Ningbo Deye Technology Group Co.

605117.SS

Electrical Equipment & Parts · Industrials

Price

¥91.46

-2.63 (-2.80%)

Market Cap

¥116.45B

Exchange

Shanghai Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 13, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+7.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 843.0M (2021) → 903.4M (2025)

Ningbo Deye Technology Group is a Chinese company that makes power electronics equipment, mainly solar inverters and energy storage systems. Its inverters convert the electricity generated by solar panels into usable power for homes, businesses, and utility-scale projects. Deye has grown into one of the largest inverter manufacturers in China and sells heavily into global markets, including Europe, Latin America, and Southeast Asia.

The company earns money by selling hardware — inverters, hybrid storage systems, and related components — to solar installers, distributors, and energy companies worldwide. Its strong gross margin of around 39% reflects a combination of manufacturing scale and a broad product lineup that covers both residential and commercial customers. Deye's main competitive advantage is its ability to produce reliable equipment at competitive prices from its large Chinese manufacturing base. The key risk is intensifying global competition from rivals like Huawei and SolarEdge, plus potential trade barriers that could restrict access to important export markets.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+73.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+67.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$534M/ year

→ Flat (-3% vs prior year)

4.4% of revenue

In line with sector average (4%)

Steady R&D investment year-over-year

Insider Activity

62.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$10.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Ningbo Deye Technology Group Co. grew revenue 74% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

41.4%

Healthy — 41.4% gross margin

Operating Margin

31.8%

Excellent — 31.8% operating margin

ROCE

8.3%

Below par — 8.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+18.7%

Fast-growing sales (+18.7% YoY)

EPS YoY

+12.3%

Earnings growing (+12.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

28.8%

Converts sales into free cash efficiently (28.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.48

Conservative — low debt load (0.48)

Interest Cover

67.15x

Comfortably covers interest (67.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

22.7x

Growth-priced — P/E 22.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+1.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

2.75%

Moderate income — 2.75% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+5.5%

Dividend growing modestly (5.5% YoY)

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