Deye(SH:605117) Huafu Securities·2025-09-22 13:08Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [20]. Core Insights - The company reported a revenue of 5.535 billion yuan for the first half of 2025, representing a year-on-year increase of 16.58%. The net profit attributable to shareholders was 1.522 billion yuan, up 23.18% year-on-year [2][4]. - The inverter business showed significant growth, with revenue reaching 2.644 billion yuan in the first half of 2025, a 13.9% increase year-on-year. The shipment volume was 763,800 units, up 7.32% year-on-year [4][3]. - The battery pack business experienced remarkable growth, with revenue of 1.422 billion yuan in the first half of 2025, marking an 85.8% year-on-year increase [5]. - The company launched an employee stock ownership plan, covering up to 800 individuals, with a total scale not exceeding 50 million yuan, reflecting confidence in future performance [6]. Financial Performance Summary - For the second quarter of 2025, the company achieved a revenue of 2.969 billion yuan, a 3.65% year-on-year increase and a 15.7% quarter-on-quarter increase. The net profit attributable to shareholders was 817 million yuan, up 1.72% year-on-year and 15.74% quarter-on-quarter [2][4]. - The gross margin for the inverter business was 47.8% in the first half of 2025, showing a slight increase of 0.8 percentage points year-on-year [4]. - The company expects net profits for 2025-2027 to be 3.52 billion, 4.33 billion, and 5.19 billion yuan respectively, with year-on-year growth rates of 19%, 23%, and 20% [7].