Quick Note - Sungrow Power Supply (300274 CH) (Neutral) - “US inverter ban” news and company call update

Research evidence excerpt

Quick Note - Sungrow Power Supply (300274 CH) (Neutral) - “US inverter ban” news and company call update

Global Markets Research

Sungrow Power Supply 300274.SZ 300274 CH 1 July 2026

EQUITY: TECHNOLOGY

Rating“US inverter ban” news and company call update Remains Neutral

Target price CNY 120.00 RemainsQuick Note

Closing priceOn 30 June 2026, Reuters reported that theUSisdraftingabantargetingChinese 1 July 2026 CNY 136.92

energyinverters, reviving national-security scrutiny of the devices that connect solar and

battery systems to the grid. Against this backdrop, Sungrow hosted an analyst call on 1

July 2026, at which management addressed the policy overhang, the global energy Research Analysts

storage system (ESS) outlook, and its upcoming solid-state transformer (SST) launch. Advanced Manufacturing

US drafts inverter import ban on grid-security concerns Frank Fan - NIHK

According to the Reuters report, the Trump administration is drafting a ban on the imports frank.fan@nomura.com

of foreign energy inverters — the devices linking solar projects and batteries to the grid — +852 2252 2195

over concerns that China could use them to disrupt power supplies, citing five sources. Donnie Teng - NIHK

The rule is being drafted by the FCC (Federal Communications Commission), would apply donnie.teng@nomura.com

to new foreign models, and could be published as early as this year, the news report +852 2252 1439

added. Washington was spurred partly by the European Commission's May decision to

bar Chinese-made inverters from publicly-funded projects, though the proposal could still

be modified or shelved, according to the news report.

Though the news report is concerning, we believe the incremental fundamental damage

would be limited.