Deye(SH:605117) Huachuang Securities·2025-09-25 06:59Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 93.92 CNY [2][9]. Core Views - The company is experiencing high growth driven by overseas energy storage demand and new opportunities in commercial storage [2][9]. - The company achieved a revenue of 5.535 billion CNY in H1 2025, representing a year-on-year increase of 16.58%, and a net profit of 1.522 billion CNY, up 23.18% year-on-year [9]. - The report highlights the company's strategic participation in international energy storage exhibitions to enhance its global brand presence [9]. Financial Summary - Revenue Forecast: - 2024A: 11,206 million CNY - 2025E: 13,593 million CNY (49.8% growth) - 2026E: 17,264 million CNY (21.3% growth) - 2027E: 21,125 million CNY (27.0% growth) [4][10] - Net Profit Forecast: - 2024A: 2,960 million CNY - 2025E: 3,539 million CNY (65.3% growth) - 2026E: 4,498 million CNY (19.6% growth) - 2027E: 5,467 million CNY (27.1% growth) [4][10] - Earnings Per Share (EPS): - 2024A: 3.27 CNY - 2025E: 3.91 CNY - 2026E: 4.97 CNY - 2027E: 6.04 CNY [4][10] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 5.9 times [4][10]. Market Dynamics - The report notes that the European market for energy storage is recovering as inventory depletion nears completion, with significant policy support from countries like Germany and the UK [9]. - The global energy storage market is projected to grow at a compound annual growth rate (CAGR) of over 15% from 2025 to 2028 [9].