[ZX Electric New Energy] 20260730 Sigen New Energy 26H1 Review: Results Beat Expectations, New Residential Storage Product Q3 Breakthrough, Large Storage Opens Long-Term Blue Ocean

English summary

Results: The company released 26H1 results forecast, revenue of RMB 9.5-10 billion, +240%~270% YoY, net profit attributable to shareholders of RMB 2.35-2.45 billion, +190% to 210% YoY, with profit midpoint about RMB 100 million above prior guidance. # Negative factors in residential storage sector are gone + improved odds. Since June, the residential storage sector has pulled back significantly, with core targets back to below 20x this year, returning to the starting point of the year. However, since July, US-Iran conflict fluctuations have driven Brent crude oil up 20-30%. Considering the catalysts of the UK's Warm Homes Plan subsidies in H2 and expected lithium carbonate price scissors, we believe the residential storage sector currently offers good odds. # The company's new residential storage products have full orders, possibly releasing Q3 increments. As a leading residential storage company, in 2026, besides maintaining leadership in the Australian market, Western Europe, Central Europe, South Africa and other markets are blossoming. Additionally, the new product SigenStor Neo has full orders and will ship in batches in August. We are bullish on Q3 Australian market share improvement, while opening a broad mid-end incremental market. # Large storage is the company's biggest expectation gap.…