公司点评 | 德业股份 工商储产品出货逐步提升，业绩符合预期 德业股份 2025 年半年报点评 事件：公司发布 2025 半年报。2025H1 公司实现营收 55.35 亿元，同比+16.58%， 实现归母净利润 15.22 亿元，同比+23.18%，其中 2025Q2 实现营收 29.69 亿 元，同比+3.65%，环比+15.70%，实现归母净利润 8.17 亿元，同比+1.72%， 同比+15.74%。业绩符合预期。 25H1 工商业储能产品持续出货，储能业务方面新品频出。截至 25H1 由于欧洲 工商储在补贴支持、FIT 退坡等催化下需求从零到一快速发展，巴基斯坦、缅甸、 尼日利亚及中东国家在电价高涨、断电频发等催化下，工商储需求旺盛。2025 年上半年公司总计销售 76.38 万台逆变器(户储 27.27 万台，工商储 4.29 万台， 工商储产品起量显著)。新品方面，公司在原有商用储能系统基础上扩展功率段， 推出 100kW-2.5MW 储能解决方案，相较于传统集装箱式储能系统，通过模块 化设计去除非必要设备实现系统精简，具有更高的灵活性和可扩展性。 25H1 电池包产品收入持续增长。25H1 公 ...

证券研究报告·公司点评报告·家电零部件Ⅱ 德业股份（605117） 2025 中报点评：2025Q2 储能出货环比高增， 工商储占比稳步提升 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,480 | 11,206 | 13,310 | 16,003 | 19,106 | | 同比（%） | 25.59 | 49.82 | 18.77 | 20.23 | 19.39 | | 归母净利润（百万元） | 1,791 | 2,960 | 3,602 | 4,311 | 5,168 | | 同比（%） | 18.03 | 65.29 | 21.66 | 19.69 | 19.88 | | EPS-最新摊薄（元/股） | 1.98 | 3.27 | 3.98 | 4.77 | 5.71 | | P/E（现价&最新摊薄） | 31.27 | 18.92 | 15.55 | 12.99 | 10.84 | [Table_T ...

Core Viewpoint - The article highlights the rapid advancements and strategic developments in the sodium battery and electric vehicle sectors, particularly focusing on the initiatives by Leap Motor in battery production and technology integration [2][3][4]. Group 1: Leap Motor's Battery Production - Leap Motor's battery pack project in Huzhou, Zhejiang, is progressing rapidly, with production expected to commence in September 2025. The project has already seen the installation of four production lines [2][3]. - The total investment for the Huzhou project is 1.5 billion yuan, covering an area of 178 acres, and will feature eight battery production lines and four power supply production lines. Once operational, it is projected to produce 384,000 sets of vehicle batteries and 720,000 power supplies annually, generating an estimated annual revenue of 6.4 billion yuan [3][4]. Group 2: Technological Innovations - Leap Motor is implementing a self-research strategy in the battery sector, including the development of the CTC (Cell to Chassis) technology, which integrates battery cells directly into the vehicle's structure, enhancing efficiency and reducing component complexity. This technology has already been applied in multiple vehicle models, achieving sales of over 200,000 units [4][5]. - The company has also made significant strides in battery management systems (BMS) and battery distribution units (BDU), showcasing its technical capabilities in battery pack assembly and management [4]. Group 3: Market Expansion and Sales Growth - Leap Motor has reported a substantial increase in vehicle deliveries, with 221,700 units delivered in the first half of the year, marking a 156% year-on-year increase. In July alone, deliveries exceeded 50,000 units, doubling compared to the previous year [6]. - The company is expanding its market presence internationally, with over 400 outlets established globally and plans to increase this number to over 550 by 2025, focusing on Southeast Asia and the Middle East [6].

Core Viewpoint - The article highlights the accelerated construction of the second phase of Yichun Guoxuan Battery Co., Ltd., which is part of a broader strategy to enhance the full industrial chain layout in Yichun, with a total investment of 5.15 billion yuan for the project [1]. Group 1 - The second phase project of Guoxuan Battery commenced construction in January 2024, with a planned capacity of 20GWh for power batteries [1]. - The first phase of the project began production two years prior, indicating a rapid expansion strategy by the company [1]. - The production workshop for 10GWh battery cells has already started operations, while the 10GWh battery pack workshop is still under construction [1]. Group 2 - Upon reaching full production capacity, the annual output value of Guoxuan Battery is expected to reach 11 billion yuan [1]. - The first equipment for the project arrived in March this year, with trial production starting in June and full-scale trial production currently underway [1].

Core Insights - The rise of range-extended electric vehicles (REEVs) has shifted the market dynamics, with many automakers transitioning from a pure electric focus to adopting range-extending technologies due to consumer demand for longer driving ranges and faster refueling options [2][3][4] - The battery capacity of range-extended models has significantly increased, evolving from a "small battery + large range extender" approach to a "large battery + small range extender" strategy, enhancing consumer perceptions of range-extended vehicles [2][4][8] Battery Capacity Trends - The average battery capacity of range-extended vehicles has grown from approximately 36.17 kWh in 2021 to 43.77 kWh in 2023, marking a 20.54% increase [4] - By 2025, the average battery capacity of several key models is projected to reach 45.47 kWh, reflecting a 19.68% growth over two years [5] Market Competition - The competition among range-extended vehicles has intensified, with a notable increase in models offering pure electric ranges exceeding 300 km, driven by consumer preferences for longer ranges [6][9] - Major automakers are increasingly investing in larger battery packs to differentiate their products in a competitive market, particularly in the mid-range segment [9][10] Factors Driving Change - The decline in battery costs, which have dropped over 80% in the past decade, has enabled manufacturers to increase battery capacities economically [8] - The proliferation of fast-charging infrastructure supports the development of long-range models, enhancing their usability and appeal to consumers [8] User Demand and Experience - Consumer demand for longer electric ranges has become a focal point for automakers, with many previously committed to pure electric models now entering the range-extended market [9][10] - The user experience is being prioritized, with companies aiming to provide a driving experience akin to that of pure electric vehicles [10] Future Outlook - The automotive industry is divided on the future of range-extended vehicles, with some experts viewing them as transitional technologies while others believe they are establishing themselves as a distinct category [13][14] - The ongoing evolution of battery technology and market dynamics suggests that larger battery packs will continue to be a trend, although there may be a future shift towards smaller batteries as technology matures [14]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6][11]. Core Insights - The company achieved a revenue of RMB 150.29 billion in the first half of 2025, representing a year-over-year (YOY) increase of 26.5%. The net profit reached RMB 9.29 billion, with core profit (excluding foreign exchange gains and asset disposal gains) increasing by 102% YOY [7]. - The company is accelerating its electrification transformation, with a high cost-performance product strategy yielding positive results across various price segments. The integration of automotive operations is expected to lower procurement costs and enhance product competitiveness [7]. - The company plans to strengthen its export efforts, with an anticipated improvement in export growth rates [7]. Financial Performance - The company’s Q2 2025 revenue was RMB 77.79 billion, a 28.4% increase YOY, with a net profit of RMB 3.62 billion, indicating a near doubling of core profit YOY [7]. - Q2 2025 saw vehicle sales of 705,000 units, a 47% increase YOY, with new energy vehicles (NEVs) accounting for 54.7% of total sales, up 6.5 percentage points from Q1 [7]. - The company’s gross margin for Q2 was 17.1%, showing a slight decrease of 0.71 percentage points YOY but an increase of 1.29 percentage points from Q1 [7]. Sales and Market Position - In July 2025, the company sold 238,000 vehicles, a 57.7% increase YOY, with NEV sales reaching 130,000 units, representing 55% of total sales [7]. - The company’s cumulative vehicle sales from January to July 2025 reached 1.647 million units, a 48.8% increase YOY, with a target of 3 million units for the year, reflecting a 38% increase from the previous year [7]. - The company has a rich pipeline of new products set to launch in the second half of 2025, which is expected to enhance both sales and average selling prices [7]. Earnings Forecast - The report revises the company's net profit forecasts for 2025, 2026, and 2027 to RMB 16.11 billion, RMB 18.09 billion, and RMB 22.57 billion, respectively, with YOY growth rates of 70%, 12%, and 25% [7][9]. - The earnings per share (EPS) estimates for the same years are adjusted to RMB 1.60, RMB 1.80, and RMB 2.24, respectively [9]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 10.7, 9.6, and 7.7 for 2025, 2026, and 2027, respectively, supporting the "Buy" recommendation [7].

Core Insights - The latest stock price of Funeng Technology is 16.84 yuan, reflecting a 1.14% increase from the previous trading day [1] - The company reached a maximum intraday price of 17.20 yuan and a minimum of 16.52 yuan, with a total transaction amount of 5.01 billion yuan [1] Company Overview - Funeng Technology is a comprehensive energy solutions provider focused on the research, production, and sales of power batteries and battery systems [1] - The main products include battery cells, modules, and battery packs [1] Financial Performance - The company achieved a revenue of 11.68 billion yuan in 2024 and 2.32 billion yuan in the first quarter of 2025 [1] - Funeng Technology has reported losses for five consecutive years from 2020 to 2024, with a total loss amounting to 4.41 billion yuan [1] Shareholder Activity - Shareholder Shenzhen Anyan plans to reduce its holdings by 12.221 million shares, accounting for 1% of the total share capital, with a reduction amount of approximately 206 million yuan between July 25 and August 7, 2025 [1] - Another shareholder, Shanghang Xinyuan, intends to reduce its holdings by up to 24.24 million shares, representing 1.9832% of the total share capital, between August 13 and November 12, 2025 [1]

Group 1 - In the first half of 2023, Chinese companies captured nearly 70% of the global battery market share, with six out of the top ten battery manufacturers being from China [1] - The total installed capacity of global power batteries reached 504.5 GWh, representing a year-on-year growth of 37.3%, an increase from 22.3% in the same period last year [1] - The market share of the six Chinese companies, including CATL and BYD, increased by four percentage points compared to the same period last year, reaching a historical high of 68.9% [1] Group 2 - Wuhu Fudi Battery Co., Ltd. plans to invest 2.4 billion yuan in the construction of a new manufacturing center in Anhui Province, which will have an annual production capacity of 184,800 battery packs [2] - The project will also produce 1.08 million steel pallets, 480,000 aluminum pallets, and 360,000 liquid cooling plates upon completion [2] Group 3 - CATL has signed a strategic cooperation agreement with three partners to introduce battery swapping models into the car rental industry [4] - The initiative will involve the deployment of over 100,000 battery-swapping vehicles, covering various vehicle types, with a range of 400-600 kilometers [4] - The collaboration will leverage Shenzhou Car Rental's network of over 2,000 offline locations to build a comprehensive battery swapping network [4]

Core Viewpoint - Leap Motor has begun supplying its self-developed battery packs to commercial vehicle manufacturers, marking a significant shift in its component supply business and aiming to replicate BYD's successful model of selling both complete vehicles and components [4][12][10]. Group 1: Business Development - Leap Motor's subsidiary, Lingxiao Energy, has received orders from over five new energy commercial vehicle clients, indicating a new phase for its component supply business [5][12]. - The company aims to expand its self-research capabilities to all high-value components, beyond just the core three electric systems [8][9]. - Leap Motor's strategy includes forming partnerships with major clients like Stellantis and Hongqi to share R&D costs and develop new models [10][11]. Group 2: Market Analysis - The domestic commercial vehicle market is less saturated compared to the passenger vehicle market, presenting a significant growth opportunity for new energy commercial vehicles [14][18]. - In the first half of the year, the sales of new energy commercial vehicles reached 402,000 units, a year-on-year increase of 66.5%, indicating a strong growth trajectory [17]. - The penetration rate of new energy in the commercial vehicle market is currently below 20%, suggesting substantial room for future growth [18]. Group 3: Competitive Landscape - Compared to passenger vehicles, commercial vehicle users are more cost-sensitive, making Leap Motor's combination of battery cells from CATL and its own battery packs a more cost-effective solution [20]. - CATL has chosen to collaborate with Leap Motor for battery packs, despite its capability to sell complete battery solutions, indicating a strategic alliance to enhance market presence [25][26]. - Leap Motor's sales have surged, with a 156% year-on-year increase in vehicle deliveries in the first half of the year, highlighting its growing market share [29].

Company Update - The company has completed a share buyback, repurchasing 1.9072 million shares, which accounts for 0.21% of its total share capital, with a maximum price of 53.75 CNY/share, a minimum price of 49.9 CNY/share, and an average price of 52.44 CNY/share, utilizing approximately 100 million CNY in total funds (excluding transaction fees) [1] Commentary - The buyback reflects the company's confidence in future growth and emphasizes shareholder returns. The repurchased shares will be used for employee stock ownership plans or equity incentives, which may help align the interests of the company and its employees [2] - Short-term energy storage inverter shipments are expected to increase quarter-on-quarter in Q2 and Q3, with steady growth in household storage and a surge in industrial storage demand. The company anticipates a 20%-30% quarter-on-quarter increase in Q2 shipments, with industrial storage shipments projected at 25,000 to 30,000 units. Q3 shipments are also expected to maintain a quarter-on-quarter growth trend, with some markets like Ukraine experiencing a decline in demand [2] - The average power rating for the company's industrial storage products is currently 30KW, and new products with 100KW and 125KW ratings have been successfully delivered. A complete industrial storage solution (e.g., 125KW inverter + 215KWh battery pack) is valued at approximately 260,000 CNY, and the company is optimistic about increasing the proportion of industrial storage inverter shipments, which currently stands at about 12% [2] Long-term Outlook - The company maintains a strong leadership position in the user-side energy storage sector, with a comprehensive product series and rapid iteration speed. Its low-voltage solutions for household storage are competitive in emerging markets and Europe. The inverter industry is brand and channel-driven, making it difficult for other manufacturers to gain market share through price competition [3] - Market demand is driven by the urgent need for electricity in emerging markets, and as the prices of components and batteries decrease, the return on investment for household and industrial storage is improving. In Europe, the adoption of dynamic pricing is expected to significantly boost industrial storage demand, which currently has a low penetration rate [3] - The company has achieved a 20% price reduction for its newly launched energy storage inverters compared to the previous generation, with household storage inverters maintaining a gross margin of over 40% and industrial storage inverters currently at a gross margin of 60%. The company expects to maintain a gross margin level above 50% in the long term [3] Profit Forecast and Valuation - The company maintains an outperform rating, slightly lowering its profit forecasts for 2025 and 2026 by 8% and 6% to 3.4 billion CNY and 4.5 billion CNY, respectively, due to fluctuating demand in markets like Ukraine and Latin America. The target price has been reduced by 27% to 80 CNY, corresponding to 21x and 16x P/E for 2025 and 2026, indicating a 49% upside potential from the current stock price, which corresponds to 14x and 11x P/E for 2025 and 2026 [4]