Ningbo Deye Technology Group Co.

605117.SS

Electrical Equipment & Parts · Industrials

Exchange

Shanghai Stock Exchange

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

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

Profit per sale

Gross Margin

41.4%

Healthy — 41.4% gross margin

Profit after running costs

Operating Margin

31.8%

Excellent — 31.8% operating margin

Return on the money invested

ROCE

24.3%

Exceptional — 24.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+18.7%

Fast-growing sales (+18.7% YoY)

Profit growth

EPS YoY

+12.3%

Earnings growing (+12.3% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

146%

Turns 146% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.48

Conservative — low debt load (0.48)

Covers its interest

Interest Cover

67.15x

Comfortably covers interest (67.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

23.9x

no trend

Growth-priced — P/E 23.9

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

Cheaper or dearer next year

P/E vs Forward

+2.8

GROWING

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

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Dividends

Dividend

Dividend Yield

2.75%

no trend

Moderate income — 2.75% yield

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

Dividend record

Dividend Growth

+5.5%

no trend

Dividend growing modestly (5.5% YoY)

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