8月27日，德业股份盘中上涨2.02%，截至13:04，报61.19元/股，成交5.99亿元，换手率1.10%，总市值 553.43亿元。 资金流向方面，主力资金净流出678.51万元，特大单买入4893.05万元，占比8.17%，卖出4623.54万元， 占比7.72%；大单买入1.71亿元，占比28.54%，卖出1.80亿元，占比30.12%。 德业股份今年以来股价涨4.22%，近5个交易日涨6.68%，近20日涨16.80%，近60日涨8.15%。 资料显示，宁波德业科技股份有限公司位于浙江省宁波市北仑区大碶甬江南路26号，成立日期2000年8 月4日，上市日期2021年4月20日，公司主营业务涉及从事蒸发器、冷凝器和变频控制芯片等部件以及除 湿机和空气源热泵热风机等环境电器产品的研发、生产和销售。主营业务收入构成为：逆变器 47.77%，储能电池包25.69%，热交换器15.68%，除湿机7.36%，其他3.16%，其他(补充)0.34%。 德业股份所属申万行业为：电力设备-光伏设备-逆变器。所属概念板块包括：储能、高送转、家用电 器、价值成长、光伏玻璃等。 截至6月30日，德业股份股东户数5.23万 ...

截至6月30日，德业股份股东户数5.23万，较上期增加76.28%；人均流通股17284股，较上期减少 20.57%。2025年1月-6月，德业股份实现营业收入55.35亿元，同比增长16.58%；归母净利润15.22亿元， 同比增长23.18%。 8月26日，德业股份跌3.15%，成交额15.68亿元。两融数据显示，当日德业股份获融资买入额1.75亿 元，融资偿还1.86亿元，融资净买入-1030.08万元。截至8月26日，德业股份融资融券余额合计12.48亿 元。 融资方面，德业股份当日融资买入1.75亿元。当前融资余额12.46亿元，占流通市值的2.30%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，德业股份8月26日融券偿还2300.00股，融券卖出2600.00股，按当日收盘价计算，卖出金额 15.59万元；融券余量4.44万股，融券余额266.19万元，超过近一年90%分位水平，处于高位。 资料显示，宁波德业科技股份有限公司位于浙江省宁波市北仑区大碶甬江南路26号，成立日期2000年8 月4日，上市日期2021年4月20日，公司主营业务涉及从事蒸发器、冷凝器和变频控制芯片等部件以及除 ...

Core Insights - The company reported a revenue of 11.21 billion yuan for 2024, representing a year-on-year increase of 49.8%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65.3% year-on-year [1] - For Q1 2025, the company achieved a revenue of 2.57 billion yuan, a year-on-year increase of 36.2% but a quarter-on-quarter decrease of 19.6%, with a net profit of 710 million yuan, up 63.0% year-on-year and down 2.1% quarter-on-quarter [1] Group 1: Inverter Business - The inverter business generated revenue of 5.56 billion yuan in 2024, reflecting a year-on-year growth of 25.4%, with a gross margin of 47.8%, down 3.5 percentage points [2] - The total sales of inverters reached 1.3714 million units in 2024, with specific sales figures for storage inverters, string inverters, and micro-inverters being 540,600 units, 410,600 units, and 420,300 units, respectively, generating revenues of 4.38 billion yuan, 790 million yuan, and 350 million yuan [2] - The company launched a micro-storage inverter targeting the European market and expanded its offerings from household storage to commercial storage solutions, introducing 100kW-2MW storage solutions [2] Group 2: Energy Storage Battery Pack Business - The energy storage battery pack business saw rapid growth, achieving revenue of 2.45 billion yuan in 2024, a significant year-on-year increase of 177.2%, with a gross margin of 41.3%, up 7.4 percentage points [2] - The total shipment of energy storage battery packs reached 465,000 units in 2024, marking a year-on-year increase of 264.3% [2] - The company established a localized service team and improved its after-sales service system, setting up service centers in Southeast Asia, Europe, and Africa [2] Group 3: Investment Outlook - The company is projected to have EPS of 5.73, 6.95, and 8.54 for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 based on the closing price on May 21 [3]

Investment Rating - The report maintains a "Buy-A" rating for the company [3] Core Views - The company achieved a revenue of 11.21 billion yuan in 2024, representing a year-on-year increase of 49.8%, and a net profit of 2.96 billion yuan, up 65.3% year-on-year [1] - In Q1 2025, the company reported a revenue of 2.57 billion yuan, a 36.2% increase year-on-year, but a 19.6% decrease quarter-on-quarter, with a net profit of 710 million yuan, up 63.0% year-on-year [1] - The inverter business continues to grow, with revenue reaching 5.56 billion yuan in 2024, a 25.4% increase year-on-year, and a gross margin of 47.8% [2] - The energy storage battery pack business saw significant growth, with revenue of 2.45 billion yuan in 2024, a 177.2% increase year-on-year, and a gross margin of 41.3% [2] - The company is expanding its global after-sales service system, establishing service centers in Southeast Asia, Europe, and Africa [2] Financial Data and Valuation - The projected EPS for 2025-2027 is 5.73, 6.95, and 8.54 respectively, with corresponding PE ratios of 15.6, 12.9, and 10.5 [3] - The company’s revenue is expected to grow from 14.44 billion yuan in 2025 to 21.72 billion yuan in 2027, with a net profit increasing from 3.70 billion yuan to 5.52 billion yuan in the same period [11]

太阳能 德业股份（605117.SH） 买入-A(维持) 储能电池包高速增长，海外市场持续拓展 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季度报告。2024 年实现营收 112.1 亿 元，同比+49.8%；实现归母净利润 29.6 亿元，同比+65.3%。2025 年 Q1，实 现营业收入 25.7 亿元，同比+36.2%，环比-19.6%；实现归母净利润 7.1 亿元， 同比+63.0%，环比-2.1%。 事件点评 逆变器业务持续增长，发展多元化产品开拓市场： 2024 年公司逆变器 业务实现收入 55.6 亿元，同比+25.4%；毛利率为 47.8%，同比-3.5pct。2024 年全年，公司逆变器销售 137.14 万台；其中储能逆变器、组串式逆变器、微 型逆变器分别出货 54.06 万台、41.06 万台、42.03 万台，分别实现销售收入 43.8 亿元、7.9 亿元、3.5 亿元。2024 年，面向欧洲市场，公司推出微型储 能逆变器（阳台储能）；此外，公司由户储逐渐向工商储拓展，推出 100kW-2MW 储能解决 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in various business segments and strategic market expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 11.206 billion yuan, a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - For Q4 2024, revenue was 3.190 billion yuan, reflecting a year-on-year growth of 176.51%, while net profit was 721 million yuan, up 223.61% year-on-year [1]. - In Q1 2025, revenue reached 2.566 billion yuan, a year-on-year increase of 36.24%, with net profit of 706 million yuan, up 62.98% year-on-year [1]. Business Segment Growth - The company experienced significant growth in its business segments, with revenue from heat exchangers at 1.955 billion yuan (up 45.39%), dehumidifiers at 969 million yuan (up 37.69%), inverters at 5.556 billion yuan (up 25.44%), and energy storage battery packs at 2.451 billion yuan (up 177.19%) [2]. - The company's photovoltaic products generated over half of their revenue from emerging markets in Asia, South America, and Africa [2]. Market Strategy - The company is enhancing its market competitiveness by optimizing product structure and controlling costs, while also expanding its domestic and international sales networks [2]. - A focus on currency management and improving capital operation efficiency has strengthened the company's global operational capabilities [2]. Shareholder Confidence - The chairman proposed a share buyback plan of 100 million to 200 million yuan, funded by self-owned funds or bank loans, to be used for employee stock ownership plans or equity incentives, reflecting management's confidence in the company's future [2]. Investment Outlook - The company is expected to continue its growth trajectory, with projected net profits of 4.002 billion yuan, 5.049 billion yuan, and 6.140 billion yuan for 2024-2026, corresponding to PE ratios of 15, 12, and 10 times [3]. - A target price of 111.51 yuan is set based on an 18x PE for 2025, maintaining a "recommended" rating [3].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 107 CNY for the next six months [5]. Core Insights - The company achieved a revenue of 11.206 billion CNY in 2024, representing a year-on-year increase of 49.83%, and a net profit of 2.960 billion CNY, up 65.29% year-on-year, aligning with market expectations [1]. - The growth in the energy storage sector is driven by emerging markets, with the inverter business generating 5.56 billion CNY in revenue, a 25.44% increase year-on-year, and the energy storage battery pack business achieving 2.45 billion CNY, a remarkable 177.19% increase year-on-year [1][2]. - The company is expanding its overseas market presence, with a significant 83.20% increase in export revenue, establishing a broad dealer network in countries like Germany, Pakistan, Brazil, Ukraine, and India [2]. Financial Summary - The company forecasts revenues of 14.836 billion CNY, 18.729 billion CNY, and 23.603 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 3.640 billion CNY, 4.584 billion CNY, and 5.471 billion CNY for the same years [4][10]. - The gross profit margin for the inverter business in 2024 was approximately 47.81%, while the energy storage battery pack business saw a gross margin of about 41.3%, reflecting a significant improvement [1][4]. - The company’s earnings per share (EPS) are expected to grow from 4.76 CNY in 2025 to 8.47 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.82 to 10.40 over the same period [4][10].

Core Viewpoint - The performance of photovoltaic companies has been significantly impacted by the decline in industry chain prices, leading to increased losses among major players while some equipment and storage companies have shown resilience and growth [1][2][5]. Group 1: Industry Performance - In Q1 2025, among 67 listed companies in the photovoltaic equipment sector, 30 companies reported revenue growth year-on-year, accounting for approximately 44.77% [1]. - 34 companies experienced losses, representing about 50% of the total, with major integrated companies like Tongwei Co., TCL Zhonghuan, and Longi Green Energy reporting significant losses [2]. - Tongwei Co. reported a revenue of 15.933 billion yuan, down 18.58% year-on-year, with a net loss of 2.593 billion yuan, a decline of 229.56% [2]. - TCL Zhonghuan's revenue fell to 6.101 billion yuan, down 38.58%, with a net loss of 1.906 billion yuan, worsening by 116.67% compared to the previous year [3]. Group 2: Segment Analysis - The battery segment is facing intense price competition, with JunDa Co. reporting a revenue decline of 49.52% and a net loss of 106 million yuan, a drop of 636.04% year-on-year [3]. - Major component manufacturers like JA Solar and Trina Solar have also shifted from profit to loss, with JA Solar reporting a revenue of 13.843 billion yuan, down 40.03%, and a net loss of 1.39 billion yuan [3][4]. - Trina Solar's revenue decreased by 21.48% to 14.335 billion yuan, with a net loss of 1.32 billion yuan compared to a profit of 516 million yuan in the previous year [4]. Group 3: Resilient Companies - In contrast, companies in the energy storage and equipment sectors have shown strong performance, with Sungrow Power achieving a revenue of 19.036 billion yuan, up 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [5]. - DeYe Co. also reported a revenue increase of 36.24% to 2.566 billion yuan, with a net profit of 706 million yuan, up 62.98% [6]. - JinkoSolar and other equipment manufacturers have also reported significant revenue growth, with Jiejia Weichuang achieving a revenue of 4.099 billion yuan, up 58.95% [6]. Group 4: Global Expansion - Companies are increasingly focusing on international markets, with Hengdian East Magnetic reporting a revenue of 5.222 billion yuan, up 23.25%, and a net profit of 458 million yuan, up 29.65% [8]. - DeYe Co. has expanded its overseas sales significantly, with foreign sales revenue increasing by 83.2% [9]. - The global clean energy transition is expected to drive long-term growth in the photovoltaic industry, with a reported 59.71 GW of new photovoltaic installations in Q1 2025, a year-on-year increase of 30.5% [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]