Equity Research: GoodWe (688390 CH)

Date: October 30, 2025
Sector: New Energy / Photovoltaic Manufacturing (Inverters)
Analyst: Wen Hao, CPA; Wallace Cheng
Rating: NEUTRAL
Current Price: RMB 59.20
Target Price: RMB 58.00 (Previously RMB 49.00)
Potential Upside/Downside: -2.0%

Executive Summary

Performance Recovery Driven by High-Margin Overseas Mix Shift

GoodWe Technologies Co., Ltd. (“GoodWe” or the “Company”) reported a significant turnaround in its third-quarter 2025 (3Q25) financial results, marking a decisive recovery from the profitability troughs experienced in late 2024 and early 2025. The Company posted revenue of RMB 2.11 billion and net profit attributable to shareholders of RMB 98 million in 3Q25, representing year-on-year (YoY) growth of 17% and 201%, respectively. More notably, on a quarter-on-quarter (QoQ) basis, net profit surged by 755%, indicating a robust operational inflection point.

The primary driver of this performance repair is a favorable shift in revenue composition towards high-margin overseas markets, particularly Australia. While European demand has shown signs of short-term fatigue, the explosive growth in Australian residential energy storage systems (RESS), supported by local subsidy policies, has significantly boosted the sales of high-margin inverters and battery units. Concurrently, the conclusion of the domestic “May 31” rush-installation period in China led a deliberate reduction in low-margin domestic revenue, further enhancing the overall gross margin profile. Gross margin expanded to 26.2% in 3Q25, up 2.8 percentage points YoY and 5.9 percentage points QoQ.

Despite the strong quarterly beat, we maintain a NEUTRAL rating on GoodWe. Our caution stems from two key factors: first, the sustainability of the current growth trajectory is challenged by the sequential slowdown in Australian demand growth and persistent weakness in the European market; second, forward-looking indicators such as contract liabilities have declined significantly (down 33% QoQ), suggesting that order book momentum may be moderating. However, recognizing the broader-than-expected global energy storage demand and GoodWe’s strategic expansion from residential into commercial and industrial (C&I) and utility-scale storage sectors, we have revised our earnings forecasts upward for 2026 and 2027. We raise our target price to RMB 58.00, implying a valuation multiple of 30x 2026E P/E, up from our previous assumption of 26x.

For institutional investors, GoodWe represents a classic "turnaround play" with improving fundamentals but limited near-term upside potential relative to its current valuation. The stock is fairly valued at current levels, offering a balanced risk-reward profile where the downside is protected by improving profitability, but the upside is capped by regional demand uncertainties and competitive pressures in the inverter landscape.

Key Takeaways

1. 3Q25 Financial Performance: A Robust Profitability Repair

The third quarter of 2025 served as a critical validation period for GoodWe’s strategic pivot towards higher-value overseas markets. The financial data reveals a comprehensive improvement across top-line growth, margin expansion, and bottom-line profitability.

Revenue and Profit Analysis

• Revenue Growth: 3Q25 revenue stood at RMB 2.11 billion, a 17% increase YoY. While this represents a slight 4% decline QoQ (from RMB 2.20 billion in 2Q25), the YoY growth confirms the Company’s ability to expand its market share in key international regions despite a challenging global macroeconomic environment.
• Net Profit Surge: Net profit attributable to shareholders reached RMB 98 million in 3Q25. This is a dramatic improvement from the RMB 32.5 million recorded in 3Q24 (YoY +201%) and the RMB 11.4 million in 2Q25 (QoQ +755%). The magnitude of the QoQ jump highlights the operating leverage inherent in GoodWe’s business model when volume shifts towards higher-margin products.
• Non-GAAP Considerations: It is important to note that the reported net profit includes a fair value change gain of RMB 40 million from foreign exchange hedging activities. Excluding this one-off item, the core operational profitability remains strong, driven primarily by gross margin expansion rather than purely financial engineering.

Margin Expansion Dynamics

The most compelling aspect of the 3Q25 report is the structural improvement in margins.
* Gross Margin: Reached 26.2%, an increase of 2.8 percentage points YoY and 5.9 percentage points QoQ. This expansion is not merely cyclical but structural, driven by:
1. Product Mix Shift: Increased proportion of high-margin overseas inverter and battery sales.
2. Regional Mix Shift: Strong contribution from the Australian market, which commands higher pricing power compared to the saturated European market or the price-sensitive domestic Chinese market.
3. Domestic Rationalization: A deliberate decrease in low-margin domestic revenue following the end of the “May 31” installation rush in China. This strategic decision to prioritize quality of earnings over sheer volume in the domestic market has paid off in margin preservation.
* Net Margin: Improved to 4.8%, up 1.9 percentage points YoY and 3.6 percentage points QoQ. This indicates that operating expenses are being managed effectively relative to the gross profit growth.

Expense Structure and Operational Efficiency

While margins improved, operating expenses saw modest increases, reflecting the Company’s investment in future growth channels.
* Selling Expenses: Ratio increased to 8.9% (+1.5 ppt YoY). This rise is attributed to front-loaded costs associated with exploring new business avenues and expanding market presence in emerging regions.
* Administrative Expenses: Ratio at 4.6% (+0.2 ppt YoY), remaining relatively stable.
* R&D Expenses: Ratio increased to 8.2% (+1.1 ppt YoY). GoodWe continues to invest heavily in technology, particularly in hybrid inverter efficiency and battery management systems (BMS), which is crucial for maintaining competitiveness in the premium segment.
* Financial Expenses: Ratio remained negligible at 0.7%. The Company benefited from a RMB 40 million gain in fair value changes from FX hedging, which offset potential currency volatility impacts. Given GoodWe’s significant overseas exposure, effective FX management remains a critical component of its financial health.

Source: Company Data, BOCOM International Estimates

2. Regional Demand Divergence: Australia Surges, Europe Softens

The geographic breakdown of GoodWe’s performance reveals a stark divergence in regional trends, which is central to understanding the Company’s near-term outlook. The global inverter market is no longer moving in unison; instead, it is characterized by region-specific policy drivers and inventory cycles.

The Australian Boom: A Primary Growth Engine

Australia has emerged as the standout market for GoodWe in 3Q25, driven by a confluence of favorable policy support and high electricity prices that incentivize residential energy independence.
* Export Data: According to Chinese customs data, inverter exports to Australia surged by 249% YoY in August 2025 and 288% YoY in September 2025. On a sequential basis, exports grew by 23% in August before a slight correction of 6% in September.
* Driver Analysis: This explosive growth is largely underpinned by state-level subsidies for residential energy storage systems. As grid instability concerns grow and feed-in tariffs decline, Australian homeowners are increasingly adopting hybrid inverter-plus-battery solutions. GoodWe, with its strong brand recognition and established distribution network in Australia, is a primary beneficiary of this trend.
* Impact on GoodWe: The high average selling price (ASP) and superior margins in the Australian market directly contributed to the 5.9 ppt QoQ gross margin expansion. The Company’s product portfolio, particularly its EH and ET series hybrid inverters paired with Lynx Home batteries, is well-positioned to capture this demand.

European Fatigue: Short-Term Headwinds

In contrast to Australia, the European market, traditionally the largest revenue contributor for Chinese inverter manufacturers, is experiencing a period of consolidation and softness.
* Export Data: Inverter exports to Europe declined by 2% YoY in August 2025 and 9% YoY in September 2025. Sequentially, the decline was more pronounced, with drops of 6% in August and 30% in September.
* Driver Analysis: The European market is grappling with several headwinds:
1. Inventory Digestion: After the massive stockpiling in 2022-2023, distributors and installers are still working through excess inventory, leading to reduced new orders.
2. Policy Uncertainty: Changes in net-metering schemes in key markets like Germany and the Netherlands have dampened the immediate economic case for new residential PV installations.
3. Interest Rates: Although stabilizing, higher-for-longer interest rates in Europe continue to impact the financing costs for residential solar projects, slowing down consumer adoption.
* Impact on GoodWe: The slowdown in Europe poses a risk to GoodWe’s volume growth. While the Company has diversified its geographic footprint, Europe remains a critical pillar. The sequential decline in September suggests that the destocking process may not yet be fully complete, or that demand is weakening faster than anticipated.

Domestic Market: Post-Rush Normalization

The Chinese domestic market saw a significant pullback in 3Q25 following the “May 31” rush.
* Context: The “May 31” deadline refers to the cutoff for certain grid-connection subsidies or policy benchmarks in China, which typically triggers a surge in installations in the first half of the year. Once this deadline passes, activity usually normalizes or declines in the second half.
* Strategic Implication: GoodWe intentionally allowed its domestic revenue to decrease in 3Q25. Given the intense price competition in the Chinese inverter market, where margins are often compressed to single digits, reducing exposure to low-margin domestic sales was a prudent move to protect overall profitability. This strategy aligns with the Company’s broader goal of optimizing earnings quality over pure scale.

3. Forward-Looking Indicators: Contract Liabilities Decline

A critical metric for assessing future revenue visibility in the equipment manufacturing sector is the level of contract liabilities (advances from customers). A decline in this metric can signal a cooling order book.

• Data Point: At the end of 3Q25, GoodWe’s contract liabilities decreased by 6% YoY and, more concerningly, by 33% QoQ.
• Interpretation: The sharp QoQ decline suggests that the rate of new order intake may have slowed in the third quarter. This could be due to:
  1. Seasonal Factors: Some seasonal fluctuation is normal, but a 33% drop is significant.
  2. Customer Caution: Distributors in Europe and other markets may be adopting a more cautious stance on restocking amid uncertain demand outlooks.
  3. Supply Chain Adjustments: It may also reflect changes in payment terms or delivery schedules.
• Outlook Implication: This indicator tempers our enthusiasm for the 4Q25 and 1Q26 outlook. While 3Q25 was strong, the pipeline for immediate future quarters appears less robust. This supports our view that while the profitability has recovered, the growth velocity may face challenges in the short term. We expect performance to continue repairing in 2026, but the path may be less exponential than the 3Q25 spike suggests.

4. Strategic Evolution: From Residential to C&I and Utility-Scale Storage

Beyond the quarterly numbers, GoodWe is undergoing a strategic transformation that is crucial for its long-term valuation rerating. The Company is actively expanding its footprint beyond its traditional stronghold in residential storage.

• Residential Storage (Core): This remains the cash cow. GoodWe is a global leader in hybrid inverters for homes. The focus here is on maintaining market share in high-margin regions (Australia, parts of Asia, Latin America) while navigating the competitive landscape in Europe.
• Commercial & Industrial (C&I) Storage: The Company is increasingly targeting the C&I segment, which offers larger project sizes and stickier customer relationships. C&I storage demand is driven by corporate sustainability goals and peak-shaving economics. GoodWe’s introduction of higher-power hybrid inverters and modular battery solutions is tailored for this segment.
• Utility-Scale (Large Storage): While still a smaller portion of the revenue mix, GoodWe is making inroads into the utility-scale storage market. This segment is highly competitive, dominated by large players like Sungrow and Huawei, but it offers significant volume potential. Success in this arena will depend on cost competitiveness and bankability.
• Investment Thesis Implication: The diversification into C&I and utility-scale storage reduces the Company’s reliance on the volatile residential market. If GoodWe can successfully execute this expansion, it will unlock a larger total addressable market (TAM) and potentially stabilize revenue streams. This strategic pivot is a key reason we remain constructive on the Company’s medium-term prospects, even if short-term headwinds persist.

5. Valuation and Earnings Forecast Revisions

In light of the stronger-than-expected 3Q25 results and the positive structural shifts in the global storage market, we have updated our financial model and valuation assumptions.

Earnings Forecast Adjustments

• 2025E: We maintain our revenue forecast for 2025 at RMB 8.02 billion. However, the mix shift towards higher-margin products implies that earnings quality is better than previously thought.
• 2026E & 2027E: We have raised our net profit forecasts for 2026 and 2027 by 3% and 4%, respectively.
  • 2026E Net Profit: Revised to RMB 469 million (EPS: RMB 1.93).
  • 2027E Net Profit: Revised to RMB 820 million (EPS: RMB 3.38).
  • Rationale: These adjustments reflect our confidence in the sustained demand for energy storage globally and GoodWe’s improving operational efficiency. We anticipate that the Company will continue to benefit from the secular growth trend in renewable energy integration, particularly in emerging markets outside of Europe.

Valuation Methodology

• Previous Approach: We previously valued GoodWe at 26x 2026E P/E, resulting in a target price of RMB 49.00.
• New Approach: We have increased our target P/E multiple to 30x 2026E P/E.
  • Justification for Multiple Expansion:
    1. Improved Visibility: The 3Q25 results provide greater confidence in the Company’s ability to generate consistent profits.
    2. Sector Re-rating: The global energy storage sector is experiencing a re-rating as investors recognize the long-term indispensability of storage solutions for grid stability.
    3. Quality of Earnings: The shift towards higher-margin overseas revenue justifies a premium valuation compared to peers heavily reliant on low-margin domestic sales.
• Target Price Calculation:
  • 2026E EPS: RMB 1.93
  • Target P/E: 30x
  • Target Price: RMB 1.93 * 30 = RMB 57.90 (Rounded to RMB 58.00)

Comparative Valuation

At the current price of RMB 59.20, GoodWe trades at approximately 30.6x 2026E P/E. Our target price of RMB 58.00 implies a slight downside of 2.0%, suggesting the stock is currently fairly valued. Compared to industry leader Sungrow (rated BUY with 14.9% upside), GoodWe offers a similar growth profile but with higher volatility due to its smaller scale and heavier reliance on the residential segment.

Source: BOCOM International Estimates

Risks / Headwinds

While GoodWe’s outlook has improved, several risks could impede its progress and affect the stock performance. Institutional investors should carefully monitor these factors.

1. Geographic Concentration and Demand Volatility

• European Market Weakness: Europe remains a critical market for GoodWe. If the destocking cycle prolongs or if policy support for residential solar wanes further (e.g., reductions in feed-in tariffs or tax incentives), revenue growth could stall. The recent sequential decline in exports to Europe is a warning sign.
• Australian Sustainability: The surge in Australian demand is partly policy-driven. Any change in subsidy structures or political shifts affecting renewable energy support could lead to a sharp contraction in this high-margin revenue stream. The sequential slowdown in August/September already hints at potential saturation or normalization.

2. Intense Competitive Landscape

• Price Wars: The inverter industry is highly competitive, with major players like Huawei, Sungrow, Ginlong Solis, and Hoymiles vying for market share. In times of demand softness, competitors may engage in aggressive pricing strategies to maintain volume, which could erode GoodWe’s hard-won margin improvements.
• Technological Obsolescence: The rapid evolution of inverter technology (e.g., higher efficiency, AI-driven grid management) requires continuous R&D investment. Failure to keep pace with technological advancements could result in loss of market position, particularly in the premium segment.

3. Foreign Exchange (FX) Volatility

• Exposure: As a company with significant overseas revenue, GoodWe is exposed to currency fluctuations, particularly between the RMB, EUR, USD, and AUD.
• Hedging Limitations: While the Company uses hedging instruments, as evidenced by the RMB 40 million gain in 3Q25, hedging is not a perfect shield. Adverse currency movements can impact both reported earnings and the competitiveness of its products in local markets. A strengthening RMB, for instance, would make GoodWe’s products more expensive in foreign markets, potentially dampening demand.

4. Supply Chain and Raw Material Costs

• Component Availability: The production of inverters and batteries relies on semiconductors (IGBTs, MOSFETs) and lithium-ion cells. Any disruption in the supply chain, whether due to geopolitical tensions or logistical bottlenecks, could impact production schedules and increase costs.
• Lithium Prices: While lithium prices have stabilized, any significant uptick could increase the cost of battery packs, squeezing margins if the cost cannot be fully passed on to customers.

5. Regulatory and Trade Barriers

• Trade Policies: Increasing protectionism in key markets (e.g., EU anti-subsidy investigations, US trade restrictions) poses a risk. Although GoodWe is less exposed to the US market than some peers, any broadening of trade barriers against Chinese renewable energy companies could impact sentiment and access to certain markets.
• Grid Codes: Changing grid connection standards in various countries require constant adaptation of products. Failure to comply with new regulations could lead to exclusion from certain markets.

6. Execution Risk in New Segments

• C&I and Utility Scale: GoodWe’s expansion into C&I and utility-scale storage is a strategic imperative but carries execution risk. These segments have different sales cycles, customer requirements, and competitive dynamics compared to the residential market. Missteps in product positioning or sales strategy could result in lower-than-expected returns on investment.

Rating / Sector Outlook

Sector Outlook: Neutral to Positive Long-Term, Cautious Short-Term

The broader new energy sector, particularly the photovoltaic and energy storage segments, is at a pivotal juncture.
* Long-Term Tailwinds: The global transition to renewable energy is irreversible. The need for energy storage to manage the intermittency of solar and wind power is becoming increasingly acute as penetration rates rise. This provides a strong secular growth backdrop for companies like GoodWe.
* Short-Term Headwinds: The sector is currently navigating a period of inventory correction, policy uncertainty, and intense competition. The "gold rush" phase of easy growth is over, and companies are now being judged on profitability, operational efficiency, and technological differentiation.
* Consolidation Trend: We expect further consolidation in the inverter industry, with weaker players exiting the market. Leaders with strong brands, diversified geographic footprints, and robust balance sheets (like GoodWe and Sungrow) are well-positioned to gain market share in the long run.

Peer Comparison and Relative Value

Within the BOCOM International coverage universe, GoodWe is rated NEUTRAL, contrasting with BUY ratings for sector leaders like Sungrow (300274 CH) and upstream suppliers like GCL Tech (3800 HK).

• Sungrow (BUY): Sungrow benefits from a more diversified product mix (including utility-scale inverters and PV systems) and a stronger presence in large-scale projects, which offers more stable revenue streams. Its valuation is considered attractive given its dominant market position.
• GoodWe (NEUTRAL): GoodWe is more leveraged to the residential segment, which is more volatile but offers higher margins in specific regions. The NEUTRAL rating reflects the view that the current stock price adequately reflects the near-term recovery, leaving limited room for multiple expansion without further evidence of sustained growth in new segments.

Source: FactSet, BOCOM International Estimates as of Oct 30, 2025

Investment Stance

We advise investors to adopt a wait-and-see approach with GoodWe. The stock is suitable for portfolios seeking exposure to the energy storage theme with a focus on profitability recovery, but it is not a high-conviction buy at current levels. Investors should look for confirmation of:
1. Stabilization in European export data.
2. Sustained growth in the C&I storage segment.
3. Maintenance of gross margins above 25% in subsequent quarters.

If these conditions are met, the stock could warrant an upgrade to BUY. Conversely, if margins compress or revenue growth stalls, the rating could be downgraded to SELL.

Investment View

Core Investment Logic

Our investment thesis for GoodWe is built on three pillars: Margin Recovery, Geographic Diversification, and Product Expansion.

1. Margin Recovery is Real and Structural: The 3Q25 results demonstrate that GoodWe can achieve healthy profitability by optimizing its sales mix. The shift away from low-margin domestic sales towards high-margin overseas markets (especially Australia) is a sustainable strategy that enhances earnings quality. This is not a one-off event but a reflection of management’s disciplined approach to capital allocation.
2. Geographic Diversification Mitigates Risk: While Europe is soft, the success in Australia and potential in other emerging markets (Latin America, Southeast Asia) shows that GoodWe is not overly dependent on any single region. This diversification is a key strength that differentiates it from peers who may be more exposed to European policy risks.
3. Product Expansion Opens New TAM: The move into C&I and utility-scale storage is essential for long-term growth. As the residential market matures, the next wave of growth will come from larger-scale applications. GoodWe’s technological capabilities position it well to compete in these segments, although execution will be key.

Why NEUTRAL?

Despite the positive developments, we assign a NEUTRAL rating due to the valuation-risk balance.
* Fair Valuation: At 30x 2026E P/E, GoodWe is trading at a premium to its historical average and in line with its growth peers. The target price of RMB 58.00 offers minimal upside from the current price of RMB 59.20.
* Short-Term Uncertainty: The decline in contract liabilities and the softness in European demand create uncertainty for the next 1-2 quarters. Investors may prefer to wait for clearer signs of demand stabilization before committing new capital.
* Better Alternatives Exist: For investors seeking exposure to the inverter sector, Sungrow offers a more compelling risk-reward profile with a BUY rating and 14.9% upside, backed by a more diversified business model and stronger market leadership.

Catalysts for Re-rating

Several catalysts could drive the stock higher and justify an upgrade to BUY:
* Stronger-than-Expected 4Q25/1Q26 Results: If the Company can demonstrate that the 3Q25 momentum is sustainable despite seasonal headwinds, confidence will grow.
* Breakthrough in C&I/Utility Segment: Significant contract wins or revenue contributions from the C&I and utility-scale segments would validate the diversification strategy and open up a larger valuation ceiling.
* Policy Support in Key Markets: New subsidies or favorable policy changes in Europe or other major markets could reignite demand.
* Margin Expansion Beyond Expectations: If gross margins consistently exceed 28-30%, it would indicate superior pricing power and operational efficiency, warranting a higher P/E multiple.

Conclusion

GoodWe is a high-quality player in the global energy storage landscape, demonstrating resilience and adaptability in a challenging environment. The 3Q25 performance is a testament to its strategic pivots and operational discipline. However, at the current valuation, the stock offers limited upside potential. We recommend existing holders to maintain their positions, benefiting from the improving fundamentals, while new investors should wait for a more attractive entry point or clearer signs of sustained growth momentum. The NEUTRAL rating reflects a balanced view: acknowledging the progress made while recognizing the hurdles that lie ahead.

Appendix: Detailed Financial Analysis

Income Statement Trends

The income statement reveals a company in transition. After a difficult 2024, where net losses were incurred due to inventory write-downs and intense competition, 2025 is shaping up to be a year of recovery.

• Revenue Trajectory: The projected revenue growth of 19.1% in 2025E is moderate, reflecting the cautious global environment. However, the expected acceleration to 17.5% in 2027E suggests confidence in the long-term demand for storage solutions.
• Cost Management: The cost of goods sold (COGS) is expected to grow slower than revenue in the coming years, driven by economies of scale and better procurement practices. This will support the projected expansion in gross margins from 21.6% in 2025E to 24.3% in 2027E.
• Operating Leverage: As revenue grows, fixed costs (R&D, Administration) will become a smaller percentage of sales, leading to significant operating leverage. This is evident in the projected EBIT margin expansion from 2.9% in 2025E to 8.9% in 2027E.

Balance Sheet Health

GoodWe maintains a robust balance sheet, which provides flexibility to navigate market downturns and invest in growth opportunities.

• Cash Position: The Company is in a net cash position, with cash and cash equivalents expected to grow from RMB 1.08 billion in 2025E to RMB 1.67 billion in 2027E. This strong liquidity buffer is a significant advantage in a capital-intensive industry.
• Inventory Management: Inventory levels are projected to remain manageable, with inventory turnover days improving from 157.0 days in 2024 to 135.8 days in 2027E. This indicates better demand forecasting and supply chain efficiency.
• Debt Levels: Long-term debt is stable and low, minimizing interest rate risk. The Company’s conservative leverage profile allows it to pursue strategic acquisitions or capacity expansions if opportunities arise.

Cash Flow Generation

The turnaround in profitability is also reflected in the cash flow statement.

• Operating Cash Flow (OCF): After negative OCF in 2024, the Company is projected to generate positive OCF of RMB 922 million in 2025E, growing to RMB 1.17 billion in 2027E. This demonstrates the high quality of earnings, as profits are being converted into cash.
• Capital Expenditure (CapEx): CapEx is expected to remain stable at around RMB 256 million annually, indicating that the Company is not engaging in aggressive capacity expansion but rather focusing on optimizing existing assets. This disciplined approach to capital allocation supports free cash flow generation.

Key Financial Ratios

Source: BOCOM International Estimates

The improvement in ROE and ROA underscores the effectiveness of the Company’s turnaround strategy. The return to double-digit ROE by 2026E is a key milestone that will likely attract institutional interest.

Final Remarks

GoodWe stands at a crossroads. The 3Q25 results are a clear signal that the worst is behind it. The Company has successfully navigated the inventory correction and competitive pressures of the past two years, emerging with a sharper focus on profitability and high-value markets. However, the path forward is not without obstacles. The dependence on regional policy drivers, the intensity of competition, and the need to successfully expand into new segments present ongoing challenges.

For institutional investors, GoodWe offers a compelling story of operational turnaround and strategic evolution. Yet, the current valuation leaves little margin for error. We recommend a cautious approach, monitoring the key catalysts and risks outlined in this report. The NEUTRAL rating reflects our view that the stock is fairly valued, offering a balanced exposure to the promising but volatile energy storage sector.

Disclaimer: This report is prepared by BOCOM International Securities Limited. The information contained herein is believed to be reliable but is not guaranteed as to its accuracy or completeness. This report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investors should conduct their own independent research and consult with their financial advisors before making any investment decisions. Past performance is not indicative of future results.