Sungrow - A: Takeaways from AIDC product launch; Maintain OW

Research evidence excerpt

Sungrow - A: Takeaways from AIDC product launch; Maintain OW

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

10 July 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.

Sungrow - A Overweight

300274.SZ, 300274 CH

Takeaways from AIDC product launch; Maintain OW Price (10 Jul 26):Rmb114.79

Price Target (Dec-26):Rmb212.00

We attended Sungrow’s data center product launch event in Hefei on 9 July with Head of APAC Utilities &

the following takeaways: 1) the launch of a solid-state transfomer (SST) product Renewables | Sustainable Investing

marks the first step towards data center products, while acknowledging product Alan Hon AC

synergies and Sungrow’s strong track record in the past; the key hurdle is that (852) 2800-8573

Sungrow has no exposure to data center power supplies before. If such a venture alan.hon@jpmorgan.com

is successful, it could result in a value of Rmb26/shr on our estimates; 2) on ESS Daqi Jiao

business, Sungrow is venturing into providing customized solutions to (852) 2800-8595

hyerscalers, for which, in our view, order gains in the 2H would be a key catalyst daqi.jiao@jpmorgan.com

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

to watch. Overall, the share price has underperformed the SHComp index by ~25% Morgan Broking (Hong Kong) Limited

since 30 Jun, on concerns regarding its access to the US market. We think that at

current valuations, optionality from AIDC ESS and SST are not priced in.

Acknowledging geopolitical concerns are an overhang, we see risk/reward skewed