3Q26收入符合预期但净利润不及预期；海外数据中心与储能扩张推进中；中性

Kehua announced 3Q26 results post market close on Oct 28, 2026, with sales in line and net profit missing our estimates. The net profit miss was mainly due to stock-based compensation expense and lower government subsidy during the quarter; excluding this item, adjusted 3Q26 net profit would have grown year on year. The firmwide gross margin improvement was mainly driven by a rising overseas ESS business mix, while gross margins of the domestic data center and smart power segments remained under pressure from cost inflation and competition. By segment, data center product sales growth moderated in 3Q26 versus 1H26, driven by domestic hyperscaler demand;