Deye - A: Takes from our fireside chat: Resilient demand outlook

研报英文原文证据摘录

Deye - A: Takes from our fireside chat: Resilient demand outlook

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

20 July 2026

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Deye - A Overweight

605117.SS, 605117 CH

Takes from our fireside chat: Resilient demand outlook Price (20 Jul 26):Rmb79.40

Price Target (Jun-27):Rmb154.00

We hosted a fireside chat with Deye’s board secretary. Management shared that APAC Utilities & Renewables |

strong 1H26 results were driven by a pickup in residential and C&I ESS demand, Sustainable Investing

due in part to energy supply disruptions, with 1H revenue already at ~50% of its Alan Hon AC

Rmb20bn full-year target. We see potential for management to lift its target during (852) 2800-8573

the 2Q briefing. Growth was driven by emerging markets, including Eastern alan.hon@jpmorgan.com

Europe, Southeast Asia, the Middle East, India, Pakistan and Africa. Management Daqi Jiao

aims to maintain a stable margin outlook despite battery cell and power electronics (852) 2800-8595

cost pressure, supported by new product launches in 2H, aiming to reduce costs. daqi.jiao@jpmorgan.com

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

Channel inventories appear healthy. Deye’s Hong Kong IPO is pending regulatory Morgan Broking (Hong Kong) Limited

filing approval; proceeds would fund China/Malaysia capacity expansion, R&D

and brand/channel buildout. We maintain an OW rating on Deye, as we expect it

to ride the DG ESS growth potential on the back of rising adoption of solar+storage

in EM.