Deye(605117) 东吴证券·2025-01-23 23:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.9 to 3.1 billion yuan in 2024, representing a year-on-year growth of 62% to 73% [8] - The company has a strong growth potential in household and commercial energy storage for 2025, driven by demand in emerging markets [8] - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.0 billion, 3.9 billion, and 4.7 billion yuan respectively, with growth rates of 68%, 29%, and 20% [8] Financial Projections - Total revenue is projected to grow from 7,480 million yuan in 2023 to 11,251 million yuan in 2024, reflecting a year-on-year increase of 50.42% [1] - The net profit attributable to shareholders is forecasted to rise from 1,791 million yuan in 2023 to 3,007 million yuan in 2024, indicating a growth of 67.92% [1] - The earnings per share (EPS) is expected to increase from 2.78 yuan in 2023 to 4.66 yuan in 2024 [1] Market Data - The closing price of the stock is 88.58 yuan, with a market capitalization of approximately 57.16 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 31.92 in 2023 to 19.01 in 2024 [1][9] Operational Insights - The company is experiencing a decline in energy storage inverter shipments in Q4 2024 due to seasonal factors, but improvements are expected in early 2025 [8] - The introduction of new products, such as single-phase off-grid hybrid inverters, is anticipated to meet the growing demand in the Asia-Pacific and African markets [8]