Deye(SH:605117) Soochow Securities·2025-05-02 14:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance slightly exceeded the upper limit of forecasts, with growth in household storage and industrial storage expected in 2025 [1] - The company reported a revenue of 11.2 billion yuan for 2024, a year-on-year increase of 49.8%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65.3% year-on-year [8] - The company anticipates continued improvement in shipments, particularly in household storage, driven by demand in regions with power shortages [8] Financial Forecasts - Total revenue projections are as follows: 2023A: 7.48 billion yuan, 2024A: 11.206 billion yuan, 2025E: 14.09 billion yuan, 2026E: 16.908 billion yuan, 2027E: 19.782 billion yuan [1] - Net profit attributable to shareholders is forecasted to be: 2023A: 1.791 billion yuan, 2024A: 2.960 billion yuan, 2025E: 3.848 billion yuan, 2026E: 4.647 billion yuan, 2027E: 5.490 billion yuan [1] - The latest diluted EPS is projected to be: 2024A: 4.58 yuan, 2025E: 5.96 yuan, 2026E: 7.19 yuan, 2027E: 8.50 yuan [1] Segment Performance - In 2024, the inverter segment generated revenue of 5.56 billion yuan, a year-on-year increase of 25.4%, with a gross margin of 47.8% [8] - The energy storage battery pack segment saw revenue of 2.45 billion yuan, up 177.2% year-on-year, with a gross margin of 41.3% [8] - The heat exchanger segment reported revenue of 1.95 billion yuan, a 45.4% increase year-on-year, with a gross margin of 12.1% [8] Market Dynamics - The company experienced rapid growth in Europe, Pakistan, and Ukraine, with significant contributions from various markets [8] - The demand for household storage products is expected to continue improving, particularly in regions facing energy shortages [8]