Deye(SH:605117) Minsheng Securities·2025-08-27 13:48Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved significant growth in its inverter and energy storage battery segments, with a notable increase in sales and revenue [2][3] - The company reported a revenue of 5.535 billion yuan for H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [1] - The inverter sales reached 763,800 units in H1 2025, with a revenue of 2.644 billion yuan, reflecting a year-on-year growth of 13.90% [2] - The energy storage battery segment saw a remarkable revenue increase of 85.80% year-on-year, totaling 1.422 billion yuan in H1 2025 [2] Summary by Sections Financial Performance - For H1 2025, the company reported operating income of 5.535 billion yuan, a year-on-year increase of 16.58%, and a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% [1] - The second quarter of 2025 saw operating income of 2.969 billion yuan, a year-on-year increase of 3.65% and a quarter-on-quarter increase of 15.70% [1] Product Performance - The inverter segment showed stable growth, with significant sales in commercial storage products, particularly in overseas markets driven by policy support [2] - The company launched new products, including off-grid energy storage inverters and expanded its energy storage solutions [2] Future Projections - The company is expected to achieve revenues of 13.248 billion yuan, 15.975 billion yuan, and 18.937 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 18.2%, 20.6%, and 18.5% [3][4] - Net profit projections for the same years are 3.529 billion yuan, 4.206 billion yuan, and 4.982 billion yuan, with growth rates of 19.2% for both 2025 and 2026, and 18.4% for 2027 [3][4]