| [编纂]的[编纂]數目 | | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | : | [编纂]股H股(可予[编纂]) | | [编纂]數目 | .. | [编纂]股日股(可予[编纂]及視乎[编纂]行使與否 | | | | 而定) | | 最高[编纂] | : | 每股[編纂][编纂]港元另加1%經紀佣金、 | | | | 0.0027％證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於申請 | | | | 時以港元繳足,可予退還) | | 面值 | .. | 每股H股人民幣1.00元 | 智通财经APP获悉，据港交所1月27日披露，宁波德业科技股份有限公司(605117.SH)向港交所主板递交 上市申请书，中金公司、中信证券、招银国际为联席保荐人。据招股书，德业股份是一家全球领先的光 储产品提供商，致力于提供全面的光伏和储能产品，为全球用户带来清洁、可持续的绿色能源。根据 Frost & Sullivan的数据，以2024年销售金额计，德业股份为全球第一大户用储能逆变器提供商。 ...

(於中華人民共和國註冊成立的股份有限公司) [编纂] 0.0027%證監會交易徵費、0.00565%聯交所 交易費及0.00015% 會財局交易微費(須於申請 時以港元繳足,可予退還) 聯席保薦人、[编纂]、[编纂]、 [编纂]及[编纂] 据港交所1月27目披露，宁波德业科技股份有限公司(605117.SH)向港交所主板递交上市申请书，中金公 司（601995）、中信证券、招银国际为联席保荐人。据招股书，德业股份（605117）是一家全球领先的 光储产品提供商，致力于提供全面的光伏和储能产品，为全球用户带来清洁、可持续的绿色能源。根据 Frost&Sullivan的数据，以2024年销售金额计，德业股份为全球第一大户用储能逆变器提供商。 C CICC中等公司 Jeve 您案 Ningbo Deye Technology Corporation 寧波德業科技股份有限公司 CMBI心招银国际 [编纂]的[编纂]數目 : [編纂]股田股(視乎[编纂]行使與否而定) [编纂]數目 : [编纂]股H股(可予[编纂]) [編纂]數目 : [編纂]股田股(可予[編纂]及視乎[编纂]行使與否 而定) 最高[編纂] : 每股[ ...

智通财经APP获悉，据港交所1月27日披露，宁波德业科技股份有限公司(605117.SH)向港交所主板递交 上市申请书，中金公司、中信证券、招银国际为联席保荐人。据招股书，德业股份是一家全球领先的光 储产品提供商，致力于提供全面的光伏和储能产品，为全球用户带来清洁、可持续的绿色能源。根据 Frost & Sullivan的数据，以2024年销售金额计，德业股份为全球第一大户用储能逆变器提供商。 | [编纂]的[编纂]數目 | | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | [编纂]數目 | : | [编纂]股H股(可予[编纂]) | | [编纂]數目 | .. | [编纂]股日股(可予[编纂]及視乎[编纂]行使與否 | | | | 而定) | | 最高[编纂] | : | 每股[編纂][编纂]港元另加1%經紀佣金、 | | | | 0.0027％證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於申請 | | | | 時以港元繳足,可予退還) | | 面值 | .. | 每股H股人民幣1.00元 | ...

Core Viewpoint - The inverter industry is experiencing significant performance divergence among companies, with some facing substantial profit declines while others report strong growth, largely influenced by varying market conditions domestically and internationally [1][2]. Group 1: Industry Performance - Since 2020, global renewable energy installations have surged, benefiting the inverter industry, but recent warnings of "overcapacity" have led to performance declines for some high-growth companies [1]. - In the third quarter, out of 10 listed inverter companies, 6 reported declines in net profit, with 4 experiencing profit halving; conversely, 3 companies, including industry leader Sungrow, saw quarterly growth rates exceeding 100% [1][3]. - The third-quarter reports indicate that while many inverter companies maintained growth in the first three quarters, several experienced declines in revenue and net profit in the third quarter [2][3]. Group 2: Market Dynamics - The performance divergence is attributed to the contrasting conditions in domestic and international markets, particularly the inventory pressure in the European market affecting companies reliant on overseas sales [2][10]. - The domestic market for large-scale ground-mounted solar power plants has seen a significant increase in installations, with a reported growth of over 357.8% in concentrated solar power installations this year [12]. - The European market has faced a significant decline in demand for household photovoltaic and storage inverters, leading to excess supply and reduced orders from distributors [10][11]. Group 3: Company-Specific Performance - Among the companies reporting declines, Yunneng Technology had the highest net profit decline at 62.75%, while DeYe and Keda saw smaller declines of 36.1% and 16.56%, respectively [3][4]. - Conversely, companies like Sungrow, with a revenue of 177.92 billion yuan and a net profit increase of 147.29%, and Hewei Electric, with a net profit growth of 246.82%, demonstrated strong performance [7][5]. - The companies can be categorized into two groups: those like Jinlang Technology that focus on micro inverters and household storage products primarily for overseas markets, and those like Sungrow that focus on large-scale centralized inverters for domestic ground-mounted power plants [8][9]. Group 4: Future Outlook - The inventory destocking cycle in overseas markets is expected to last several months, while the domestic market is anticipated to see a surge in demand for large-scale ground-mounted solar power plants in the fourth quarter [15][16]. - Analysts predict that the performance of companies focusing on centralized inverters will remain strong in the near term, while those reliant on household products may continue to face challenges [15][16].

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company achieved robust growth in H1 2025, with revenue of 5.535 billion yuan, up 16.58% year-on-year, and a net profit of 1.522 billion yuan, up 23.18% year-on-year [5] - The company's inverter business generated revenue of 2.644 billion yuan in H1 2025, a year-on-year increase of 13.90%, while the energy storage battery pack business saw a significant revenue increase of 85.80% year-on-year [6] - The company is expected to benefit from strong demand in emerging markets, particularly in the industrial storage sector, which is anticipated to be a key growth driver [7] Financial Performance - For H1 2025, the company reported a net profit of 1.522 billion yuan, with a net profit margin of 27.5% [5] - The company forecasts net profits of 3.550 billion yuan and 4.394 billion yuan for 2025 and 2026, respectively, with a projected P/E ratio of 16x for 2025 [8] - The company's revenue is expected to grow from 11.206 billion yuan in 2024 to 21.203 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 17.4% [11] Market Position and Strategy - The company has established a strong presence in emerging markets, particularly in Africa and Southeast Asia, with a focus on modular energy storage solutions [7] - The company is actively expanding its production capacity in Malaysia to mitigate uncertainties related to U.S. trade policies [7] - The company’s product offerings include a comprehensive range of solutions for residential, industrial storage, and large-scale energy storage applications [6]