Deye(605117) 华创证券·2025-01-25 01:00Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [22]. Core Views - The company is projected to achieve a net profit attributable to shareholders of 2.9 to 3.1 billion yuan in 2024, representing a year-on-year increase of 61.9% to 73.1%. For Q4 2024, the expected net profit is between 660 to 860 million yuan, showing a significant year-on-year growth of 196.5% to 286.3% [2][4]. - The company benefits from a first-mover advantage in emerging markets, with strong demand for household energy storage products driven by power shortages in regions like Asia, Africa, and Latin America. The company has adapted its product offerings based on regional needs, leading to substantial revenue growth [4][8]. - The company plans to establish a wholly-owned subsidiary in Malaysia to enhance its international market presence and production capacity, which is expected to facilitate market expansion and risk management [4][8]. Financial Summary - Total revenue is expected to grow from 7.48 billion yuan in 2023 to 11.76 billion yuan in 2024, reflecting a growth rate of 57.2% [4]. - The net profit attributable to shareholders is forecasted to increase from 1.79 billion yuan in 2023 to 3.00 billion yuan in 2024, indicating a growth rate of 67.5% [4]. - Earnings per share (EPS) is projected to rise from 2.78 yuan in 2023 to 4.65 yuan in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 32 times in 2023 to 19 times in 2024, suggesting improved valuation metrics [4]. Market Performance - The company has shown a strong market performance compared to the CSI 300 index, with a notable increase of 89% over the past year [7]. Future Outlook - The demand for energy storage solutions is anticipated to remain stable, with significant growth expected in emerging markets such as the Middle East, Southeast Asia, and Africa. The integration of battery pack and inverter sales channels is expected to drive further revenue growth [4][8].