-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：ENPH第一季銷售額為2.83億美元（年減21%），與市場預期（2.82億美元）基本一致。非GAAP每股收益為0.47美元（年減31%），略高於預期（0.45美元）。非GAAP毛利率為43.9%，季減220個基點，較去年同期下降500個基點，主要原因是銷售額下降以及關稅影響增加430個基點。如預期，美國市場需求惡化，由於住宅太陽能補貼政策於2025年底到期，銷售額季減48%，年減18%。 ENPH揭露了年初至今8.44億美元的第三方購買協議，我們認為這將有助於未來住宅太陽能業務的成長。該公司還發布了一款針對 800V AI 機架的全新 1.25 MW 資料中心產品。我們認為該產品在 2028 年左右具有上漲潛力。然而，由於市場競爭激烈，且我們認為此次發布基本上是在意料之中，因此預計短期內價格波動不大。第二季業績指引中位數為 2.95 億美元（年減 19%），與市場預期一致；毛利率為 45.5%，高於市場預期（44.5%）。我們估計，第一季 45-X 條款稅收抵免帶來了約 1000 個基點的毛利率收益。
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