SHA:605117

Deye Technology Commits 1.23 Billion Yuan to Phase Two Energy Storage Plant

Ningbo Deye Technology (SHA:605117) subsidiary Deye Energy Storage signed a second-phase investment agreement with Cixi Binhai Economic Development Zone to build a 9-gigawatt-hour commercial and industrial energy storage production line.Fixed asset investment for the project is at least 1.23 billion yuan, according to a Wednesday filing on the Shanghai bourse.Completion and production are expected within 30 months of land acquisition and production review within 54 months.Shares of the solar-plus-storage products manufacturer were down 2% in recent trade.

Deye Technology Q1 Profit Up 68%, Revenue Rises 74%

Ningbo Deye Technology (SHA:605117) posted first-quarter attributable net profit of 1.19 billion yuan, up 68% from 705.5 million yuan the previous year.Earnings per share rose to 1.31 yuan from 0.78 yuan, according to a Thursday filing with the Shanghai bourse.The solar-plus-storage products manufacturer's operating revenue rose 74% year over year to 4.46 billion yuan from 2.57 billion yuan.

HSBC Starts Ningbo Deye Technology Group at Buy with 263 Yuan Price Target