Hithink Microelectronics (688173) and Deye Co., Ltd. (605117) Analysis Confusion Note and Deye Co., Ltd. Performance Analysis

##1. Analysis Confusion Note
The original event refers to Hithink Microelectronics (688173), but the provided analyst reports and sources are all about Deye Co., Ltd. (605117). This indicates a potential mix-up in the analysis materials. Below is the analysis based on the available data for Deye Co., Ltd. (605117).

##2. Deye Co., Ltd. (605117) Performance Analysis
Deye Co., Ltd. has shown strong performance in 2024-2025, driven by its inverter and energy storage businesses. Key highlights include:

• 2024 Financials
  : Inverter revenue reached 55.6 billion yuan, up 25.4% YoY; energy storage battery revenue was 24.5 billion yuan, up 177.2% YoY [1].
• 2025 Q1
  : Revenue 25.7 billion yuan (+36.2% YoY), net profit 7.1 billion yuan (+63% YoY) [1].
• 2025 H1
  : Revenue 55.35 billion yuan (+16.58% YoY), net profit 15.22 billion yuan (+23.18% YoY) [4].
• Overseas Expansion
  : Overseas revenue accounts for over 90% of total, with strong growth in emerging markets like Germany, Pakistan, Brazil [2]. Plans to invest 1.5 billion USD in Malaysia for production [2].
• Market Position
  : Its market capitalization ranks among the top five in the industry, with the global inverter market size expected to reach 663 billion yuan in 2025 [5].

##3. Key Insights
Deye Co., Ltd.'s success stems from its transformation to new energy (from traditional home appliances) and strong presence in emerging markets. Its inverter gross profit margin (52.33%) is higher than peers, reflecting a competitive advantage [1].

##4. Risks & Opportunities

• Opportunities
  : Growing demand for off-grid storage in emerging markets (South Asia, Africa, Middle East) [6].
• Risks
  : Potential market competition; dependency on overseas markets [3].

##5. Summary
Deye Co., Ltd. (605117) has established itself as a leading player in the global inverter and energy storage industry, with robust financial growth and global expansion plans. However, the original event’s target (688173) lacks relevant analysis data