Ginlong Technologies(SZ:300763) Hua Xia Shi Bao·2025-10-18 01:17Core Viewpoint - The inverter industry company Jinlang Technology (300763.SZ) reported a mixed performance in its Q3 results, showing revenue growth but a decline in net profit, leading to a drop in stock price, indicating investor concerns about short-term profitability [2][7]. Financial Performance - For the first three quarters of the year, Jinlang Technology achieved a total revenue of 56.63 billion yuan, a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 8.65 billion yuan, up 29.39% [2]. - In Q3 alone, the company reported revenue of 18.69 billion yuan, a 3.43% increase year-on-year, but net profit fell to 2.63 billion yuan, down 16.85% compared to the same period last year [2][7]. - The company’s net profit for the first half of the year was particularly strong, with a 70.96% increase year-on-year, reaching 6.02 billion yuan [4]. Market Dynamics - The growth in Jinlang Technology's performance is attributed to recovering demand in the European market and increasing installations in emerging markets due to supportive policies [5]. - The company has seen significant growth in its energy storage inverter segment, with revenue for this product reaching 7.93 billion yuan in the first half of 2025, a staggering increase of 313.51% [4]. - The overseas market, including regions like Oceania, the Middle East, and Africa, has shown strong performance, contributing to 46.86% of total revenue [4][6]. Industry Trends - The overall inverter industry is experiencing positive growth, with a reported 47.86% increase in net profit among 16 major inverter companies [5]. - The competitive landscape is intensifying, with price and technology battles among leading firms, predominantly Chinese companies, which hold a significant market share [10]. - The company plans to raise up to 1.677 billion yuan through convertible bonds to enhance production capacity and R&D efforts, indicating a commitment to expanding its market presence [10]. Future Outlook - Analysts predict that the domestic inverter market will stabilize, with energy storage demand expected to outpace traditional photovoltaic inverters [9]. - Emerging markets are anticipated to maintain high growth, particularly in the Middle East, Oceania, and Africa, while the European market is expected to gradually recover [9].