国泰海通｜电子：BE业绩大超预期，SOFC进展加速

Core Viewpoint - The performance of SOFC leader BE in Q3 2025 significantly exceeded expectations, driven by AI demand, indicating a potential acceleration in SOFC development as it is still in the early penetration stage [1][2]. Group 1: Financial Performance - BE reported Q3 2025 revenue of $519 million, a year-on-year increase of 57%, surpassing Bloomberg's expectation of $427 million, primarily due to AI demand [2]. - Adjusted gross margin reached 30.4%, up 5.2 percentage points year-on-year, while adjusted operating margin was 8.9%, an increase of 1.8 percentage points quarter-on-quarter and 6.4 percentage points year-on-year [2]. - Adjusted EPS was $0.15, significantly exceeding Bloomberg's expectation of $0.08 [2]. Group 2: Market Opportunities - SOFC is currently in the early penetration phase, with short-term opportunities arising from power supply-demand gaps prompting some customers to switch to SOFC [2]. - Long-term opportunities (post-2028) are anticipated as production scales increase, leading to significant cost reductions, making SOFC more competitive than gas turbines and the grid [2]. - The data center power demand is robust, and SOFC's advantages include rapid deployment, modular flexibility, pollution-free operation, and support for high-voltage direct current [3]. Group 3: Strategic Initiatives - BE's flexible business strategy allows participation in AI project construction through various channels, including direct supply to Oracle and indirect supply to AWS via AEP [2]. - The completion of a project with Oracle ahead of schedule (in 55 days) may mark the beginning of deeper collaboration between the two companies [3]. - By December 2026, BE's production capacity is expected to reach 2 GW, sufficient to support four times the revenue of 2025 (approximately $8 billion) [3].