Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company experienced a slight decline in micro-inverter shipments in Q3, with overseas commercial storage and household storage becoming new growth drivers [8] - The revenue for Q3 2025 was approximately 292 million yuan, a year-on-year decrease of 53.98% and a quarter-on-quarter decrease of 36.61% [8] - The company is expected to see a revenue increase in Q4 2025, with an estimated total shipment of about 700,000 units for the year, reflecting a decline of 20-30% [8] - The energy storage business is anticipated to grow significantly, with domestic commercial storage revenue expected to reach approximately 500 million yuan in 2025, and overseas commercial storage projected to achieve 50 million yuan [8] Financial Summary - Total revenue forecast for 2023A is 1,420 million yuan, with a year-on-year growth of 6.11% [1] - The net profit attributable to the parent company for 2023A is projected at 220.22 million yuan, reflecting a year-on-year decrease of 38.92% [1] - The earnings per share (EPS) for 2023A is estimated at 1.41 yuan, with a price-to-earnings (P/E) ratio of 39.73 [1] - The company’s gross margin for Q3 2025 was 27.87%, showing a year-on-year decrease of 0.43 percentage points [8] - The operating cash flow for 2024A is projected at 653 million yuan [9]