Deye(605117) 山西证券·2024-11-19 03:53Investment Rating - The report maintains a "Buy-A" rating for the company, with expected EPS for 2024-2026 at 4.87, 6.08, and 7.20 respectively, corresponding to PE ratios of 19.4, 15.6, and 13.1 based on the closing price on November 15, 2024 [2]. Core Insights - The company reported a revenue of 80.2 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.7%, and a net profit of 22.4 billion yuan, up 42.8% year-on-year. In Q3 alone, revenue reached 32.7 billion yuan, a significant increase of 128.2% year-on-year and 14.1% quarter-on-quarter [4][5]. - The growth in revenue is attributed to the increasing demand in emerging markets, particularly in regions such as Africa, Asia, and Latin America, alongside sustained investments in the European market [5]. - The inverter business is projected to generate 41.8 billion yuan in revenue for the first three quarters of 2024, with total sales expected to reach 1.0714 million units [5]. Financial Summary - The company’s revenue is forecasted to grow from 11.364 billion yuan in 2024 to 18.305 billion yuan in 2026, with year-on-year growth rates of 51.9% and 19.5% respectively [6]. - Net profit is expected to increase from 3.139 billion yuan in 2024 to 4.646 billion yuan in 2026, reflecting a strong growth trajectory [6]. - Key financial metrics include a projected ROE of 33.2% in 2024, decreasing to 29.3% by 2026, and a net profit margin of 27.6% in 2024 [7][10].