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Chinese maker of solar/storage inverters, dehumidifiers and heat pumps, sold mostly to overseas residential and commercial customers.
Chinese maker of solar/storage inverters, dehumidifiers and heat pumps, sold mostly to overseas residential and commercial customers.
Sells inverters, the boxes that convert solar-panel and battery power for the grid or home, mostly overseas through distributors who supply installers, so sales follow installation activity abroad rather than Chinese demand. Inverters have grown to outweigh its older dehumidifier business.
In one line: A China-based peer to SolarEdge/Enphase in inverters, plus a dehumidifier/heat-pump busine.
Moat: narrow (distribution, process know-how). Established overseas distributor network in inverters and appliances, in a competitive, price-sensitive equipment market.
Headquarters: Ningbo, China · Founded: 2002 · Employees: 6,044
Size Ningbo Deye Technology (605117.SS) is a China Industrials company (Electrical Products) with a market value of $15.3B, the 152nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥79.89 on 6 Nov 2026.
Performance Over six months the shares fell 25.8%, against -25.9% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 71.0% over the last twelve months (peer median +21.6%); the operating margin is 27.1% (peer median 10.5%).
Valuation It trades at 17.3× forward earnings against a peer median of 19.3× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 40.4 points above its cost of capital (8.5% WACC).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥20.6B | CN¥12.2B | CN¥11.1B | CN¥7.44B | CN¥5.94B |
| Revenue growth | — | +9% | +50% | +25% | — |
| Gross profit | CN¥7.67B | CN¥4.51B | CN¥4.21B | CN¥2.88B | CN¥2.22B |
| EBITDA | n/a | CN¥3.59B | CN¥3.27B | CN¥2.09B | CN¥1.69B |
| Net income | CN¥5.10B | CN¥3.17B | CN¥2.96B | CN¥1.79B | CN¥1.52B |
| Free cash flow | CN¥6.93B | CN¥2.70B | CN¥2.90B | CN¥1.33B | CN¥1.39B |
| Capital expenditure | CN¥1.51B | CN¥1.29B | CN¥469M | CN¥749M | CN¥809M |
| Total debt | CN¥8.91B | CN¥6.03B | CN¥3.04B | CN¥4.08B | CN¥2.76B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ningbo Deye Technology 605117.SS | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% |
| Sungrow Power Supply 300274.SZ | $25.3B | -40% | -24% | 12% | 14.9× | 12.1% |
| SolarEdge Technologies SEDG | $1.69B | -33% | +26% | -6% | n/a | 11.4% |
| Goodwe Technologies 688390.SS | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 605117.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | -6.8% | 4th highest of 21 |
| 6-month return | -25.8% | -25.9% | 11th highest of 21 |
| Distance from 52-week high | -37.0% | -41.0% | 10th highest of 21 |
| Revenue growth (TTM) | +71.0% | +21.6% | highest of 21 |
| Operating margin | 27.1% | 10.5% | 3rd highest of 20 |
| Forward P/E | 17.3× | 19.3× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | 14.8% | 4th least demanding of 13 |
| Growth delivered (Del g) | +32.1% | +12.9% | highest of 13 |
| Hurdle (Req g minus delivered) | -24.3 pp | +1.8 pp | least demanding of 13 |
| ROIC minus cost of capital | +40.4 pp | +2.8 pp | 3rd highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |