Deye(SH:605117) Minsheng Securities·2025-11-04 08:24Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 8.846 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 10.36%. The net profit attributable to shareholders was 2.347 billion yuan, up 4.79% year-on-year [1] - The company has seen significant growth in its energy storage battery packs, driven by increasing global demand for household energy storage [3] - The company is actively launching new products and iterating existing ones, particularly in the commercial energy storage inverter segment, which has shown substantial growth [2] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 3.311 billion yuan, a year-on-year increase of 1.32% and a quarter-on-quarter increase of 11.51%. The net profit attributable to shareholders was 825 million yuan, down 17.84% year-on-year but up 1.00% quarter-on-quarter [1] - The company forecasts revenues of 12.608 billion yuan, 15.118 billion yuan, and 17.577 billion yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 12.5%, 19.9%, and 16.3% [4] Product Development - The company has introduced new off-grid energy storage inverter models ranging from 3.6-6KW and expanded its commercial energy storage solutions to a power range of 100kW-2.5MW [2] - The company is focusing on overseas markets, particularly in regions like Africa and Europe, where demand for commercial energy storage is rapidly increasing due to supportive policies and rising electricity prices [2] Market Outlook - The global energy storage market remains robust, with the company positioned to benefit from high demand in emerging markets such as Pakistan and Nigeria, as well as in Australia, where subsidies are expected to drive growth [2] - The company anticipates continued strong growth in its energy storage battery business, which is expected to enhance overall profitability [3]