China Merchants' research report points out that Deye Co., Ltd (605117.SH) focuses on exploring overseas markets, with its Power Inverter distribution channels located in countries like Pakistan, Germany, Brazil, India, and South Africa. In the future, with the continuous improvement of downstream demand, the Power Inverter business is expected to maintain high prosperity. The company's energy storage Battery sales channels are deeply integrated with the Power Inverter channels, allowing for simultaneous sales of both, suitable for residential and commercial energy storage solutions. The company's energy storage Battery packs are primarily sold to Germany, South Africa, and other areas. In addition to residential storage, commercial energy storage is also a typical application of user-side energy storage, with a relatively smooth and extensive profit model. In the future, as countries enhance policy support, the potential demand for commercial energy storage is significant, which is expected to bring new growth points for the company.