million CNY in 2022 to 17,795 million CNY by 2026, representing a compound annual growth rate (CAGR) of 34.2% [2][3] - Net profit attributable to the parent company is expected to increase from 1,517 million CNY in 2022 to 4,220 million CNY in 2026, with a significant growth rate of 162.3% in 2022 [2][3] - The company's return on equity (ROE) is forecasted to remain strong, with values of 37.4% in 2022 and projected to stabilize around 40% by 2026 [2][3] Market Position - The company has a strong market share in the Asia-Pacific and Africa regions, with inverter sales distribution showing significant contributions from Brazil (31%), UAE (5%), and India (3%) [1] - The report notes that the demand characteristics in these regions differ significantly from Europe and North America, with a strong preference for off-grid solutions and cost-effectiveness [1] Growth Catalysts - Continued high growth in inverter export data to Asia-Pacific and Africa is expected to drive the company's performance [1] - Recovery in European demand is also anticipated to contribute positively to the company's growth trajectory [1]