Intersolar Day 2 Feedback

研报英文原文证据摘录

Intersolar Day 2 Feedback

EUROPE | Clean Technology EquityJuneResearch24, 2026

Day 2 underscored a structural shift toward storage-led, integrated

energy solutions, with batteries and energy management capturing

disproportionate value. Supply chains and compliance (US/EU) are

emerging as differentiators, supporting pricing and share gains for Western

players, while end-demand remains resilient despite policy/tariff noise. Grid

and thermal backlogs stay robust, reinforcing medium-term visibility across

power electronics and infrastructure.

The tone on Day 2 was constructive, with management teams highlighting resilient demand,

improving order visibility and a clear pivot toward higher-value system integration. Batteries

emerged as the central growth vector across regions, supported by pricing actions, new product

cycles and rising adoption in Europe. Companies are repositioning toward full solutions (inverters,

storage, software), while compliance-driven supply chains provide competitive advantage.

Power Electronics (Private). Key takeaways include: (1) Power Electronics (PE) remains a

family-owned business with a long operating history, led by the founder’s youngest son, with

IPO optionality but no near-term plans. (2) Its products portfolio contains variable frequency

drive / controller for compressors and pumps, DC fast chargers and central inverters, with the

latter as its core business. The company has 170GW (cumulative) of inverter in operation and

expects to grow to 190GW at YE26, which makes it the largest non-Chinese central inverter

supplier. (3) PE recorded revenue of EUR1.3bn in FY25, with 70% contributed from US mkt,

higher than historical avg of c.50%, with the rest from Australia, UK, Latin America and other

EU countries.