Deye(SH:605117) Changjiang Securities·2025-11-17 02:51Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 8.846 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.36%. The net profit attributable to the parent company was 2.347 billion yuan, up 4.79% year-on-year. In Q3 2025, the revenue was 3.311 billion yuan, showing a year-on-year growth of 1.32% and a quarter-on-quarter increase of 11.51%. However, the net profit for Q3 was 825 million yuan, down 17.84% year-on-year but up 1% quarter-on-quarter [2][4]. Financial Performance - For Q3, the company had operating expenses of 300 million yuan, with an expense ratio of 9.1%, both of which increased quarter-on-quarter. This was primarily due to financial expenses rising from exchange rate fluctuations, with estimated exchange losses around 60 million yuan [11]. - The company is expected to maintain growth in orders from Ukraine, alongside improvements in demand from other markets, leading to a positive operational trend in Q4. The company is positioned as a leader in household and commercial energy storage, benefiting from rapid growth in emerging markets and overseas commercial storage [11]. Future Outlook - The company is projected to achieve net profits of 3.3 billion yuan and 4.1 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 23 and 18 times [11].