DeYe Co., Ltd. has reported strong performance in its core business, projecting a net profit of 650 million to 700 million yuan for the first quarter of 2025, marking an impressive year-on-year increase of 50.15% to 61.70%. The company’s net profit, excluding extraordinary items, is expected to be between 542 million and 592 million yuan, with a growth rate of 27.72% to 39.50%.
DeYe Co., Ltd., listed as 605117.SH, is a leading player in the energy storage inverter sector. The company integrates research and development, design, production, sales, and services, positioning itself as a global new energy technology enterprise. It currently operates three main industry chains: a comprehensive range of photovoltaic inverters, energy storage battery packs, and environmental appliances, including dehumidifiers and HVAC products.
The company entered the photovoltaic inverter market in March 2016 and has seen rapid growth in inverter sales since 2020. In the first half of 2024, DeYe’s inverter business generated 2.322 billion yuan in revenue, accounting for 48.9% of total revenue, making it a key growth driver for the company. Additionally, DeYe is significantly expanding its overseas energy storage initiatives. On April 1, the company announced an investment of 2.127 billion yuan to establish a production line in Cixi, Zhejiang, with an annual capacity of 16 GWh for commercial energy storage.
Continuous investment in research and development has been vital to enhancing product competitiveness. From 2020 to the third quarter of 2024, DeYe’s R&D expenses have been 102 million yuan, 133 million yuan, 287 million yuan, 436 million yuan, and 354 million yuan, reflecting year-on-year growth rates of 17.17%, 30.97%, 115.65%, 51.93%, and 3.21% respectively, totaling 1.312 billion yuan over five years.
On April 14, DeYe also released its performance summary for 2024, reporting total revenue of 11.195 billion yuan, a year-on-year increase of 49.67%, and a net profit of 2.952 billion yuan, up by 64.80%. The company attributed its growth to the differentiated demand in the global solar and storage markets, rapid expansion in its energy storage inverter and battery pack business, and a clear upward trend in home appliance revenue.
Initially focused on the home appliance sector, DeYe has been transforming its business model and has made photovoltaic inverters its primary focus since entering the market in 2016. By 2021, the inverter segment generated 1.198 billion yuan in revenue, a staggering year-on-year increase of 262.34%, contributing 28.92% to the company’s main business revenue. In the first half of 2024, the inverter business further increased its revenue to 2.322 billion yuan, raising its contribution to 48.9%.
As the heart of photovoltaic power systems, the growth of the inverter industry is directly linked to the expansion of solar and energy storage sectors. According to Dongfang Securities, the inverter market is expected to reach 136.7 billion yuan by 2025.
DeYe Co., Ltd. has maintained a robust financial position, with total assets amounting to 15.111 billion yuan by the end of 2024, a growth of 39.69% from the previous year. The equity attributable to shareholders reached 9.448 billion yuan, showing an increase of 80.60% year-on-year.
Founded in 2000, DeYe Co., Ltd. was listed on the main board of the Shanghai Stock Exchange in April 2021. The company has become a global player in the new energy technology sector, with a full range of photovoltaic inverters, energy storage battery packs, and environmental appliances. The demand for household energy storage products has surged internationally, leading to rapid market growth. As a result, the overseas market has become a significant focus for DeYe. In the first half of 2024, the company exported 711,700 units of inverters to countries including Pakistan, Germany, Brazil, India, and South Africa, comprising 214,100 energy storage inverters, 242,700 micro inverters, and 254,900 string inverters. DeYe has established a strong presence in the South African market, holding the top market share.
From 2021 to 2023, DeYe’s overseas sales were 1.262 billion yuan, 3.454 billion yuan, and 4.338 billion yuan, accounting for 30.28%, 57.99%, and 58% of total revenue, with corresponding gross margins of 35.58%, 46.02%, and 47.92%.
DeYe is accelerating its international expansion. After announcing an investment of up to 150 million USD to build a manufacturing base in Malaysia in December 2024, the company confirmed on March 4, 2025, that it had completed the establishment of its Malaysian subsidiary and plans to purchase approximately 133,200 square meters of land for about 20 million yuan. Additionally, DeYe is continuing to enhance its overseas energy storage capabilities, as evidenced by its recent investment in a 16 GWh production line in Cixi.
Overall, DeYe Co., Ltd.’s aggressive expansion plans, coupled with a strong commitment to R&D, underline its strategy to enhance product competitiveness and solidify its position in the global energy market.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/deye-shares-expected-to-achieve-over-650-million-profit-in-q1-2025-amid-strong-growth-in-core-business-and-significant-rd-investment/
