[Table_Title] 研究报告 Research Report 24 Jul 2025 Enphase 能源 (ENPH US) 第二季度业绩稳健，但第三季度收入低于市场预期 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 要闻回顾以及最新动态 尽管 Enphase 公布的 25 年第二季度调整后净收入高于市场共识，但该公司的第三季度业绩指引市场反应为负面， 该公司将 25 年第三季度的收入预期定为 3.3-3.7 亿美元，而市场共识为 3.68 亿美元，包括 IRA 净收益在内的毛利率 为 41-44%，而市场共识为 41%。该公司似乎对美国太阳能市场持乐观态度，但对欧洲市场则不太乐观。 点评 25 年第三季度指导范围低于共识；利润率下降： 该公司将 25 财年第三季度的收入预期定为 3.3-3.7 亿美元（共识 值为 3.68 亿美元），IQ 电池出货量为 1.9-2.1 兆瓦时，微型逆变器 ...

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $20.8 million, representing a 58% increase compared to the prior quarter and a 65% increase year-over-year due to higher product volumes [19] - GAAP gross loss was $3.4 million or 16.6% of revenue, improved from a gross loss of $3.8 million or 29.1% of revenue in the prior quarter [19] - Non-GAAP gross loss was $3 million or 14.4% of revenue, compared to a non-GAAP gross loss of $3.4 million or 25.6% of revenue in the prior quarter [20] - GAAP net loss was $3.8 million or $0.58 per diluted share, improved from a loss of $12.2 million or $0.96 per diluted share in the prior quarter [20] - Adjusted EBITDA loss was $9.8 million, slightly better than the top end of guidance, compared to losses of $9.8 million in the prior quarter [21] Business Line Data and Key Metrics Changes - The company has added over 6.5 gigawatts to its backlog, with agreements signed with tier one accounts [6] - The average project size of bids increased by 65% compared to a year ago, indicating a significant increase in bidding activity [11] - 1P solutions now represent 90% of all bidding activity, reflecting a shift in market demand [13] Market Data and Key Metrics Changes - Customer visits to product demonstration facilities increased by 100% and 240% over the past six and nine months, respectively, compared to the previous year [11] - Bidding volume in the first quarter was up 60% year-over-year, indicating heightened market activity [11] Company Strategy and Development Direction - The company is focused on converting backlog into sustainable growth and profitability, with a strong emphasis on expanding its 1P product line [6][9] - The company aims to achieve adjusted EBITDA breakeven on a quarterly basis within 2025, indicating a strategic focus on improving financial performance [22] - The company is actively involved in advocating for the continuation of investment tax credits and manufacturing credits, which are crucial for the solar market's growth [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the high demand for solar generation, despite uncertainties in the market due to tariffs and permitting processes [15] - The company believes it is well-positioned in a strong growth industry with increasing interest and demand for its solutions [17] - Management noted that while there are uncertainties, the majority of the pipeline is still moving toward construction starts, with some customers waiting for clarity on tariffs [35][36] Other Important Information - The contracted backlog now stands at $482 million, reflecting the company's ability to secure significant contracts [21] - The company ended the quarter with $5.9 million in cash, not including expected proceeds from an upsized notes offering [21] Q&A Session Summary Question: Exposure to tariffs for components - Management acknowledged that there are items imported that are subject to tariffs, but the majority of the tariff costs are passed on to customers, minimizing the impact [26][27] Question: Impact of module change configurations on backlog - Management indicated that while there is movement in module configurations, they have not seen significant project shifts due to module impacts [29] Question: Percentage of projects on hold due to tariff clarity - Management noted that while there is some resequencing of projects, the majority remain on track, with flexibility built into project timelines [35][36] Question: Activity required for future project development - Management stated that development activity has not slowed, but negotiations between off-takers and project owners have paused due to tariff uncertainties [40][41] Question: Expectations for gross margin and adjusted EBITDA - Management highlighted that the company is at an inflection point, with a focus on 1P deployment driving expectations for improved margins and EBITDA [46][48]