Deye - A Initiating at OW: An energy-security enabler, as resilience stays in focus

研报英文原文证据摘录

Deye - A Initiating at OW: An energy-security enabler, as resilience stays in focus

J P M O R G A N Asia Pacific Equity Research

14 May 2026

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Initiation

Deye - A Overweight

605117.SS, 605117 CH

Initiate coverage at OW: An energy-security enabler, as Price (14 May 26):Rmb151.18

resilience stays in focus Price Target (Jun-27):Rmb215.00

We initiate coverage of Deye at OW with a Jun-27 PT of Rmb215 (~40% potential APAC Utilities & Renewables |

upside). Deye is a distributed generation (DG) energy storage (ESS) producer with Sustainable Investing

a first-mover advantage in Emerging Markets (EM). We see structural growth in Alan Hon AC

ESS globally, on energy transition and renewables’ intermittent issues. ESS battery (852) 2800-8573

shipment data indicates DG has higher growth than utility-scale. Within alan.hon@jpmorgan.com

geography, multiple EM regions will see >50% 2025-27 installation CAGR, per Daqi Jiao

Bloomberg New Energy Finance (BNEF). Near term, energy supply shocks are (852) 2800-8595

catalyzing faster adoption of DG of solar energy and its storage, esp. in regions daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

where DG diesel was adopted. Longer term, we may see a policy tilt towards energy Morgan Broking (Hong Kong) Limited

resilience, providing a long-term growth tailwind. Deye’s legacy exposure to home

appliances enables its cost leadership, owing to rising in-house fabrication.

Figure 1: Monthly ESS battery shipment