Deye(SH:605117) Guodu Securities·2024-10-09 01:39Investment Rating - The investment rating for the company is maintained as "Recommended" [2][8] Core Views - The impact of the expected decrease in electricity prices in Pakistan is considered limited for the company, as the demand for energy storage remains strong due to ongoing power shortages and outdated infrastructure [2] - The company has set a sales target of 500,000 to 600,000 energy storage inverters for 2024, reflecting a year-on-year growth of over 25% [2] - The company is expected to achieve a net profit of 3 billion to 4.5 billion yuan from 2024 to 2026, with corresponding P/E ratios of 18.2, 15.6, and 12.2 [2][3] Financial Data Forecast - Main business revenue is projected to grow from 7.48 billion yuan in 2023 to 11.8 billion yuan in 2024, representing a year-on-year growth of 57.8% [3] - Net profit attributable to the parent company is forecasted to increase from 1.79 billion yuan in 2023 to 3 billion yuan in 2024, with a growth rate of 67.5% [3] - Earnings per share (EPS) is expected to rise from 2.78 yuan in 2023 to 4.65 yuan in 2024 [3] Market Performance - The company has seen a significant increase in inverter demand in Pakistan, with monthly sales rising from 3,000-4,000 units to 15,000 units since December 2023 [2] - The company is experiencing strong performance in the Asia, Africa, and Latin America markets, with a diversified risk profile and recovering growth in the European market [2]