Deye(SH:605117) Huaan Securities·2025-11-10 08:36Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in its industrial storage business, with a solid growth trajectory in emerging markets [4][7] - For Q1-Q3 2025, the company achieved a revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, and a net profit attributable to shareholders of 2.347 billion yuan, up 4.79% year-on-year [4][5] - The company is shifting its focus to industrial storage production lines, anticipating significant revenue contributions from this segment [6][8] Financial Performance - In Q3 2025, the company reported a revenue of 3.311 billion yuan, a quarter-on-quarter increase of 11.51% and a year-on-year increase of 1.32% [5] - The gross profit margin for Q1-Q3 2025 was 38.55%, a decrease of 1.6 percentage points year-on-year [4] - The company expects net profits for 2025-2027 to be 3.380 billion, 4.165 billion, and 4.857 billion yuan respectively, with corresponding P/E ratios of 24, 19, and 16 [8][10] Business Segments - The industrial storage segment is expected to drive significant growth, with the company leveraging its channel and R&D advantages [6][7] - The company is actively responding to market changes by terminating its previous investment in traditional inverter projects and focusing on a new industrial storage production line project [6] - The company is also expanding its presence in emerging markets, particularly in Africa and Southeast Asia, to meet the growing demand for off-grid storage solutions [7]