Potential US Inverter Ban, Deja Vu; ESS fundamental stays intact

Research evidence excerpt

Potential US Inverter Ban, Deja Vu; ESS fundamental stays intact

China (PRC) | Alternative Energy

Sungrow EquityJulyResearch2, 2026

FLASH NOTEPotential US Inverter Ban, Deja Vu; ESS

RATING BUYfundamental stays intact

PRICE Rmb136.92^

Reuters reported FCC to ban foreign inverters despite no details are

provided by relevant parties. Sungrow hosted investor call yday, provided PRICE TARGET | % TO PT Rmb236.35 | +73%

strong business updates and outlook. Sungrow reiterated full regulatory 52W HIGH-LOW Rmb209.88 - Rmb67.03

compliance and no communications devices on its products. Mgmt guided FLOAT (%) | ADV MM (USD) 67.8% | 1,644.69

up on EU ESS demand to c.60% YoY growth and confirmed US order MARKET CAP RMB283.9B | $41.8B

visibility until 1H28. We highlight DoE found no definitive evidence of hidden TICKER 300274 CH ^Prior trading day's closing price unless otherwise

devices in Chinese inverters in Jan26. noted.

FCC drafts foreign inverter import ban, rising uncertainty for Chinese inverter players. A

Reuters report dated June 30, citing five insiders, reveals the Trump administration is drafting

a new import restriction on inverters through the Federal Communications Commission

(FCC). We note that there is no official confirmation and further details on the rule. Also,

the proposal remains in the draft stage and is subject to revisions or even full shelving like

in last year. Normally, The process will then enter a public review period lasting 30-60 days,

then FCC will review public feedback before drafting and issuing the Final Rule which might

take several months. Objections and concerns raised during this process may also affect the

final implementation of the ban. Per the report, the rule is framed as a safeguard against