Ningbo Deye Technology Group Co (605117) Q4 2024 earnings summary

Executive summary

• Achieved total revenue of RMB 11.20 billion in 2024, up 49.67% year-over-year.

• Net profit attributable to shareholders reached RMB 2.95 billion, a 64.80% increase year-over-year.

• Strong growth driven by energy storage inverters and battery pack business, with overseas market expansion contributing significantly.

• Home appliance segment, including dehumidifiers and solar air conditioners, showed clear upward trends in revenue and profit.

Financial highlights

• Operating profit rose 61.77% year-over-year to RMB 3.39 billion.

• Net profit excluding non-recurring items was RMB 2.87 billion, up 54.68% year-over-year.

• Total assets at year-end were RMB 15.11 billion, up 39.69% from the previous year.

• Shareholders' equity increased 80.60% year-over-year to RMB 9.45 billion.

• Basic EPS was RMB 4.75, up 59.40% year-over-year.

Outlook and guidance

• Energy storage products expected to maintain strong demand in regions with underdeveloped power infrastructure and in Europe due to high electricity prices.

• Continued focus on integrated marketing of storage inverters and battery packs to drive sales growth.