Deye(605117) 民生证券·2024-08-28 09:13Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company reported a revenue of 4.748 billion yuan in the first half of 2024, a year-on-year decrease of 2.97%, while the net profit attributable to shareholders was 1.236 billion yuan, an increase of 2.21% year-on-year [1]. - In Q2 2024, the company achieved a revenue of 2.864 billion yuan, a year-on-year increase of 1.98% and a quarter-on-quarter increase of 52.06, with a net profit of 803 million yuan, reflecting a strong recovery driven by high demand in emerging markets [2]. - The inverter business is gradually recovering, with significant sales growth in energy storage in emerging markets like Pakistan, India, and the Philippines, compensating for declines in the South African market [2]. - The energy storage battery pack business saw rapid growth, achieving a revenue of 765 million yuan in the first half of 2024, a year-on-year increase of 74.82% [2]. - An employee stock ownership plan was established to enhance employee cohesion and attract talent, supporting long-term sustainable development [2]. Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 11.459 billion yuan, 14.538 billion yuan, and 18.002 billion yuan, with corresponding growth rates of 53.2%, 26.9%, and 23.8% [3]. - Net profit attributable to shareholders is expected to be 3.019 billion yuan, 3.621 billion yuan, and 4.370 billion yuan for the same years, with growth rates of 68.6%, 20.0%, and 20.7% respectively [3]. - The projected PE ratios for 2024, 2025, and 2026 are 18X, 15X, and 13X, indicating a favorable valuation outlook [3].