\u3000\u3 Bohai Water Industry Co.Ltd(000605) 117 Ningbo Deye Technology Co.Ltd(605117) )
Key investment points
The overall performance of Q1 is in line with expectations and is optimistic about the high climate of inverter and the release of demand for heat exchanger in the second half of the year
Ningbo Deye Technology Co.Ltd(605117) released the performance forecast. It is estimated that the net profit of 22q1 will be 120150 million yuan, with a year-on-year increase of 19.71% – 49.64%. The overall performance is in line with expectations. We believe that the company’s inverter business continues to be high-profile and meets expectations; The heat exchanger is under pressure in the short term, but it is optimistic about the release of demand in the second half of the year. Optimistic about the overall growth of the company.
The inverter business maintains high growth and is optimistic about the development of the company’s subsequent micro reverse products
The global photovoltaic industry is booming, and the installed capacity continues to grow, driving the inverter industry to grow upward. Under the background that the PV inverter market at home and abroad is dominated by industrial and commercial products and the supply in the household market is less than the demand, the company first developed and switched into the household energy storage inverter to realize overtaking in curves. In the first three quarters of the year, the company’s inverter revenue was 703 million yuan, a year-on-year increase of + 281.46%, accounting for 23.21% of the overall revenue, a year-on-year increase of + 14.96 PCT. The high-speed inverter is expected to drive the company’s business growth in the future.
Profit forecast and valuation
We are optimistic about the release of heat exchanger demand and the high growth of inverter business in the second half of the year, and the overall growth of the company. It is estimated that the company’s operating revenue in 22-23 years will be 5.963/7.907 billion yuan respectively, and the corresponding growth rate will be 43.01% / 32.61% respectively; The net profit attributable to the parent company was 958 / 1403 million yuan respectively, with a corresponding growth rate of 66.14% / 46.38% respectively. The corresponding PE in 22-23 years is 42x / 29x respectively.
Risk tips
The demand of traditional business is less than expected, the price fluctuation risk of main raw materials and the policy fluctuation risk of inverter industry
