HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Mech-Mind Robotics Technologies (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Medcaptain Medical Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SHEIN Global Holdings - Thoughts on Valuation and the Outlook

Pre-IPO Shenzhen Longsys Electronics (A/H Listing) - Sustainability of the Upward Trend Is Uncertain

Pre-IPO Biwin Storage Technology (A/H Listing) - The Cycle Is About to Peak; Time to Quit?

Pre-IPO Visual China Group (A/H Listing)- Core Business Is Under Pressure Despite High Capital Gains

Equity Capital Markets

Ningbo Deye Technology / Equity Capital Markets

<ul>
<li>If the first stage of competition was about determining "whether it can grow large", then investors‘re more concerned about whether Deye can maintain profit structure in front of globalization/cyclical fluctuations.</li>
<li>Against the backdrop of a more rational global new energy capital cycle,Deye needs to prove its competitiveness doesn’t only come from short-term dividends, but also from long-term replicable system capabilities.</li>
<li>As inverters evolve from hardware to the entry point of energy systems, the real competition has just begun. Based on 2026 forecast, comfortable valuation range could be P/E of 15-20x.</li>
</ul>


If the first stage of competition was about determining "whether it can grow large", then investors‘re more concerned about whether Deye can maintain profit structure in front of globalization/cyclical fluctuations.
Against the backdrop of a more rational global new energy capital cycle,Deye needs to prove its competitiveness doesn’t only come from short-term dividends, but also from long-term replicable system capabilities.
As inverters evolve from hardware to the entry point of energy systems, the real competition has just begun. Based on 2026 forecast, comfortable valuation range could be P/E of 15-20x.


Pre-IPO Ningbo Deye Technology (A/H Listing) - About the Business Model and the Outlook