Ningbo Deye Technology Group Co (605117) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 was ¥4.75 billion, down 2.97% year-over-year; net profit attributable to shareholders was ¥1.24 billion, down 2.21% year-over-year.

• Cash flow from operating activities decreased 24.25% year-over-year to ¥1.32 billion.

• Gross margin for storage inverters remained robust, with average segment margin at 52% in H1 2024.

• Company completed a private placement, raising ¥2 billion in June 2024.

• No major litigation, regulatory, or integrity issues reported during the period.

Financial highlights

• Revenue: ¥4.75 billion, down 2.97% year-over-year.

• Net profit attributable to shareholders: ¥1.24 billion, down 2.21% year-over-year.

• Operating cash flow: ¥1.32 billion, down 24.25% year-over-year.

• Basic and diluted EPS: ¥2.05, down 2.38% year-over-year.

• Net assets attributable to shareholders: ¥7.75 billion, up 48.2% from year-end 2023, mainly due to capital raised.

Outlook and guidance

• Management expects continued global demand for PV and storage products, especially in emerging markets.

• Company will focus on product innovation, cost control, and expanding market share in new geographies.

• Ongoing investments in production capacity and R&D to support long-term growth.