Deye(605117) 长城证券·2024-07-12 06:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [10]. Core Views - The company is experiencing a strong recovery in performance driven by the improving inverter market, with significant growth in revenue and net profit projected for the coming years [2][4]. - The company has strategically positioned itself in the inverter industry, focusing on channel development and product diversification, which has led to a substantial increase in shipments and market presence [2]. - The synergy between the energy storage battery pack and traditional business lines is enhancing profitability, with notable growth in both segments [2]. Financial Summary - Revenue is projected to grow from 7,480 million in 2023 to 12,166 million in 2024, reflecting a year-on-year growth rate of 62.7% [1]. - Net profit is expected to increase from 1,791 million in 2023 to 2,870 million in 2024, with a year-on-year growth rate of 60.3% [1]. - The company's return on equity (ROE) is forecasted to be 39.9% in 2024, indicating strong profitability [1]. - Earnings per share (EPS) is projected to rise from 2.81 in 2023 to 4.50 in 2024 [1][6]. Industry Context - The inverter industry is recovering from previous high base effects and inventory accumulation, with exports showing consistent month-on-month growth since February [2]. - The global market for solar storage installations is expanding, driven by diverse electricity environments and grid conditions, which increases the demand for advanced inverter solutions [2]. - The company is capitalizing on emerging markets in Africa, Asia, and South America, enhancing its competitive edge through localized service and product development [2].