第四季度业绩指引不及预期，对欧洲持谨慎态度，但看好美国

Investment Rating - The report indicates a cautious outlook for Enphase Energy, particularly in Europe, while maintaining a positive view on the U.S. market [1][2]. Core Insights - Enphase Energy's adjusted net income for Q3 was $46 million, significantly below market expectations, with Q4 revenue guidance set at $360 million, also below the anticipated $442 million [1][2]. - The company shipped 1.73 million microinverters and 173 MWh of IQ batteries in Q3, with a gross margin of 47%, slightly below the forecast of 48% [1][2]. - Enphase expects better performance in the U.S. market for FY2025, while expressing caution regarding the European market, particularly due to ongoing sales challenges [2][3]. Financial Performance Summary - Q3 2023 net revenue was $381 million, below the expected $393 million, with a gross profit of $178.2 million and a gross margin of 47% [3]. - The company anticipates Q4 revenue between $360 million and $400 million, with a GAAP gross margin of 47-50% [1][2]. - Enphase's Q3 adjusted net income was $45.8 million, reflecting a 22% decrease quarter-over-quarter and a 68% decrease year-over-year [3]. Market Outlook - The company is optimistic about increasing its market share in the U.S. by FY2025, with positive sales trends noted [2]. - In Europe, while France remains a key market, the company faces challenges, particularly in Germany and the UK, with expectations of continued pressure in Q4 [2]. - Enphase plans to launch the IQ9 inverter in the second half of 2025, leveraging GAN technology for improved performance [2]. Share Buyback Activity - Enphase repurchased $49.8 million of its stock in Q3, part of a $1 billion buyback program initiated in July 2023, totaling $412 million repurchased to date [2].