First Read: Sungrow Power Supply "Takeaways from Sungrow company visit" (Buy)

研报英文原文证据摘录

First Read: Sungrow Power Supply "Takeaways from Sungrow company visit" (Buy)

&D and UBS Cons.

validation, primarily focusing on defining the required function of the BESS system and 12/26E 7.32 7.26

overall power architecture. 2) US BESS shipments: For the US market, the company 12/27E 8.95 8.70

expects to source from OBBB-compliant ex-China battery suppliers from 2027, once the 12/28E 10.93 10.17

Korean battery makers' capacity is in place. The average selling price to the US (including

AIDC orders) is around Rmb1/Wh. 3) Overall BESS margins: For the overall BESS Yishu Yan

Analyst

margins, management still remains cautious as the company is expanding into low-

S1460520110001

margin markets and competition is intensifying. 2Q26 GPM could remain under

yishu.yan@ubs.com

pressure considering the lithium price hike. But mgmt is positive on the growth +86-21-3866 8782

momentum of residential storage and commercial storage, benefiting from the strong

Anna YuanEuropean and Australian demand. The company's Poland factory is likely to commence

operation by end-26E, which could protect Sungrow from potential EU tariffs.

S1460524090002

anna.yuan@ubs.com

Positive progress for SST as a long-term growth engine +86-21-3866 8637

The company considers its products (10kV, 2.5MW) to have no technical gaps compared

to global peers, and sees itself as a leading domestic supplier. This is attributable to its

profound understanding and technical expertise in power electronics (similar to the

technology of inverters). The R&D of SST product is engaged directly with US CSPs, and

the leading technology partner recently reviewed the SST and BESS product solution.

Both the SST and storage systems feature a modular design, which facilitates rapid on-