Deye - A Positive Read-Across from the Global China Summit and Investor Tour

Research evidence excerpt

Deye - A Positive Read-Across from the Global China Summit and Investor Tour

J P M O R G A N Asia Pacific Equity Research

27 May 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Deye - A Overweight

605117.SS, 605117 CH

Positive Read-Across from the Global China Summit Price (27 May 26):Rmb122.40

and Investor Tour Price Target (Jun-27):Rmb215.00

Deye's share price has risen 14% (vs. SHCOMP down 1%) since May 15th as more APAC Utilities & Renewables |

investors pay attention to the energy security theme. We visited a few ESS Sustainable Investing

manufacturers, i.e. Sungrow, CSI Solar (688472 CH, Not Covered), Ginlong Alan Hon AC

(300763 CH, Not Covered), on our investor Tour and Global China Summit and (852) 2800-8573

saw positive read-across to Deye: 1) Surging DG ESS demand from Southeast Asia alan.hon@jpmorgan.com

(SEA) due to the Middle East conflict; 2) DG ESS has a shorter cost pass-through Daqi Jiao

cycle than utility-scale. We maintain our OW rating on Deye (link to our recent (852) 2800-8595

initiation). daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Surging DG ESS demand from Southeast Asia: A few ESS manufacturers have

a bullish outlook on DG ESS demand in 2026. By region, SEA is a key area of

surging growth. As highlighted in our Deye initiation report, some parts of SEA are

still leveraging DG diesel as a power source, where the Middle East conflict has

disrupted both diesel prices and availability. In some ideal use cases, the payback