Deye(SH:605117) Soochow Securities·2024-10-30 22:30Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company reported a revenue of 8.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27%, with a net profit attributable to shareholders of 2.24 billion yuan, up 43% year-on-year [2] - In Q3 2024, the company achieved a revenue of 3.27 billion yuan, with a quarter-on-quarter increase of 128% and a year-on-year increase of 14%, while the net profit reached 1 billion yuan, reflecting a quarter-on-quarter increase of 230% [2] - The company’s gross margin for Q3 2024 was 44.5%, an increase of 8.4 percentage points quarter-on-quarter [2] Revenue and Profit Forecast - The company’s total revenue is projected to reach 11.82 billion yuan in 2024, with a year-on-year growth of 58%, and net profit is expected to be 3.16 billion yuan, reflecting a growth of 76.68% [1][5] - The earnings per share (EPS) for 2024 is estimated at 4.91 yuan, with a price-to-earnings (P/E) ratio of 18.34 based on the current price [1][5] Product Performance - The company’s energy storage inverters generated revenue of 3.23 billion yuan in the first three quarters of 2024, with total sales of 406,200 units, a year-on-year increase of over 15% [3] - In Q3 2024, the company shipped 210,000 units of energy storage inverters, a quarter-on-quarter increase of over 40% [3] - The company’s micro-inverter sales in Q3 2024 were 97,000 units, a decrease of approximately 40% quarter-on-quarter, primarily due to weakened demand in Germany [4] Financial Health - The company’s operating cash flow for Q3 2024 was 1.36 billion yuan, an increase of 970 million yuan year-on-year [4] - The company’s inventory at the end of Q3 2024 was 1.38 billion yuan, an increase of 83% compared to the beginning of the year [4] - The company’s total assets are projected to reach 16.17 billion yuan in 2024, with total liabilities of 5.77 billion yuan [11]