Technical Analysis – 23 October 2024

United States | Singapore | Hong Kong | Earnings

Sandstorm Gold Ltd. (SAND US)

• Shares closed at a 52-week high with a surge in volume. 5dEMA just crossed the 20dEMA.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 6.40 Target 7.00, Stop 6.10
  

Endeavour Silver Corp. (EXK US)

• Shares closed at a 52-week high with a surge in volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Long – Entry 5.40 Target 6.00, Stop 5.10
  

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Q&M Dental Group Ltd. (QNM SP)

• Shares closed at a 52-week high with a surge in volume. 5dEMA just crossed the 20dEMA.
  
• MACD just turned positive, RSI is at an overbought level.
  
• Long – Entry 0.295, Target 0.325, Stop 0.280
  

DFI Retail Group Holdings Ltd. (DFI SP)

• Shares closed higher above the 5dEMA with constructive volume. 50dEMA just crossed the 200dEMA.
  
• MACD is about to turn positive, RSI is constructive.
  
• Long – Entry 2.25 Target 2.45, Stop 2.15
  

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MMG Ltd (1208 HK)

• Shares closed above the 5dEMA. The 20dEMA crossed the 200dEMA.
  
• RSI is constructive, while MACD is about to turn positive.
  
• Long – Entry 2.74, Target 3.00, Stop 2.61
  

Yancoal Australia Ltd (3668 HK)

• Shares closed above the 5dEMA with an increase in volume. The 20dEMA crossed the 50dEMA.
  
• RSI is constructive and MACD is positive.
  
• Long – Entry 33.0, Target 36.0, Stop 31.5
  

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General Motors Co. (GM)

• 3Q24 Revenue: $48.76B, +10.5% YoY, beat estimates by $4.38B
  
• 3Q24 Non-GAAP EPS: $2.96, beat estimates by $0.56
  
• 3Q24 Dividend: Declare $0.12/share quarterly dividend, in line with previous; Forward yield 0.98%; Payable Dec. 19; for shareholders of record Dec. 6; ex-div Dec. 6.
  
• FY24 Guidance: Raise its FY24 guidance. Expect net income attributable to shareholders to be between the range of $10.4bn to $11.1bn, compared to $10.0bn to $11.4bn previously; Expect EBIT-adjusted to be in the range of $14.0bn to $15.0bn, compared to $13.0bn to $15.0bn previously; Expect automotive operating cashflow to be in the range of $22.0bn to $24.0bn, compared to $19.2bn to $22.2bn previously; Expect adjusted diluted EPS to be in the range of $10.0 to $10.5, compared with $9.50 to $10.50 previously and vs consensus of $9.97.
  
• Comment: General Motors delivered strong results and raised its full-year 2024 guidance, driven by gains in U.S. retail market share, higher-than-average pricing, well-managed inventories, and lower-than-average incentives. The company remains on track to meet its 2024 targets for electric vehicle (EV) production and profitability, reaffirming its plan to manufacture approximately 200,000 EVs next year. Looking ahead, GM is focused on improving profit margins in its traditional business while accelerating profitability in its EV segment. However, management cautioned that fourth-quarter earnings will be lower, citing factors such as timing of truck production, seasonality, reduced wholesale volumes, and a shift in vehicle mix toward more electric vehicles. Despite challenges like slowing demand growth and declining new-car prices, the anticipated start of interest rate cuts could boost consumer spending across the market. GM also remains committed to returning capital to shareholders, continuing its stock buyback program. The company has repurchased around $16bn in shares recently and aims to reduce its outstanding shares to below 1bn by early 2025. 4Q24 recommended trading range: $51 to $60. Positive Outlook.
  

通用汽车 (GM)

• 24财年第三季营收：487.6亿美元，同比增幅10.5%，超预期43.8亿美元
  
• 24财年第三季Non-GAAP每股盈利：2.96美元，超预期0.56美元
  
• 24财年第三季股息：宣布每股0.12美元的季度股息，与之前一致；远期股息率为0.98%；12月19日为付息日；12月6日为股东登记日及除息日。
  
• 24财年指引：提高其24财年指引。预计归属于股东的净利润将在104亿美元至111亿美元之间，而此前预计为100亿美元至114亿美元；预计调整后息税前利润将在140亿美元至150亿美元之间，此前为130亿美元至150亿美元；预计汽车业务运营现金流将在220亿至240亿美元之间，而此前为192亿至222亿美元；预计调整后的稀释每股收益将在10.0美元至10.5美元之间，而此前的预期为9.50美元至10.50美元，而市场预期为9.97美元。
  
• 短评：由于美国零售市场份额的增长、高于平均水平的定价、良好的库存管理以及低于平均水平的激励措施，通用汽车公布了强劲的业绩，并上调了2024年全年预期。该公司重申了明年生产约20万辆电动汽车的计划，有望实现2024年的电动汽车生产和盈利目标。展望未来，通用汽车将专注于提高传统业务的利润率，同时加快电动汽车业务的盈利能力。然而，管理层警告称，第四季度收益将会下降，原因包括卡车生产时间、季节性因素、批发数量减少以及汽车结构向更多电动汽车转变等因素。尽管面临需求增长放缓和新车价格下跌等挑战，但预期开始的降息可能会提振整个市场的消费者支出。通用汽车还将继续致力于向股东返还资本，继续其股票回购计划。该公司最近回购了约160亿美元的股票，并计划到2025年初将其流通股减少到10亿股以下。24财年第四季度建议交易区间：51至60美元。积极前景。
  

3M Co. (MMM)

• 3Q24 Revenue: $6.1B, -26.6% YoY, beat estimates by $40M
  
• 3Q24 Non-GAAP EPS: $1.98, beat estimates by $0.08
  
• FY24 Guidance: Expect adjusted total sales growth to be approximately +1%, compared to -0.25% to +1.75% previously; expects adjusted organic sales growth to be approximately +1%, compared to flat to +2% previously; expects adjusted EPS to be in the range of $7.20 to $7.30, compared with $7.00 to $7.30 previously.
  
• Comment: 3M reported better-than-expected earnings for the quarter, driven by strong demand for roofing materials, industrial adhesives, and electronics equipment, which helped the U.S. manufacturing giant surpass profit estimates. However, the company’s implied fourth-quarter guidance fell short of analyst expectations. Two of 3M’s three core business segments posted organic sales growth, while its consumer division faced weaker demand in areas like packaging, home care, and auto care. The company also announced that it is reviewing its portfolio and has begun the sale process for several small businesses. CEO Bill Brown, who previously indicated in July a focus on new product development, reiterated this commitment, noting that innovation had taken a backseat as the company prioritized mitigating legal liabilities and managing supply-chain costs. 4Q24 recommended trading range: $125 to $145. Neutral Outlook.
  

3M公司 (MMM)

• 24财年第三季营收：61.0亿美元，同比跌幅26.6%，超预期4,000万美元
  
• 24财年第三季Non-GAAP每股盈利：1.98美元，超预期0.08美元
  
• 24财年指引：预计调整后的总销售额增长约为+1%，而此前的预测为-0.25%至+1.75%；预计调整后的有机销售增长约为+1%，而此前持平至+2%；预计调整后每股收益将在7.20美元至7.30美元之间，对比此前的7.00到7.30美元之间。
  
• 短评：由于屋顶材料、工业粘合剂和电子设备的强劲需求，美国制造业巨头3M公布了好于预期的季度收益，这帮助该公司超越了利润预期。然而，该公司隐含的第四季度指引没有达到分析师的预期。3M的三个核心业务部门中有两个实现了有机销售增长，而其消费者部门在包装、家庭护理和汽车护理等领域的需求疲软。该公司还宣布，它正在审查其投资组合，并已开始出售几家小企业的过程。首席执行官比尔•布朗此前曾在7月份表示，公司将专注于新产品开发，他重申了这一承诺，并指出，由于公司优先考虑减轻法律责任和管理供应链成本，创新已被置于次要地位。24财年第四季度建议交易区间：125至145美元。中性前景。
  

Rtx Corp. (RTX)

• 3Q24 Revenue: $20.1B, +5.8% YoY, beat estimates by $280M
  
• 3Q24 GAAP EPS: $1.45, beat estimates by $0.11
  
• FY24 Guidance: Raise FY24 outlook. Expect adjusted sales of $79.25bn to $79.75bn, compared to $78.75bn to $79.5bn previously, and vs consensus of $79.40; Expect adjusted EPS of $5.50 to $5.58, compared with $5.35 to $5.45 previously and vs consensus of $5.46; Expect free cash flow to be approximately $4.7bn.
  
• Comment: RTX Corp delivered strong results, swinging to a quarterly profit with increased sales and raising its annual guidance. Management emphasized the robust demand across RTX’s portfolio, particularly in its aftermarket and defense businesses. The company’s backlog surged to a record $221bn, with a book-to-bill ratio of 1.8, including $25bn in defense orders and $11bn in commercial orders, highlighting the strong performance and value of its products and services. Looking ahead, management remains optimistic about continued demand and expects to see margin improvements in the future, reinforcing their confidence in RTX’s long-term growth. 4Q24 recommended trading range: $118 to $140. Positive Outlook.
  

雷神技术 (RTX)

• 24财年第三季营收：201亿美元，同比增幅5.8%，超预期2.8亿美元
  
• 24财年第三季GAAP每股盈利：1.45美元，超预期0.11美元
  
• 24财年指引：上调24财年预期。预计调整后的销售额为792.5亿美元至797.5亿美元，此前为787.5亿美元至795亿美元，而市场预期为79.40美元；预计调整后每股收益为5.50美元至5.58美元，此前为5.35美元至5.45美元，而市场预期为5.46美元；预计自由现金流约为47亿美元。
  
• 短评：雷神技术公布了强劲的业绩，在销售增加的情况下实现了季度盈利，并上调了年度指导。管理层强调了公司产品组合的强劲需求，特别是在售后市场和国防业务方面。该公司的未完成订单飙升至创纪录的2210亿美元，订单出货比为18，其中包括250亿美元的国防订单和110亿美元的商业订单，突显出其产品和服务的强劲表现和价值。展望未来，管理层对持续的需求保持乐观，并预计未来利润率会有所提高，这增强了他们对公司长期增长的信心。24财年第四季度建议交易区间：118至140美元。积极前景。
  

GE Aerospace Inc. (GE)

• 3Q24 Revenue: $8.94B, +6.0% YoY, miss estimates by $440M
  
• 3Q24 GAAP EPS: $1.15, beat estimates by $0.02
  
• FY24 Guidance: Expect EPS of $4.20-$4.35 vs $4.24 consensus.
  
• Comment: GE Aerospace reported better-than-expected quarterly earnings and raised its full-year financial guidance. However, investors had higher expectations for the company’s revenue, resulting in a miss. The company recorded $12.6 billion in total orders, exceeding sales. While Boeing’s lower-than-expected plane production led to some softness in new engine sales, GE Aerospace grew its services revenue by 10%, driven by higher spare parts sales, highlighting the resilience of its business model. The commercial engine and services segment saw an 8% year-over-year revenue increase, though slightly down from the 14% growth reported in the previous quarter. Notably, the company was unaffected by Boeing’s 40-plus day labor stoppage. 4Q24 recommended trading range: $165 to $195. Neutral Outlook.
  

通用航天航空 (GE)

• 24财年第三季营收：89.4亿美元，同比增幅6.0%，逊预期4.4亿美元
  
• 24财年第三季GAAP每股盈利：1.15美元，超预期0.02美元
  
• 24财年指引：预期每股收益为4.20至4.35美元，而市场预期为4.24美元。
  
• 短评：通用航空公布的季度收益好于预期，并上调了全年财务指引。然而，投资者对该公司的收入有更高的期望，导致该公司的订单总额达到126亿美元，超过了销售额。尽管波音飞机产量低于预期，导致新发动机销售出现疲软，但受零部件销售增加的推动，通用电气航空航天的服务业务收入增长了10%，凸显了其商业模式的弹性。商用发动机和服务部门的收入同比增长8%，但略低于上一季度14%的增长。值得注意的是，该公司没有受到波音公司40多天罢工的影响。24财年第四季度建议交易区间：165至195美元。中性前景。
  

Lockheed Martin Corp. (LMT)

• 3Q24 Revenue: $17.1B, +1.3% YoY, miss estimates by $270M
  
• 3Q24 Non-GAAP EPS: $6.84, beat estimates by $0.40
  
• FY24 Guidance: Expect net sales to be around $71.3bn, compared to $70.5bn to $71.5bn previously; Expect business operating profit to be around $7.48bn, compared to $7.35bn to $7.50bn previously; Expect diluted EPS to be around $26.65, compared to $26.10 to $26.60 previously and vs consensus of $26.55; Expects free cash flow of $6.2bn, compared to $6.0bn to $6.3bn previously.
  
• Comment: Lockheed Martin posted stronger-than-expected earnings, though revenue fell short of estimates, primarily due to government funding delays and timing issues that affected recognition of some F-35 sales. Prolonged negotiations over the Pentagon’s next two batches of F-35s left the company unable to collect about $700mn. Despite this, Lockheed Martin maintained its FY24 sales outlook at $71.3bn, closely in line with analysts’ projections. The company remains focused on its strategic, operational, and financial priorities, supported by a record backlog of over $165bn, 48 F-35 deliveries, increased missile program production, and $2.1bn in free cash flow. However, the lack of a deal for production lots 18 and 19 has forced the company to use its own cash to keep production moving. Looking ahead, management anticipates mid-single-digit sales growth in the coming years. 4Q24 recommended trading range: $560 to $615. Neutral Outlook.
  

洛克希德马丁 (LMT)

• 24财年第三季营收：171亿美元，同比增幅1.3%，逊预期2.7亿美元
  
• 24财年第三季Non-GAAP每股盈利：6.84美元，超预期0.40美元
  
• 24财年指引：预计净销售额将在713亿美元左右，而此前为705亿至715亿美元；预计企业营业利润将在74.8亿美元左右，而此前预计为73.5亿美元至75亿美元；预计摊薄后每股收益约为26.65美元，而此前为26.10至26.60美元，而市场预期为26.55美元；预计自由现金流为62亿美元，高于此前的60亿至63亿美元。
  
• 短评：洛克希德·马丁公司公布了强于预期的收益，尽管收入低于预期，主要原因是政府资金延迟和时间问题影响了一些F-35销售的认可。五角大楼下两批F-35战机的谈判旷日持久，导致该公司无法收回约7亿美元。尽管如此，洛克希德马丁公司仍将其24财年的销售预期维持在713亿美元，与分析师的预测非常接近。该公司仍然专注于其战略，运营和财务优先事项，由超过1,650亿美元的创纪录积压，48架F-35交付，增加的导弹计划生产和21亿美元的自由现金流提供支持。然而，由于18号和19号生产批次没有达成协议，该公司不得不动用自己的现金来维持生产。展望未来，管理层预计未来几年销售额将以个位数的速度增长。24财年第四季度建议交易区间：560至615美元。中性前景。
  

Philip Morris International Inc. (PM)

• 3Q24 Revenue: $9.91B, +8.4% YoY, beat estimates by $220M
  
• 3Q24 GAAP EPS: $1.91, beat estimates by $0.09
  
• FY24 Guidance: Expect FY24 EPS to be in the range of $6.85 to $6.91 vs consensus of $6.40.
  
• Comment: Philip Morris reported strong results, achieving new records for both net revenue and earnings per share, while also expanding its margins. The company raised its FY24 guidance, with management expressing confidence in its broad-based growth. Smoke-free revenue continues to surge, and its combustible business remains solid, with volume growth and price increases. Management also noted that investors are increasingly viewing Philip Morris as a sustainable, long-term growth company, with progress in its transition to a smoke-free future. The company remains optimistic about IQOS, its flagship heat-not-burn product, as a key driver in its reduced-risk portfolio. Additionally, the Zyn nicotine pouch brand, which has gained popularity for its convenience, presents significant growth potential outside the U.S., where it is resonating well with consumers who appreciate its discreet use compared to traditional cigarettes or vapes. 4Q24 recommended trading range: $120 to $150. Positive Outlook.
  

菲利浦莫里斯 (PM)

• 24财年第三季营收：99.1亿美元，同比增幅8.4%，超预期2.2亿美元
  
• 24财年第三季GAAP每股盈利：1.91美元，超预期0.09美元
  
• 24财年指引：预计24财年每股收益将在6.85美元至6.91美元之间，而市场预期为6.40美元。
  
• 短评：菲利普·莫里斯公司报告了强劲的业绩，净收入和每股收益均创下新纪录，同时还扩大了利润率。公司上调了2024财年的指引，管理层对其广泛的增长表现出信心。无烟产品的收入持续激增，传统烟草业务也保持稳健，得益于销量增长和价格上涨。管理层还指出，投资者越来越将菲利普·莫里斯视为一家可持续的、具有长期增长潜力的公司，特别是在其向无烟未来转型方面取得的进展。公司对其旗舰加热不燃烧产品IQOS充满乐观，认为这是其减害产品组合中的关键驱动因素。此外，Zyn尼古丁袋品牌也展示出显著的增长潜力，尤其是在美国以外的市场。这一品牌因其便捷性受到消费者的青睐，尤其是相比传统香烟或电子烟，它的隐蔽使用特性得到了良好的反馈。24财年第四季度建议交易区间：120至150美元。积极前景。
  

Seagate Technology Holdings PLC (STX)

• 1Q25 Revenue: $2.17B, +49.7% YoY, beat estimates by $40M
  
• 1Q25 Non-GAAP EPS: $1.58, beat estimates by $0.12
  
• 1Q25 Dividend: Seagate Technology raised its quarterly cash dividend by 2.9%, to 72 cents per share. The new payout, equal to $2.88 annually, represents a yield of 2.6% based on the company’s last closing price of $112.64 per share. The dividend will be paid on Jan. 6 to shareholders of record as of the close of business on Dec. 15.
  
• 2Q25 Guidance: Expect revenue of $2.30bn, plus or minus $150mn; Expect Non-GAAP diluted EPS of $1.85, plus or minus $0.20.
  
• Comment: Seagate Technology reported strong results, with management highlighting an excellent start to the fiscal year, marked by gross margin expansion to its highest level in over a decade. Reflecting confidence in the company’s future opportunities, Seagate also raised its quarterly dividend in the first quarter of FY25. The ongoing expansion of cloud service providers’ infrastructure to support cloud computing and new AI-related deployments is boosting demand for hard disk drives, positively impacting Seagate’s business. Additionally, optimism surrounding a recovering economy and growing demand for AI-powered PCs among both consumer and commercial buyers has further supported the data storage segment. 2Q25 recommended trading range: $102 to $120 . Positive Outlook.
  

希捷科技 (STX)

• 25财年第一季营收：21.7亿美元，同比增幅49.7%，超预期4,000万美元
  
• 25财年第一季Non-GAAP每股盈利：1.58美元，超预期0.12美元
  
• 25财年第一季股息：希捷科技将其季度现金股息提高了2.9%，达到每股72美分。新派息相当于每年2.88美元，按照该公司最近每股112.64美元的收盘价计算，股息收益率为2.6%。股息将于1月6日支付给截至12月15日营业结束时登记在册的股东。
  
• 25财年第二季指引：预计营收为23亿美元，上下浮动1.5亿美元；预计Non-GAAP摊薄每股收益1.85美元，正负0.20美元。
  
• 短评：希捷科技公布了强劲的业绩，管理层强调本财年开局良好，毛利率增长至10多年来的最高水平。希捷还在25财年第一季度提高了季度股息，这反映了希捷对公司未来机遇的信心。云服务提供商不断扩大基础设施，以支持云计算和新的人工智能相关部署，这推动了对硬盘驱动器的需求，对希捷的业务产生了积极影响。此外，围绕经济复苏的乐观情绪，以及消费者和商业买家对人工智能个人电脑的需求不断增长，进一步支撑了数据存储领域。25财年第二季度建议交易区间：102至120美元。积极前景。
  

Texas Instruments Inc. (TXN)

• 3Q24 Revenue: $4.15B, -8.4% YoY, beat estimates by $30M
  
• 3Q24 GAAP EPS: $1.47, beat estimates by $0.10
  
• 4Q24 Guidance: Expect revenue to be in the range of $3.70bn to $4.0bn vs consensus of $4.08bn; Expect EPS to be in the range of $1.07 to $1.29 vs consensus of $1.41; Expect 4Q24 effective tax rate to be about 13%.
  
• Comment: Texas Instruments reported stronger-than-expected results, driven by a recovery in orders for its analog chips across various segments and improving demand from China’s automotive market. Sales of TI’s semiconductors, which power a wide range of electronic devices, were supported by a rebound in orders from smartphone and PC providers, reflecting increased end-market demand. Revenue from the automotive segment grew in the upper single digits sequentially. Looking ahead, management anticipates continued momentum in China’s electric vehicle (EV) market, though some weakness is expected in other parts of the automotive sector. They also foresee a cyclical recovery in non-industrial markets and expect overall automotive growth to persist, fueled by ongoing EV adoption despite mixed demand from non-Chinese automakers. 4Q24 recommended trading range: $190 to $220. Positive Outlook.
  

德州仪器 (TXN)

• 24财年第三季营收：41.5亿美元，同比跌幅8.4%，超预期3,000万美元
  
• 24财年第三季GAAP每股盈利：1.47美元，超预期0.10美元
  
• 24财年第四季指引：预计营收将在37亿至40亿美元之间，而市场预期为40.8亿美元；预计每股收益将在1.07美元至1.29美元之间，而市场预期为1.41美元；预计24年第四季度有效税率约为13%。
  
• 短评：德州仪器公布了强于预期的业绩，这得益于其模拟芯片在各个领域的订单复苏，以及中国汽车市场需求的改善。公司的半导体销售受到智能手机和个人电脑供应商订单反弹的支撑，反映出终端市场需求增加。半导体为多种电子设备提供动力。汽车业务的收入环比增长了较高的个位数。展望未来，管理层预计中国电动汽车市场将继续保持增长势头，尽管汽车行业的其他领域预计会出现一些疲软。他们还预计，非工业市场将出现周期性复苏，尽管非中国汽车制造商的需求参差不齐，但电动汽车的普及仍将推动整体汽车增长。24财年第四季度建议交易区间：190至220美元。积极前景。
  

Enphase Energy Inc. (ENPH)

• 3Q24 Revenue: $380.87M, -30.9% YoY, miss estimates by $13.03M
  
• 3Q24 Non-GAAP EPS: $0.5, miss estimates by $0.13
  
• 4Q24 Guidance: Expect revenue to be in the range of $360mn to $400mn vs consensus of $435.21mn; Expect Non-GAAP gross margin to be within the range of 49.0% to 52.0% with net IRA benefit; Expect net IRA benefit to be between the range of $38.0mn to $41.0mn based on an estimated shipment of 1.3mn of U.S. manufactured microinverter; expects Non-GAAP operating expenses to be between a range of $81.0mn to $85.0mn, excluding $54.0mn estimated stock based compensation expense, acquisition related expenses and amortization.
  
• Comment: Enphase Energy reported weak results and provided softer-than-expected guidance for the fourth quarter of 2024. U.S. revenue rose by about 43% compared to the previous quarter, driven by increased shipments to distributors as inventory levels normalized. However, revenue in Europe declined by around 15%, reflecting a continued drop in demand for residential solar, weighed down by lower electricity prices and increased competition in key markets such as the Netherlands and Germany. This contributed to a 55.6% year-over-year decline in global shipments of microinverters to 1.73 million in Q3. Looking ahead, Enphase plans to begin shipping commercial microinverters and batteries with higher domestic content from its U.S. manufacturing facilities in the fourth quarter. Despite these efforts, the company expects ongoing headwinds in sales, with guidance for Q4 coming in below market expectations. 4Q24 recommended trading range: $60 to $90. Negative Outlook.
  

Enphase能源 (ENPH)

• 24财年第三季营收：3.8087亿美元，同比跌幅30.9%，逊预期1,303万美元
  
• 24财年第三季Non-GAAP每股盈利：0.5美元，逊预期0.13美元
  
• 24财年第四季指引：预计营收在3.6亿至4亿美元之间，而市场预期为4.3521亿美元；预计Non-GAAP毛利率将在49.0%至52.0%的范围内，并有净IRA税收收益；预计净IRA税收收益将在3,800万美元至4,100万美元之间，基于预计130万美元的出货量。
  
• 短评：Enphase能源公布了较弱的业绩，并为2024年第四季度提供了低于预期的指导。美国营收较上一季度增长约43%，主要是由于库存水平趋于正常，向分销商的发货量增加。然而，欧洲的收入下降了约15%，反映出受电价下降和荷兰和德国等主要市场竞争加剧的影响，住宅太阳能需求持续下降。这导致第三季度全球微型逆变器出货量同比下降55.6%，至173万台。展望未来，Enphase计划在第四季度开始从其美国制造工厂出货国内含量更高的商用微型逆变器和电池。尽管做出了这些努力，但该公司预计销售将面临持续的阻力，第四季度的指引将低于市场预期。24财年第四季度建议交易区间：60至90美元。负面前景。