德业股份：业绩增速亮眼，成长潜力充足

Investment Rating - The report maintains a "Recommend" rating for the company [1][6] Core Views - The company has shown impressive revenue growth, with a 26.7% year-on-year increase in revenue for the first three quarters, reaching 8.016 billion yuan. The third quarter alone saw a remarkable 128.2% year-on-year growth in revenue [3][4] - The net profit for the first three quarters was 2.240 billion yuan, reflecting a 42.8% year-on-year increase, with the third quarter net profit soaring by 229.5% year-on-year [3][4] - The company plans to distribute a cash dividend of 1.20 yuan per share, amounting to a total of 774 million yuan, which is 34.6% of the net profit for the first three quarters [5][6] Summary by Sections Financial Performance - For the first three quarters, the company achieved a revenue of 8.016 billion yuan, a 26.7% increase year-on-year. The third quarter revenue was 3.268 billion yuan, up 128.2% year-on-year and 14.1% quarter-on-quarter [3][4] - The gross margin for the first three quarters was 40.15%, slightly down from 40.49% in the same period last year but up from 37.15% in the previous half-year [4] - The total expenses ratio was 8.80%, an increase of 0.93 percentage points year-on-year, mainly due to reduced exchange gains [4] Market Position and Strategy - The company has diversified its market presence, reducing reliance on any single market, which enhances its growth potential. It has successfully tapped into emerging markets such as Pakistan, Ukraine, Germany, India, the Philippines, and Myanmar [6] - The company is a leading player in the household storage inverter market in China, with significant advantages in product, brand, and channel [6] Future Outlook - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 3.171 billion yuan, 4.138 billion yuan, and 4.962 billion yuan respectively, reflecting strong growth potential [6] - The report highlights the rapid growth of distributed solar storage demand in emerging markets and anticipates a recovery in the European market, supporting the company's diversified strategy [6]