Deye(SH:605117) Changjiang Securities·2025-09-14 14:43Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a steady growth in Q2 2025, with revenue reaching 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% year-on-year [2][4]. - In Q2 2025, the company achieved revenue of 2.969 billion yuan, reflecting a year-on-year growth of 3.65% and a quarter-on-quarter increase of 15.7%. The net profit for the same period was 817 million yuan, showing a year-on-year increase of 1.72% and a quarter-on-quarter growth of 15.74% [2][4]. - The company is positioned as a leader in household and commercial energy storage, benefiting from rapid growth in emerging markets and maintaining high profitability levels [8]. Financial Performance - In H1 2025, the company's inverter business generated revenue of 2.64 billion yuan, a year-on-year increase of 14%, with sales of 763,800 units, including 272,700 units for household storage and 42,900 units for commercial storage [8]. - The battery pack business reported revenue of 1.42 billion yuan in H1 2025, marking an impressive year-on-year growth of 86% [8]. - The company's gross margin for inverters was 48% in H1 2025, supported by a higher proportion of high-margin energy storage products and cost advantages [8]. Market Outlook - The company is expected to continue enjoying rapid growth in household and commercial energy storage in emerging markets, with stable production and increased shipments anticipated in Q3 2025 [8]. - The forecast for net profit in 2025 and 2026 is 3.5 billion yuan and 4.3 billion yuan, respectively, corresponding to price-to-earnings ratios of 20 and 16 times [8].