Resi Move Over; Make Way for SSTs

研报英文原文证据摘录

Resi Move Over; Make Way for SSTs

ed customer traction with hyperscalers, and broader PREV

*Rev. (MM)

ecosystem readiness around SST and 800V DC architectures, each of which will be critical in moving the

opportunity from concept to scaled deployment.

Framing the Competitive Landscape: SST adoption is closely tied to next-gen Nvidia architectures, We apply a ~$15/sh value to ENPH’s SST

notably Rubin Ultra (Kyber racks) expected in 2H27. Ahead of this, OEMs are already positioning segment, though we emphasize the long-

early. Incumbents such as Delta, ABB, Hitachi Energy, Mitsubishi Electric, Eaton, Siemens, Schneider dated and execution-dependent nature of the

Electric, and GEV bring deep power electronics expertise and are developing early SST platforms. opportunity. Time to pilot in 2027 and market

Alongside them, newer entrants, Vertiv, Heron Power, and DG Matrix, are emerging. Enphase and on ENPH's SST solution appears a key reason

SolarEdge are also seeking a foothold, highlighting an increasingly competitive, still-nascent market. behind mgmt's confidence it can break into

The key questions remain: how large is the opportunity, and what share can truly ENPH capture? this end-market. While we raise our price

target to reflect this upside, we do not include

We calculate $15/sh for SST is based on a DCF methodology, where we estimate DC installed capacity SST in our base estimates, instead modeling

increase by LDD every year and 800V DC architecture penetration starts in LSD in '27 to 95% by '35. Given it separately given limited near-term earnings

the number of potential entrants in the market, we estimate ENPH will capture ~5% market share and visibility.

estimate above corp avg EBITDA margin of ~40% in the beginning. Caveats that can push our estimates