派能科技：公司信息更新报告：下游库存持续改善，产品销量同环比均有增长

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown improvement in downstream inventory, with both sales volume and revenue increasing on a month-over-month and year-over-year basis [2][3] - The company reported a revenue of 1.412 billion yuan for the first three quarters of 2024, a year-over-year decrease of 53.7%, but the revenue for Q3 2024 was 553 million yuan, showing a quarter-over-quarter increase of 16.7% and a year-over-year increase of 12.3% [2] - The company is actively expanding its market presence in developed countries outside Europe, achieving significant progress in the U.S. and Japan [3] Financial Summary - For 2024, the company is expected to achieve a net profit of 178 million yuan, with a projected EPS of 0.73 yuan, corresponding to a PE ratio of 71.0 [2][4] - The company's gross margin for Q3 2024 was 33.0%, with a net margin of 3.1% [2] - The company has a total market capitalization of 12.641 billion yuan and a circulating market capitalization of 12.641 billion yuan [1]