Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant year-on-year increase in sales for Q3, with a 156% growth in sales volume compared to the same quarter last year [8] - The company's revenue for the first three quarters of 2025 reached 2.01 billion yuan, a 42.5% increase year-on-year, while the net profit attributable to shareholders was 50.5 million yuan, up 28% year-on-year [8] - The report anticipates that the company's sales volume for the entire year could exceed 4 GWh, representing a growth of approximately 170% [8] - The company is expected to recover gradually from impairment and exchange rate impacts, with net profit forecasts for 2025-2027 adjusted to 1.0 billion, 5.0 billion, and 7.2 billion yuan respectively, reflecting year-on-year growth rates of 150%, 384%, and 45% [8] Financial Performance Summary - For Q3 2025, the company's revenue was 860 million yuan, with a gross margin of 21.1% and a net profit margin of 3.9% [8] - The average selling price per watt-hour in Q3 was 0.9 yuan, with a unit profit of approximately 0.03 yuan per watt-hour, indicating a sequential improvement [8] - The company's operating cash flow for the first three quarters of 2025 was 360 million yuan, a decrease of 46.9% year-on-year [8] - The total revenue forecast for 2025 is 3.23 billion yuan, with a projected P/E ratio of 152.22 [1][9]

人民财讯10月23日电，派能科技(688063)10月23日发布2025年三季报，公司第三季度营业收入8.63亿 元，同比增长56.13%；净利润3393.97万元，同比增长94.01%。前三季度营业收入20.13亿元，同比增长 42.52%；净利润4785.15万元，同比增长28.05%；基本每股收益0.2元。业绩变动原因：主要系家用储能 市场复苏，工商业储能及钠电和共享换电电池等业务快速增长，以及产销快速增长相应未实现内部销售 损益和业务改善确认未来可抵扣前期亏损的递延所得税资产增加，相应冲减递延所得税费用。 转自：证券时报 ...

格隆汇8月21日丨派能科技(688063.SH)公布半年度报告，报告期内，公司实现营业收入114,934.17万 元，同比增加33.75%，实现归属于上市公司股东的净利润为1,391.17万元，同比减少30.01%。2025年上 半年的产品销售量为1,328MWh，同比增长132.57%，二季度产品销售量927MWh，同比增长188.84%， 环比增长131.17%。凭借国际家储传统市场稳步回暖、新兴市场发货量持续攀升，叠加工商业储能发货 规模持续突破以及共享换电电池、钠电启停电源等轻型动力业务销售量快速增长，公司主要产品销售动 能保持强劲，销售量同比、环比均保持增长，营业收入稳步提升。报告期内，公司围绕战略发展目标， 在全球市场拓展、技术创新突破、产能运营升级、人才团队建设及品牌价值深化等核心维度协同发力， 实现了整体业务的稳健进阶与综合实力的全面提升。 ...