Enphase Energy Inc：第四季度业绩指引不及预期；对欧洲持谨慎态度，但看好美国

Investment Rating - The report indicates a cautious outlook for Enphase Energy, particularly in Europe, while maintaining a positive view on the U.S. market [1][2]. Core Insights - Enphase Energy's adjusted net income for Q3 was $46 million, significantly below market expectations, with Q4 revenue guidance set at$ 360 million, also below the anticipated $442 million [1][2]. - The company reported a gross margin of 47% for Q3, aligning with market expectations, and anticipates a similar margin for Q4 [1][2]. - Enphase shipped 1.73 million microinverters and 173 MWh of IQ batteries in Q3, with Q4 guidance for IQ battery shipments set at 140-160 MWh [1][2]. Summary by Sections Financial Performance - Q3 revenue was$ 381 million, below the expected $393 million, with a split of 75% from the U.S. and 25% from international markets [1][3]. - The gross profit for Q3 was$ 262 million, resulting in a gross margin of 48%, while the adjusted net income was $141.8 million, reflecting a 68% year-over-year decline [3]. Market Outlook - The company is optimistic about improving fundamentals in the U.S. market for FY2025, expecting to increase market share [2]. - In Europe, while France remains a key market, sales are reported to be sluggish, with potential pressure in Q4 [2]. Product Development - Enphase plans to launch the IQ9 inverter in the second half of 2025, utilizing GAN technology to provide high power at the same cost structure for residential and commercial customers [2]. Share Buyback - The company repurchased$ 49.8 million worth of stock in Q3, totaling $412 million of the$ 1 billion buyback program announced in July 2023 [2].