Core Viewpoint - The report from Dongwu 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%. However, the net profit for Q3 2025 was 825 million yuan, showing a year-on-year decrease of 17.84% but a quarter-on-quarter increase of 1.00%, slightly below expectations [1] Financial Performance - For Q1-Q3 2025, the net profit attributable to shareholders was 2.347 billion yuan, up 4.79% year-on-year [1] - In Q3 2025, the net profit was 825 million yuan, down 17.84% year-on-year but up 1.00% quarter-on-quarter, indicating a slight underperformance compared to expectations [1] - As of Q3 2025, the company's inventory stood at 1.449 billion yuan, an increase of 4.99% year-on-year [1] - Contract liabilities amounted to 325 million yuan, reflecting a year-on-year decrease of 37.90% [1] Business Outlook - The inverter and battery pack shipments are expected to continue to grow quarter-on-quarter in Q4 2025 [1] - High demand in the Australian market in 2026 is anticipated to drive significant growth in the company's household storage inverters and battery pack shipments [1] Valuation - Given the company's steady growth and the gradual ramp-up of industrial storage, a target price of 110 yuan is set based on a 25x PE ratio for 2026, maintaining a "Buy" rating [1]