Half a year in the competition of financial results, DEYE shares (605117.SH) of the light dimmed a lot.

On August 27, the industry shares released financial data show that in the first half of this year, the total revenue of 4.748 billion yuan, a year-on-year decline of 2.97%; net profit of 1.236 billion yuan, a year-on-year decline of 2.21%. Among them, the micro-reverse shipments of 242,700 units, basically the same as the same period last year.

Although Enphase in the first half of the micro-reverse shipments decreased by 7.24 million units, can give the industry shares to bring a certain amount of shipping space, but the industry shares have been required to face the Wo Mai shares and Renegade Technology, the two leading micro-reverse enterprises, and from this year onwards, must also be and the light storage brother of the sunlight power supply in the field of micro-reversal of the same competition, can be said to be hindered in all directions.

Chaodian think tank found that its half-yearly report of “annual output of 3GW micro inverse production line construction project” fund-raising funds to be invested in the amount of 540 million yuan adjusted to 0, so to the German industry shares for verification by phone, the company said that the project has indeed been terminated.

Micro inverse shipment growth rate is much lower than friends

The outbreak of the Russian-Ukrainian conflict in 2022 led to a rapid outbreak of demand for micro-reversal, Chinese manufacturers greatly benefited, and DEYE shares are no exception.

Previous financial data show that DEYE shares in the first half of 2021 micro inverse shipments of 37,400 units, while in the first half of 2022 shipments of up to 209,900 units, micro inverse revenue growth of 462.02% year-on-year, becoming an important contributor to the doubling of profits in the period.

Since then, micro inverse has become one of the three core businesses of DEYE.

Enphase in the first half of this year, micro reverse shipments were hit hard, down 72% year-on-year, according to the tide of electricity think tank understanding, most of the share has been harvested by Wo Mai shares, Yuhnen technology and other Chinese enterprises.

From the Deye shares year-on-year growth of only 1.1% of sales performance, less than other Chinese friends. There is an inverter manufacturer executive Zhao Sheng that this performance is likely to be affected by the German relay counterfeiting storm in July last year, and the second is that users are now inclined to choose the micro inverter with energy storage function.

Coincidentally, at SNEC 2024, DEYE launched SUN-BK80-SG01, an energy storage micro-reverse product developed specifically for balcony scenarios and incorporating energy storage functions.

Up to now, there are still a number of institutions that are more optimistic about DEYE's micro inverse shipments this year, predicting that it will exceed 1 million units, but analyzing the shipments in the first half of the year and the industry demand, it will be more difficult to achieve.

Called off 3GW micro inverse production line construction project

Deye shares in the first half of 2022 micro inverse shipments increased by about 437% year-on-year, the huge shipments let it quickly plan the expansion of production matters.

The company changed part of the fund-raising investment project in April 2022, changing “annual output of 749,000 sets of circuit control series products production line construction project” to “annual output of 680,000 sets of inverter series products production line construction project”, which includes 160,000 sets of micro-inverters. The project includes 160,000 sets of micro inverters.

However, its shipment performance of micro inverters in 2023 has not maintained the previous strong growth momentum, and the expansion of production has lost its necessity.

Chaodian confirmed with DEYE's securities representative office that the 3GW micro inverter production line project has been confirmed to be terminated.

This also means that the era of the great explosion of demand for micro inverters is gone, and companies are now rational and become more pragmatic in their capacity plans.

At the same time, DEYE also said to Chaodian, the entire micro inverter industry is very competitive, the company's main business is concentrated in the field of household inverters.

DEYE predicts that the company's micro inverter shipments in Europe will remain stable in the second half of the year.