FLASH: Sungrow Q3 profit falls 68%

Sungrow Power Supply Co., Ltd. reported third-quarter revenue of Yuan 17.95 billion and net profit of Yuan 1.341 billion, down 67.67% year on year. The gross margin fell to 29.45%, nearly 9 percentage points lower quarter on quarter. Nine-month revenue was Yuan 48.863 billion and net profit Yuan 6.599 billion. Sungrow, Huawei Digital Power and Kehua Digital Energy have raised inverter and storage product prices by mostly 5-15%, with Kehua's increase effective on November 1. The moves may support Chinese equipment margins, while overseas buyers face higher procurement costs. The notices did not disclose VAT-adjusted or delivery terms.