Open source securities: DeYe Corporation's Q2 performance meets expectations, business warehousing shipments grew rapidly, maintaining a "buy" rating.

Open source securities research report pointed out that in the first half of 2025, DeYe Group's net profit attributable to parent company was 15.22 billion yuan, yoy +23.18%, gross profit margin was 37.48%; in Q2, net profit attributable to parent company was 8.17 billion yuan, yoy +1.72%, qoq +15.74%, gross profit margin was 37.71%, which met expectations. In the first half of 2025, global industrial and commercial storage demand rapidly increased. European industrial and commercial storage rapidly developed from 0 to 1 under the catalysis of subsidy support, FIT rate reduction, etc. Pakistan, Myanmar, Nigeria, and Middle Eastern countries have strong demand for industrial and commercial storage due to rising electricity prices and frequent power outages. In the first half of the year, the company sold a total of 315,600 energy storage inverters, yoy +47.41%, including 272,700 household energy storage inverters and 42,900 industrial and commercial energy storage inverters. In terms of energy storage battery pack business, through synergistic promotion with the star product energy storage inverters, sales scale grew quickly, achieving an operating income of 14.22 billion yuan in the first half of 2025, yoy +85.80%, accounting for 25.78% of the company's main business income, with a gross profit margin of 35.01%. In addition, the company issued an employee stock ownership plan to enhance employee cohesion. Considering the rapid growth and strong profitability of the company's industrial and commercial storage inverters and battery pack business, a "buy" rating is maintained.