Deye(SH:605117) EBSCN·2024-04-28 03:02Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved a revenue of 7.48 billion yuan in 2023, a year-on-year increase of 26%, and a net profit attributable to shareholders of 1.79 billion yuan, up 18% year-on-year [2]. - In Q1 2024, the company reported a revenue of 1.88 billion yuan, a decrease of 10% year-on-year, and a net profit of 433 million yuan, down 26% year-on-year [2]. - The inverter business showed positive growth with revenue reaching 4.43 billion yuan in 2023, a 12% increase year-on-year, while the sales volume of inverter products was 889,000 units, a decline of 34% [3]. - The energy storage battery segment saw significant growth, with revenue soaring to 880 million yuan, a staggering 965% increase year-on-year, contributing 12% to total revenue [3]. - The dehumidifier business also experienced stable growth, generating 700 million yuan in revenue, a 22% increase year-on-year [3]. - The company has adjusted its profit forecasts for 2024-2025 due to increased competition in the inverter market, projecting net profits of 2.24 billion yuan and 2.83 billion yuan for 2024 and 2025, respectively [3]. Summary by Sections Financial Performance - In 2023, the company reported total revenue of 7.48 billion yuan, with a net profit of 1.79 billion yuan and a non-recurring net profit of 1.85 billion yuan [2]. - The revenue growth rate for 2023 was 25.59%, while the net profit growth rate was 18.03% [4]. Business Segments - The inverter business accounted for 59% of total revenue, with a gross margin of 52% [3]. - The energy storage battery segment's sales volume reached 127,600 units, marking a 1,093% increase year-on-year [3]. - The dehumidifier segment maintained a leading position in online sales for eight consecutive years [3]. Profit Forecast and Valuation - The company has revised its profit forecasts for 2024-2026, expecting net profits of 2.24 billion yuan, 2.83 billion yuan, and 3.5 billion yuan, respectively [3]. - The current stock price corresponds to a P/E ratio of 17, 14, and 11 for 2024-2026 [3].