Ningbo Deye Technology Group Co (605117) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 3.27 billion, up 128.16% compared to the same quarter last year.

• Net profit attributable to shareholders was RMB 1.00 billion, a 229.52% year-over-year increase.

• Growth driven by expansion in emerging markets and rapid sales increase in energy storage battery packs.

Financial highlights

• Year-to-date revenue was RMB 8.02 billion, up 26.72% year-over-year.

• Net profit for the first nine months was RMB 2.24 billion, up 42.81% year-over-year.

• Basic and diluted EPS for Q3 were RMB 1.59, up 213.52% year-over-year; YTD EPS was RMB 3.64, up 40%.

• Operating cash flow for the first nine months was RMB 2.68 billion, up 25.66% year-over-year.

Outlook and guidance

• Market coverage expanded despite a decline in the South African market, with strong demand in Pakistan, Ukraine, Germany, India, Philippines, and Myanmar.

• Inverter products drove energy storage battery pack sales, supporting continued revenue and profit growth.