Deye(SH:605117) Minsheng Securities·2024-11-02 03:00Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved a revenue of 8.016 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 26.72%. The net profit attributable to shareholders reached 2.240 billion yuan, up 42.81% year-on-year [2][3]. - In Q3 2024, the company reported a revenue of 3.268 billion yuan, a significant year-on-year increase of 128.16%, and a quarter-on-quarter increase of 14.08%. The net profit attributable to shareholders was 1.004 billion yuan, reflecting a year-on-year growth of 229.52% and a quarter-on-quarter growth of 25.06% [2][3]. - The company's inverter business experienced high growth due to strong demand in emerging markets and reconstruction efforts in Ukraine. The differentiated layout in emerging markets has led to significant performance improvements [3]. - The energy storage battery pack business is rapidly growing, benefiting from high integration, safety, and long cycle life. The synergy with self-owned energy storage inverters is expected to enhance profitability [3]. - Revenue forecasts for 2024-2026 are projected at 11.033 billion, 15.171 billion, and 19.963 billion yuan, with corresponding growth rates of 47.5%, 37.5%, and 31.6%. Net profits are expected to be 3.182 billion, 4.009 billion, and 5.015 billion yuan, with growth rates of 77.7%, 26.0%, and 25.1% respectively [3][4]. Financial Summary - For 2024, the company is expected to achieve a revenue of 11.033 billion yuan, with a growth rate of 47.5%. The net profit attributable to shareholders is projected to be 3.182 billion yuan, reflecting a growth rate of 77.7% [4][6]. - The earnings per share (EPS) for 2024 is estimated at 4.93 yuan, with a price-to-earnings (PE) ratio of 19 [4][6]. - The company’s gross margin is expected to be 41.66% in 2024, with a net profit margin of 28.84% [6].