On October 15, Deye shares threw out a beautiful report card.
Deye shares disclosed that in the first three quarters of 2026, the company expects to achieve a net return of 4.22 billion yuan to 4.32 billion yuan, an increase of 79.81% to 84.07% over the same period last year; It is estimated that the net profit deducted from non-profits will be 3.95 billion yuan to 4.06 billion yuan, an increase of 73.33% to 78% over the same period last year.
On a quarterly basis, the net profit attributable to the parent company in the first and second quarters will be 1.188 billion yuan and 1.529 billion yuan respectively; Based on this, the net profit attributable to the parent company in the third quarter is estimated to be 1.503 billion yuan-16.
The light-storage black horse lights up three warning lights 1 "SRC =" https://img7.ccement.com/news/2610/richtext/img/6ad9d99b5a650976965. of them, has grown steadily, and production capacity has expanded simultaneously.". Although the current energy storage track is in a high growth cycle, there are many entrants and increasingly fierce competition. Under this background, why does Deye stand out? Earn more than 4.2 billion
in a row! During the reporting period, the sales revenue of the Company's household energy storage and industrial and commercial energy storage products increased significantly as compared with the same period of last year.
In other words, Deye shares attributed this performance growth mainly to overseas energy storage outlets.
According to the export data released by the General Administration of Customs on October 20, China's inverter exports in the first three quarters of 2026 amounted to 8.8 billion US dollars (about 59.1 billion RMB), an increase of 15% over the same period last year.
. According to the financial report, in the first half of 2026, the company sold 1.153 million inverters, achieving revenue of 5.132 billion yuan (48.36% of the main business income) , an increase of 94% over the same period last year.
In the semi-annual report of Deye shares, there is also a more critical signal- energy storage battery pack business, which has become a new growth pole of the company's performance. According to the financial report of the first half
of 2026, Deye's energy storage battery pack revenue was 4.894 billion yuan, a sharp increase of 244.12% over the same period last year, and its proportion in the main revenue jumped from 16.4% two years ago to 46.
The dark horse of optical storage lights up three warning lights 2 "SRC =" https://img7.ccement.com/news/2610/richtext/img/6ad9d99b7735d8699974.
According to the disclosure, for users who are already using the inverter of Deye shares, When adding battery packs, they naturally tend to be the same brand: the communication protocol has been adapted, the energy management can be directly docked, and the installation and maintenance only need to find one. In other words, every time an inverter is sold, it paves the way for subsequent battery pack sales.
It is the inverter and the energy storage battery pack that support the steady growth of Deye's performance.
Finally, industrial and commercial energy storage is becoming a new direction for Deye shares.
According to the first half of 2026, Deye's industrial and commercial energy storage inverters shipped 60,500 units, up 41
% from 42,900 units in the same period last year. In June this year, Deye also announced that it planned to invest no less than 12. Superimposing the production capacity of 7 GWh in the previous phase, the total investment of the two phases was 16 GWh , and the total investment was no less than 21.
Deye shares will also be the original plan for the expansion of inverter production 6.
Under the transfer of funds, the company's focus has been tilted. By the end of June, the 7 GWh industrial and commercial energy storage project has been put into operation
. In the second prospectus submitted by the Hong Kong Stock Exchange in July 2026, the purpose of raising funds also covers the expansion of domestic industrial and commercial energy storage capacity.
The financial report is bright, needless to say. But behind the beautiful figures, the risks can not be ignored. The first of the three warning lights
in the
financial report is the "double decline" in the gross interest rate and net interest rate of Deye shares in the second quarter. Looking at the semi-annual data
alone, the performance is moderate. In the first half of the year, the comprehensive gross profit margin was 37.65%, representing a slight increase of 0.17% as compared with the same period of last year; the net profit margin attributable to the parent company was 25.54%, representing a decrease of 1% as compared with the same period of last year.
. The comprehensive gross profit rate in the second quarter was 34.9%, down 6.54 percentage points from the previous quarter and about 2.81 percentage points from the previous year; The net interest rate returned to the mother was 24.74%, down 1.88 percentage points from the previous year, and down about 2% from the previous year.
It is mainly affected by two aspects:
one is the surprise attack on the cost side. It is reported that the price of lithium iron phosphate peaked in the second quarter of this year, with the highest spot price reaching 6. The upstream " and the export rebate rate of lithium batteries dropped from 9% to 6%, further reducing the profit margin.
The two is the counter-attack of the exchange rate. In the first half of the year, the company's exchange loss was 230 million yuan, compared with 112 million yuan in the same period last year, which had a total impact on profits. Based on this, it is estimated that the second quarter is about 1.5-1.
The exchange rate is a double-edged sword. Especially for Deye shares, which account for about 90% of exports, every fluctuation will directly affect book profits-icing on the cake when downwind and doubling when downwind.
Secondly, the asset-liability ratio is rising. Data show that the asset-liability ratio of Deye shares has gradually climbed from 37.45% at the end of 2024 to 53.
The dark horse of light storage lights up three warning lights 3 "SRC =" https://img7.ccement.com/news/2610/richtext/img/6ad9d99b6dcce2312321. It is understood that. The company's business covers more than 160 countries and regions around the world, of which the European market accounted for nearly half of the total revenue in the first four months of 2026.
In addition, in March 2026, the EU Industrial Accelerator Act proposed to set mandatory EU origin requirements for photovoltaic and energy storage battery systems supported by EU public funds.(Related reading: In addition, although the net profit of Deye shares in the first three quarters exceeded 4.2 billion yuan, the quarterly split shows that the growth rate has slowed down and the profit pressure has gradually emerged . In addition, at present, Deye shares are in the wind of inquiries from the Hong Kong Stock Exchange, and whether the capital market is willing to pay for them is never a report card, but whether profits can be sustained in the fourth quarter and even in the next three to five years .
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