On November 13, Ningbo Deye Technology Co.,Ltd. (605117.SH) announced its plan to issue overseas shares (H-shares) for listing on the Hong Kong Stock Exchange. The company stated that this move aims to advance its global development strategy, enhance international brand influence and core competitiveness, and diversify financing channels through international capital markets.
Founded in 2000 and listed on the A-share market in 2021, Deye Technology has over two decades of expertise in electrical equipment. The company has established a comprehensive product matrix covering energy storage, string, and micro inverters, standing out as one of the few inverter manufacturers achieving simultaneous growth across all three product categories. Its residential and small commercial energy storage inverters have become flagship products.
Financial reports show that in the first three quarters of this year, Deye Technology achieved operating revenue of 8.846 billion yuan, a year-on-year increase of 10.36%, with net profit attributable to shareholders reaching 2.347 billion yuan, up 4.79% year-on-year.
Amid the global energy transition, while inverters remain Deye's primary revenue source, its business structure has significantly evolved over the past three years with the expansion of inverter and energy storage battery pack operations. In H1 2023, the inverter business generated 2.644 billion yuan in revenue (up 13.90% YoY), accounting for 47.93% of total revenue, while the energy storage battery business became the fastest-growing segment with 1.422 billion yuan revenue (up 85.80% YoY), representing 25.78% of total revenue.
Building on its established presence in European markets and emerging markets across Asia, Africa, and Latin America, Deye reported 3.878 billion yuan in overseas revenue during H1 2023, constituting approximately 70% of total revenue. Company Secretary Liu Shujian noted that 30-40% of overseas revenue came from Southeast Asian countries.
On October 2, Deye commenced construction of a new production base in Johor, Malaysia, which will specialize in photovoltaic inverters and energy storage systems. This follows the company's Thailand factory that began operations in 2024 with planned annual capacity of 100,000 inverters and 5GWh energy storage systems.
The global commercial and industrial energy storage market is projected for rapid growth in 2025, with multiple institutions forecasting 6.1GW/15.26GWh of new installations (40% YoY growth). In early April 2025, Deye announced a 16GWh commercial energy storage production line project in Cixi Binhai Development Zone, with total investment exceeding 2.127 billion yuan. The project will be implemented in two phases (7GWh and 9GWh respectively), targeting completion within 36 months after land acquisition and full production within 60 months.
As of November 13, Deye's share price stood at 83.85 yuan per share, with a market capitalization of 76.12 billion yuan. The stock has risen 61.49% since July this year.
Comments