Long Awaited +ve Tone Drives Stock Price, AIDC Power Potential Catalyst

Research evidence excerpt

Long Awaited +ve Tone Drives Stock Price, AIDC Power Potential Catalyst

China (PRC) | Alternative Energy

Sungrow EquityMayResearch17, 2026

FLASH NOTELong Awaited +ve Tone Drives Stock Price,

RATING BUYAIDC Power Potential Catalyst

PRICE Rmb152.95^

Sungrow’s stock price was up 13% on 15th May. We note from investor

feedback that stock px may be reacting to +ve mgmt guidance - Sungrow PRICE TARGET | % TO PT Rmb181.29 | +19%

is benchmarking itself with Delta Electronics with solid state transformers 52W HIGH-LOW Rmb209.88 - Rmb59.87

and other AIDC power supply products. Investor feedback suggests this as FLOAT (%) | ADV MM (USD) 67.8% | 1,797.30

a major inflection point for Sungrow, with potential catalysts in 2H26 as MARKET CAP RMB317.1B | $46.6B

below. TICKER 300274 CH ^Prior trading day's closing price unless otherwise

noted.

Set-up and Investor Feedback. After 2 disappointing quarters, we note investors are mainly

divided into 2 camps: 1) bearish camp which sees the miss as Sungrow losing pricing power

and will continue to face headwind at high LiC price and increasing competition; vs 2) bullish

camp which thinks Co is preparing for its HK IPO, results in past two quarters were backward-

looking and should improve. Mgmt tone in communicating its business has been conservative,

considering cost pressure, geopolitical risks, intense competition. We note stock price was up

13% on 15th May. According to investor feedback, stock px may be reacting to mgmt meeting

with couple of major shareholders, conveying the message that Sungrow is benchmarking

itself with Delta Electronics for its AIDC business, with solid state transformers and other

AIDC power supply products.

Multiple Potential Catalysts may drive stock price higher. Though 2Q26 results might still