Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding 15% over the next 6-12 months [4]. Core Insights - The company achieved a revenue of 5.535 billion yuan in H1 2025, marking a year-on-year increase of 16.58%, with a net profit attributable to shareholders of 1.522 billion yuan, up 23.18% year-on-year [1]. - The inverter business showed steady growth, with revenue of 2.644 billion yuan in H1 2025, a 13.90% increase year-on-year, accounting for 47.93% of main business revenue [2]. - The energy storage battery business experienced significant growth, with revenue of 1.422 billion yuan in H1 2025, an 85.80% year-on-year increase, representing 25.78% of main business revenue [2]. - The dehumidifier and heat exchanger businesses faced challenges, with revenues of 408 million yuan and 868 million yuan in H1 2025, reflecting declines of 10.30% and 17.83% year-on-year, respectively [3]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 5.535 billion yuan, with a net profit of 1.522 billion yuan, and a non-recurring net profit of 1.462 billion yuan, showing growth rates of 16.58%, 23.18%, and 25.74% respectively [1]. - For Q2 2025, revenue was 2.969 billion yuan, with a net profit of 817 million yuan, and a non-recurring net profit of 849 million yuan, indicating growth rates of 3.65%, 1.72%, and 15.09% respectively [1]. Business Segments - The inverter segment generated 2.644 billion yuan in H1 2025, with a 13.90% year-on-year growth, driven by product upgrades and new market applications [2]. - The energy storage battery segment saw a remarkable 85.80% increase in revenue to 1.422 billion yuan, supported by rising global demand and participation in international exhibitions [2]. - The dehumidifier and heat exchanger segments reported declines in revenue due to increased competition and reduced downstream demand, with respective revenues of 408 million yuan and 868 million yuan [3]. Profitability and Valuation - The report projects a downward adjustment in profit forecasts for 2025-2027, estimating net profits of 3.506 billion yuan, 4.412 billion yuan, and 5.026 billion yuan, reflecting reductions of 10%, 9%, and 8% respectively [3]. - The current stock price corresponds to a P/E ratio of 16, 13, and 11 for 2025-2027 [3].

证券研究报告 电力设备与新能源 7 月逆变器出口跟踪：旺季效应持续 华泰研究 2025 年 8 月 22 日│中国内地 动态点评 出口额环比微降，欧洲工商储及澳大利亚户储起量，继续看好需求 25 年 7 月我国逆变器出口额 65.1 亿元，环比-1.2%，出口数量 460 万台， 环比-10.3%，需求在旺季下基本维持高位，欧洲工商储及澳洲户储需求增 量较为显著。长期来看，各地区停电+电价上涨+风光装机高增仍为需求的 核心驱动，光储平价有望进一步打开需求天花板，我们认为板块龙头业绩存 在较强支撑，推荐阳光电源、德业股份、上能电气。 欧洲逆变器需求环比增长，工商储起量明显 25 年 7 月出口至欧洲金额达 28.31 亿元，环比+15.7%，同比+28.1%。欧 洲夏季高温天气明显，根据 Ember，25 年 7 月欧洲批发电价均价达 84.8 欧 元/MWh，环比+22.1%，高电价有望带动光储需求。从出口单价来看，7 月 出口至欧洲逆变器单价达 3187 元/台，环比+13.9%，主要系工商储占比提 升。此外，7 月 24 日，中国与欧盟共同发布《中欧领导人关于应对气候变 化的联合声明》，声明强调加强绿色低 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [1] Core Viewpoints - The inverter export value in June 2025 reached 6.59 billion yuan, a month-on-month increase of 10.3%, driven by seasonal factors, increased power outages, and high growth in wind and solar installations [7] - The report highlights strong demand in Southeast Asia, particularly in the Philippines and Vietnam, where inverter exports increased significantly [3][20] - The report emphasizes the long-term growth potential of the inverter market, supported by rising electricity prices and government incentives for energy storage solutions [40] Summary by Sections Inverter Export Trends - In June 2025, China's inverter export value was 6.59 billion yuan, with a month-on-month increase of 10.3% and a year-to-date total of 30.6 billion yuan, reflecting a year-on-year growth of 7.6% [7] - The average export price per unit was 1,285 yuan, up 26.9% month-on-month, indicating a shift towards higher-value commercial storage products [5] Regional Demand Insights - Southeast Asia: Exports to 11 countries reached 649 million yuan, up 20.6% month-on-month, with the Philippines seeing a remarkable 127.8% increase [3][20] - Middle East: Exports to Saudi Arabia were 469 million yuan, a 7.2% increase, while exports to the UAE decreased by 9.9% due to project shipment schedules [4][27] - Australia: Exports surged by 90.3% to 236 million yuan, driven by rising household electricity prices and new government subsidies for home storage systems [38] Company Recommendations - The report recommends three companies: - DeYue Co., Ltd. (605117 CH) with a target price of 129.15 yuan and a "Buy" rating [2][42] - ShangNeng Electric (300827 CH) with a target price of 34.00 yuan and a "Buy" rating [2][42] - Sunshine Power (300274 CH) with a target price of 92.80 yuan and a "Buy" rating [2][42] Market Drivers - The report identifies key drivers for demand, including increased power outages, rising electricity prices, and high growth in wind and solar installations, which are expected to sustain long-term inverter demand [40]