Core Viewpoint - The dehumidifier industry in China is experiencing a short-term adjustment but maintains a positive long-term trend, driven by rising living standards and changing consumer preferences, despite a decline in sales volume in 2023 due to global economic factors [3][4]. Industry Development Status - The dehumidifier market is categorized into industrial, commercial, and household types, with household dehumidifiers dominating sales. In 2023, household dehumidifier sales reached 9.03 million units, a decrease of 16.20% year-on-year, while industrial dehumidifiers saw a slight increase in sales to 300,000 units, up 3.40% [3][4]. - The overall sales volume of dehumidifiers in China for 2023 was 9.33 million units, reflecting a year-on-year decline of 15.64% [3]. Market Dynamics - The export market for household dehumidifiers is significant, with 7.84 million units exported in 2023, accounting for 86.82% of total household sales. Asia holds the largest share of the export market at 40.10%, followed by North America at 33.10% and Europe at 20.60% [4][7]. - The U.S. is the largest importer of Chinese dehumidifiers, followed by South Korea and Japan, driven by high humidity levels in these regions [4]. Market Penetration and Growth Potential - The penetration rate of household dehumidifiers in China is only 5.60%, significantly lower than the 30.00%-40.00% rates in developed countries, indicating substantial growth potential in the domestic market as living standards and health awareness improve [7][8]. Industrial Dehumidifier Demand - The demand for industrial dehumidifiers is expanding due to the increasing precision required in industrial processes and the growing application areas, including data centers and new energy sectors. Despite a general market downturn, industrial dehumidifiers have shown stable growth [8][9]. Industry Trends - The dehumidifier market is witnessing a diversification in demand, with consumers seeking more personalized and energy-efficient products. Manufacturers are focusing on enhancing product features to address common issues such as noise and ease of use [9][10]. - The integration of IoT technology is driving the smart upgrade of dehumidifiers, allowing for remote monitoring and control, which enhances user experience [10].

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, addressing the urgent demand for energy solutions [5][6] Financial Performance Summary - The company’s revenue projections for 2025-2027 are 14.80 billion yuan, 19.00 billion yuan, and 24.65 billion yuan respectively, with net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were 37.2% and 27.5%, showing improvements in profitability despite some increases in sales and management expenses [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [7][9] Core Insights - The company reported a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, with a net profit of 2.96 billion yuan, up 65.3% year-on-year [4][11] - The inverter business saw a revenue of 5.56 billion yuan in 2024, growing by 25.4% year-on-year, while the energy storage battery pack business experienced a significant growth of 177.2% year-on-year, reaching 2.45 billion yuan [5][6] - The company is expanding its product offerings in emerging markets, particularly in energy storage solutions, which are expected to drive future growth [5][6] Financial Performance Summary - The company’s revenue projections for 2025, 2026, and 2027 are 14.80 billion yuan, 19.90 billion yuan, and 24.65 billion yuan respectively, with corresponding net profits of 3.68 billion yuan, 4.65 billion yuan, and 6.24 billion yuan [7][11] - The projected PE ratios for 2025, 2026, and 2027 are 15, 12, and 9 times respectively, indicating a favorable valuation trend [7][11] - The company’s gross margin and net margin for Q1 2025 were reported at 37.2% and 27.5%, showing improvements in profitability [4]