of June 20, Deye issued the Prospectus for Issuing A-Shares to Specific Targets in 2022 (Registration Draft). The number of shares to be issued to specific targets shall not exceed 71,680,140 shares (including this number), and the total amount of funds to be raised shall not exceed RMB. 3.55 billion yuan, mainly for inverter R & D center construction projects, inverter production line construction projects and supplementary liquidity.
Inverter business has gradually become a strong
force in profitability. Deye Co., Ltd. was founded in 2000 and started with household appliances. Since 2016, the photovoltaic inverter business has been laid out, forming three major business sectors of inverters, heat exchangers and environmental appliances.
With the popularity of photovoltaic industry , the market demand for inverters, as the core components of photovoltaic power generation system and energy storage system, has soared. Since 2020, the company's inverter sales have risen rapidly, and the inverter business has gradually become the backbone of the company's revenue. In 2021, the revenue of inverter business accounted for 28.73% of the total revenue of the Company, and in 2022, the Company realized revenue of RMB 5.956 billion, with a year-on-year increase of 42.89%; the revenue of inverter business was RMB 3.957 billion, with a year-on-year increase of 230.41%, accounting for 66% of the total revenue of the Company. According to
the data, as of March, the orders of Deye inverter products in hand were 1.058 billion yuan. In the first quarter, the capacity utilization rates of energy storage, micro-inverter and string inverter were 165.20%, 143.78% and 141.47% respectively, and the production line was in a high-load production state. After the completion of the company's expansion, the shortage of production capacity will be effectively alleviated.
Deye Co., Ltd. has formed a product matrix of energy storage, micro-grid-connected and string inverters.
Since 2021, the global photovoltaic market has experienced explosive growth, which has also led to a substantial increase in the demand for inverters. Overseas sales have gradually become an important sales direction for domestic inverter manufacturers. Deye said that in 2020, 2021 and 2022, the company's overseas sales amounted to 447.3017 million yuan, 126.22019 million yuan and 3453.6231 million yuan, accounting for 14.90%, 30.48% and 58.23% of the main business income, respectively. The amount and proportion of overseas sales showed a continuous upward trend during the reporting period. The
investment raised this time is mainly used for the construction and R & D of inverters. The specific projects include the construction project of the production line with an annual output of 25.5G W string type and energy storage type inverters, the construction project of the production line with an annual output of 3GW & nbsp; micro-transformers and the construction project of the R & D center of transformers.
In addition, it is worth noting that Deye shares are expected to raise 510 million yuan for the construction of inverter R & D center. The construction of this project will be implemented by its subsidiary Zhejiang Deye New Energy Co., Ltd. with a construction period of 2 years. The construction site is Huangwan Town, Haining City, Zhejiang Province. People from
photovoltaic industry research institutes said that Deye's current technology and production process have reached the global advanced level, the production process is relatively mature, the product quality and performance are in the leading position in the domestic enterprises in the same industry, and the company's expansion of production capacity is very beneficial to occupy more markets.
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