Core Viewpoint - The report from Huazhong Securities indicates that Deye Co., Ltd. achieved a net profit attributable to shareholders of 2.347 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 4.79% [1] - The company has decided to terminate its previous investment in a project for an annual production capacity of 25.5 GW for string and energy storage inverters, and instead will invest in a new project for an annual production capacity of 7 GWh for industrial and commercial energy storage, expected to be completed by April 2028 [1] Financial Performance - In Q3, the net profit attributable to shareholders was 825 million yuan, showing a quarter-on-quarter increase of 1% but a year-on-year decrease of 17.84% [1] - The new energy storage project is projected to generate an annual revenue of 4.88 billion yuan and a net profit of 730 million yuan once completed [1] Market Position and Strategy - The company maintains a strong advantage in emerging markets, with industrial and commercial energy storage enhancing its growth potential [1] - Deye Co., Ltd. has significant first-mover advantages and channel barriers in the Africa, Asia, and Latin America markets, with new off-grid energy storage inverters tailored to meet the demands of these regions [1] - The European market is showing signs of steady recovery, further supporting the company's growth strategy [1] Investment Rating - The report maintains a "Buy" rating for Deye Co., Ltd. based on its market position and growth prospects [1]