Deye(605117) 广发证券·2024-08-29 01:40Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 96.17 CNY per share based on a 20x PE valuation for 2024 [4][8]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 4.748 billion CNY, a year-on-year decrease of 2.97%, and a net profit of 1.236 billion CNY, down 2.21% year-on-year. The gross margin was 37.15%, a decline of 4.61 percentage points year-on-year [3][7]. - The company is experiencing growth in its emerging market layout, particularly in the inverter and energy storage sectors, with significant sales in countries like Pakistan, Germany, Brazil, India, and South Africa [2][7]. Financial Summary - Revenue for 2022 was 5.956 billion CNY, projected to grow to 12.000 billion CNY by 2024, reflecting a growth rate of 60.4% [3][10]. - The company's net profit is expected to increase from 1.517 billion CNY in 2022 to 3.068 billion CNY in 2024, representing a growth rate of 71.3% [3][10]. - The earnings per share (EPS) are forecasted to rise from 3.53 CNY in 2022 to 4.81 CNY in 2024 [3][10]. Business Segments - Inverter Business: Revenue for the inverter segment is expected to reach 6.514 billion CNY in 2024, with a gross margin of approximately 49% [7][9]. - Energy Storage Battery Packs: Revenue is projected to grow significantly, reaching 3.000 billion CNY in 2024, with a gross margin of around 38% [7][9]. - Heat Exchanger Series: Expected revenue for this segment is 1.469 billion CNY in 2024, with a stable gross margin of 11% [10]. - Dehumidifier Series: Revenue is anticipated to be 0.879 billion CNY in 2024, maintaining a gross margin of approximately 32% [10].