Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.9 to 3.1 billion yuan in 2024, representing a year-on-year growth of 62% to 73% [8] - The company has a strong growth potential in household and commercial energy storage for 2025, driven by demand in emerging markets [8] - The report adjusts the profit forecast for 2024-2026, estimating net profits of 3.0 billion, 3.9 billion, and 4.7 billion yuan respectively, with growth rates of 68%, 29%, and 20% [8] Financial Projections - Total revenue is projected to grow from 7,480 million yuan in 2023 to 11,251 million yuan in 2024, reflecting a year-on-year increase of 50.42% [1] - The net profit attributable to shareholders is forecasted to rise from 1,791 million yuan in 2023 to 3,007 million yuan in 2024, indicating a growth of 67.92% [1] - The earnings per share (EPS) is expected to increase from 2.78 yuan in 2023 to 4.66 yuan in 2024 [1] Market Data - The closing price of the stock is 88.58 yuan, with a market capitalization of approximately 57.16 billion yuan [5] - The price-to-earnings (P/E) ratio is projected to decrease from 31.92 in 2023 to 19.01 in 2024 [1][9] Operational Insights - The company is experiencing a decline in energy storage inverter shipments in Q4 2024 due to seasonal factors, but improvements are expected in early 2025 [8] - The introduction of new products, such as single-phase off-grid hybrid inverters, is anticipated to meet the growing demand in the Asia-Pacific and African markets [8]

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 290,000.00 and 310,000.00 million yuan, an increase of 110,901.32 to 130,901.32 million yuan compared to the previous year, representing a year-on-year growth of 61.92% to 73.09%[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between 271,434.05 and 291,434.05 million yuan, an increase of 86,085.63 to 106,085.63 million yuan compared to the previous year, reflecting a year-on-year increase of 46.45% to 57.24%[5] - The total profit for the previous year was 209,629.51 million yuan, with a net profit attributable to shareholders of 179,098.68 million yuan[7] - There are currently no major uncertainties that could affect the accuracy of the performance forecast[9] - The forecast data is preliminary and will be detailed in the company's 2024 annual report, urging investors to be aware of investment risks[10] Market Growth and Strategy - The company anticipates significant growth in the overseas energy storage market, particularly in regions with outdated power grid infrastructure and high electricity prices, such as Africa, Asia, and Europe[8] - The company has adjusted its technology solutions and product designs based on market research, leading to increased sales and profits in energy storage inverters and battery packs for 2024[8] - The home appliance business, including dehumidifiers and solar air conditioners, is also showing a clear upward trend in revenue and profit due to years of industry experience[8]

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from high growth in solar storage demand in emerging markets and its first-mover advantage in Asia, Africa, and Latin America, as well as growth in the European and American markets [4][95]. Core Insights - The company has evolved from a home appliance manufacturer to a key player in the inverter business, with steady revenue and profit growth driven by an increasing share of inverter business, which has significantly improved gross margins [1][13]. - Emerging markets are experiencing high growth in solar storage demand, while the European market is expected to recover as inventory depletion comes to an end [2][20]. - The company has a comprehensive product matrix that includes storage, string, and micro-inverters, focusing on differentiated products to avoid competition in saturated markets [2][38]. - Strong cost control and manufacturing advantages have led to superior profitability compared to peers, with a focus on domestic production of key components [2][53]. Summary by Sections 1. Company Overview - The company started in 2000, initially focusing on home appliances and later expanding into the inverter sector, establishing a strong presence in the solar inverter market [11][13]. 2. Market Demand - High growth in solar storage demand is driven by economic improvements and subsidies in countries like India and Pakistan, while Southeast Asia and South Africa are also seeing increased demand [26][31]. - The European market is expected to recover as inventory depletion ends, with significant growth in large-scale and commercial storage [33][35]. 3. Product Advantages - The company offers a complete range of storage, string, and micro-inverter products, with a focus on high-performance storage inverters that cater to both residential and commercial markets [38][41]. - The storage inverters are designed for low voltage, enhancing safety and usability for off-grid applications, while string inverters are optimized for high power and efficiency [41][46]. 4. Cost Control - The company has a strong cost control capability, achieving a gross margin of 52.33% in its inverter business, which is among the highest in the industry [53][60]. - The focus on domestic production of key components has helped mitigate supply chain risks and maintain cost advantages [53][62]. 5. Global Expansion - The company has established a significant presence in emerging markets such as Africa and Latin America, leveraging its early entry and product advantages [71][79]. - In the European and American markets, the company is gradually increasing its footprint, particularly in response to rebuilding needs in Ukraine and growing demand for storage solutions [82][84]. 6. Financial Projections - Revenue projections for 2024-2026 are estimated at 107.77 billion, 157.09 billion, and 215.08 billion yuan, with corresponding net profits of 30.24 billion, 40.31 billion, and 52.32 billion yuan [4][95].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [3][5]. Core Insights - The company is well-positioned to meet the growing demand for distributed solar storage systems in the Asia, Africa, and Latin America (AFLA) markets, driven by weak grid infrastructure and the need for reliable electricity supply [2][21]. - The company's product design is superior to its peers, with a focus on low-cost, expandable low-voltage systems and off-grid capabilities, including compatibility with diesel generators and shorter off-grid switching times [2][21]. - The report anticipates sustained growth in solar and storage demand in the AFLA markets, supported by the company's established sales channels and its ability to identify underlying market needs [3][23]. Industry Overview - The report highlights that the AFLA regions are taking over from Europe in terms of growing demand for household storage solutions, as European household storage demand is expected to decline [14][17]. - In Europe, while household storage is slowing down, commercial and large-scale storage demand is projected to grow significantly, with expectations for large-scale installations to exceed 10 GWh in 2024 [14][15]. - The report notes that funding support from developed countries and decreasing solar investment costs are expected to drive demand in the AFLA regions, particularly in countries like India, where solar project costs have dropped significantly [17][18][19]. Company Analysis - The company has demonstrated a strong ability to adapt its products to meet the specific needs of the AFLA markets, with all new products compatible with diesel generators and lead-acid batteries, and offering high scalability [2][21]. - The report provides updated revenue forecasts for the company, projecting revenues of 114 billion, 162 billion, and 210 billion yuan for 2024, 2025, and 2026 respectively, reflecting a significant upward revision from previous estimates [3][23]. - The company's net profit is also expected to rise significantly, with projections of 30.4 billion, 41.1 billion, and 52.9 billion yuan for the same years, indicating year-over-year growth rates of 69.47%, 35.32%, and 28.77% respectively [3][23].

Summary of Conference Call Company and Industry Overview - The conference call primarily focused on **TheYe Co., Ltd.**, a company involved in the inverter and energy storage industry, particularly in the solar energy sector. The discussion also touched upon the broader **photovoltaic (PV) industry** and its dynamics. Key Points and Arguments 1. **Market Conditions and Inventory Levels** - The inventory levels for silicon materials have decreased from over 300,000 tons to approximately 250,000-260,000 tons as of January. Similarly, the inventory for wafers has dropped from over 300 GWh to around 200 GWh, indicating a tightening supply situation in the industry [2][3][4]. 2. **Demand Growth Projections** - Domestic demand in China is expected to grow by over 20% in 2024, while overseas markets have yet to fully activate. The demand from overseas markets is anticipated to be stronger in 2025 [4][5]. 3. **Performance of TheYe** - TheYe's performance in 2024 is projected to exceed expectations, with revenue anticipated to be around 2 billion, compared to market expectations of 1.7-1.8 billion. The company has effectively capitalized on market opportunities [5][6]. 4. **Sales and Market Share** - TheYe has a significant market share in regions like South Africa, with over 60% in certain areas. The company has also tapped into the Ukrainian market, which has shown a resurgence in demand [6][20]. 5. **Product Development and Innovations** - TheYe has introduced various products, including hybrid inverters and energy storage solutions, which cater to both residential and commercial markets. The company is focusing on differentiating its products to maintain a competitive edge [12][15][27]. 6. **Financial Performance and Projections** - TheYe's revenue is expected to grow significantly, with projections of reaching 16 billion in 2025. The company anticipates achieving a profit margin of around 8-9 billion in the same year, reflecting a substantial increase from previous years [8][31]. 7. **Cost Management and Profitability** - The company has demonstrated strong cost control capabilities, with a gross margin of approximately 48.99% in Q3 2024. The gross margins for different product lines vary, with energy storage products showing a higher margin compared to inverters [17][19]. 8. **Geographical Expansion** - TheYe is strategically expanding into emerging markets in Africa, South America, and Southeast Asia, where there is a growing demand for solar energy solutions. The company has established a strong presence in these regions, which is expected to drive future growth [20][21][24]. Other Important Insights - TheYe's inverter business has shown resilience despite market fluctuations, with a notable recovery in sales following a period of high inventory levels in South Africa [22][26]. - The company is also focusing on the European market, particularly in response to the rebuilding needs in Ukraine, which has created new opportunities for sales [28][29]. - TheYe's strategic partnerships and product innovations are key to maintaining its competitive position in a rapidly evolving market [30]. This summary encapsulates the essential insights from the conference call regarding TheYe Co., Ltd. and the photovoltaic industry, highlighting market dynamics, company performance, and future growth prospects.

dentons.cn 北京大成（宁波）律师事务所 关于宁波德业科技股份有限公司 调 整 2022 年股票期权激励计划行权价格、 2022 年 股票期权激励计划预留授予部分第 二 个行权期行 权条件成就及注销部分股票期权 之 法律意见书 大成证字[2022]第 181-8 号 北京大成（宁波）律师事务所 www.dentons.cn 宁波市和济街 180 号国际金融中心 E 座 17-18 层（315040） 17-18/F, IFC Tower E, No.180, Heji Street, 315040, Ningbo, China Tel: +86 574-8732 6088 Fax: +86 574-8789 3911 dentons.cn 释 义 本法律意见书中，除非另有说明，下列简称具有如下含义： | 本所 | 指 | 北京大成（宁波）律师事务所 | | --- | --- | --- | | 本法律意见书 | 指 | 《北京大成（宁波）律师事务所关于宁波德业科技 | | | | 股份有限公司调整 2022 年股票期权激励计划行权 | | | | 价格、2022 年股票期权激励计划预留授予部分第二 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-002 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划预留授予部分第二个 行权期自主行权实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 宁波德业科技股份有限公司（以下简称"公司"）于 2024 年 11 月 28 日召开 第三届董事会第十次会议、第三届监事会第八次会议，审议通过了《关于 2022 年股票期权激励计划预留授予部分第二个行权期行权条件成就的议案》。公司 2022 年股票期权激励计划预留授予的股票期权第二个行权期行权条件已经成就， 现将相关事项公告如下： 一、2022 年股票期权激励计划批准及实施情况 （一）已履行的决策程序和信息披露情况 1、2022 年 7 月 5 日，公司召开第二届董事会第十三次会议，审议通过了《宁 波德业科技股份有限公司 2022 年股票期权激励计划（草案）及其摘要》《宁波 德业科技股份有限公司 2022 年股票期权激励计划实施考核管理办法》《关于提 请股东大会授权董事会办理 2022 ...

证券代码：605117 证券简称：德业股份 公告编号：2025-001 宁波德业科技股份有限公司 关于 2022 年股票期权激励计划 2024 年第四季度 自主行权结果暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 2022 年股票期权激励计划首次授予股票期权第二个行权期行权结果：公 司 2022 年股票期权激励计划首次授予股票期权第二个行权期可行权股票期权数 量为 289.2456 万份，实际可行权期间为 2024 年 8 月 1 日至 2025 年 7 月 25 日， 行权方式为自主行权。2024 年第四季度，共行权并完成股份过户登记 42.5388 万 股，占可行权股票期权总量的 14.7068%。 2022 年股票期权激励计划预留授予股票期权第一个行权期行权结果： 2022 年股票期权激励计划预留授予股票期权第一个行权期可行权股票期权数量 为 58.1616 万份，实际可行权期间为 2023 年 12 月 20 日至 2024 年 12 月 19 日， 行权方式为自主行权。202 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-092 根据《上市公司股权激励管理办法》《宁波德业科技股份有限公司2022年股 票期权激励计划（草案）》的相关规定，鉴于公司2022年股票期权激励计划预留 授予激励对象中15人因离职而不再具备激励对象资格，董事会决定取消上述激励 对象资格并注销其已获授但不得行权的股票期权合计5.0652万份。本次注销2022 年股票期权激励计划股票期权合计5.0652万份。具体内容详见2024年11月29日公 司披露于上海证券交易所网站（www.sse.com.cn）的《关于注销部分股票期权的 公告》（公告编号：2024-086）。 宁波德业科技股份有限公司 关于部分股票期权注销完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波德业科技股份有限公司（以下简称"公司"）于2024年11月28日召开第 三届董事会第十次会议、第三届监事会第八次会议，审议通过了《关于注销部分 股票期权的议案》，同意注销2022年股票期权激励计划预留授予激励对象中已获 授但不得行权的股 ...

证券代码：605117 证券简称：德业股份 公告编号：2024-091 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为非公开发行股份；股票认购方式为网下，上市股数为 35,997,120 股。 本次股票上市流通总数为 35,997,120 股。 本次股票上市流通日期为 2024 年 12 月 25 日。 一、本次限售股上市类型 本次限售股上市类型为宁波德业科技股份有限公司（以下简称"公司"）向特定 对象发行的有限售条件流通股。 2023 年 7 月 20 日，中国证券监督管理委员会出具了《关于同意宁波德业科技 股份有限公司向特定对象发行股票注册的批复》（证监许可﹝2023﹞1583 号），同 意你公司向特定对象发行的注册申请。本次向特定对象发行股票的实际发行数量 为 35,997,120 股，新增股份已于 2024 年 6 月 25 日在中国证券登记结算有限责任 公司上海分公司办理完毕股份登记、托管及限售手续。本次发行新增股份在其限售 期届满的次一交易日起在上海证券交易所上市交易（预计上 ...