Deye(605117) 开源证券·2024-12-17 13:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is establishing a production base in Malaysia with an investment of up to 150 million USD to engage in photovoltaic equipment and energy storage battery businesses, which is a strategic move to adapt to complex international situations and potential trade environment changes [5][6] - The company maintains its profit forecast for 2024-2026, expecting net profits of 3.192 billion, 4.106 billion, and 5.392 billion CNY respectively, with corresponding EPS of 4.95, 6.36, and 8.36 CNY, leading to a PE ratio of 17.4, 13.5, and 10.3 times [5][6] Summary by Sections Company Overview - The company has seen a significant increase in overseas revenue, with the proportion of overseas income in total revenue rising from 30.5% in 2021 to 58.2% in 2023 [6] Financial Performance - The company’s revenue for 2022 was 5,956 million CNY, which increased to 7,480 million CNY in 2023, and is projected to reach 11,367 million CNY in 2024, reflecting a year-on-year growth of 52.0% [7] - The net profit attributable to the parent company was 1,517 million CNY in 2022, increasing to 1,791 million CNY in 2023, and expected to grow to 3,192 million CNY in 2024, representing a year-on-year growth of 78.2% [7] Market Expansion - The company is expanding its overseas market presence, particularly in developing countries such as Pakistan and India, where demand for solar storage products is expected to grow significantly [6][5] - The establishment of the overseas production base is seen as a necessary choice to mitigate risks associated with potential trade frictions, particularly in the U.S. market where additional tariffs on Chinese inverter products are in place [6]