Ningbo Deye Technology Group Co: Nine-month revenue up 10.36%, but Q3 net profit and EPS declined amid margin pressure

Revenue and net profit grew 16.58% and 23.18% year-over-year, respectively, with a proposed interim cash dividend representing 65.70% of net profit. Total assets increased 22.85%, while ROE declined by 6.24 percentage points.

Original document: Ningbo Deye Technology Co., Ltd. Class A [605117] Interim report — Aug. 26 2025

Ningbo Deye Technology's 2Q growth guidance for energy-storage-system shipments appears strong, Daiwa Capital Markets analysts say in a research report. According to the Chinese solar inverter manufacturer, its residential ESS and commercial & industrial ESS businesses could achieve 50%-100% on-quarter shipment growth in 2Q, benefiting from growth in Africa, the Middle East and Southeast Asia, the analysts note. Also, latest reduction of U.S. tariffs on China's imports seems positive for Ningbo Deye Technology, say the analysts, given the company's commentary that the U.S. contributed 3% to total revenue in 2024. The brokerage upgrades the stock's rating to outperform from hold and raises the target price to CNY104.00 from CNY90.00. Shares are 0.2% lower at CNY93.13. (ronnie.harui@wsj.com)

Ningbo Deye Technology's 2Q growth guidance for energy-storage-system shipments appears strong, Daiwa Capital Markets analysts say in a research report. According to the Chinese solar inverter manufacturer, its residential ESS and commercial & industrial ESS businesses could achieve 50%-100% on-quarter shipment growth in 2Q, benefiting from growth in Africa, the Middle East and Southeast Asia, the analysts note. Also, latest reduction of U.S. tariffs on China's imports seems positive for Ningbo Deye Technology, say the analysts, given the company's commentary that the U.S. contributed 3% to total revenue in 2024. The brokerage upgrades the stock's rating to outperform from hold and raises the target price to CNY104.00 from CNY90.00. Shares are 0.2% lower at CNY93.13. (ronnie.harui@wsj.com)