SolarEdge Technologies 2Q业绩符合预期，3Q指引不及预期，投资者日即将举行

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

SolarEdge Technologies

2Q Results Align, 3Q Guide Misses, Investor Day Up

Next

Neutral

SEDG, SEDG US

Price (04 Aug 26):$48.76

▼Price Target (Dec-27):$37.00

Prior (Dec-27):$43.00

SEDG reported 2Q results aligned with expectations excluding IEEPA tariff

refunds. 3Q guidance was below expectations as the US resi market remains

sluggish and Europe is expected to seasonally decline. Encouragingly, the Nexis

rollout is tracking to plan, SEDG appears to be gaining share in US C&I, and the

SST initiative is progressing with customer RFIs. The company will host an

Investor Day in September where we expect updated financial targets (importantly

including gross margin targets) as well as an overview of the SST opportunity and

potential revenue evolution. We are adjusting our estimates. Our Dec 27 price

target goes to $37, from $43. Maintain Neutral.

2Q beat driven by tariff refunds. SEDG reported a 2Q PF EPS gain of $0.05

on revenue of $346mm (Street: $0.02 loss/$342mm, JPMe prior: $0.03 loss/

$340mm). PF gross margin was 28.6%, above expectations though

approximately aligned once adjusted for a $13mm IEEPA tariff refund (Street/

JPMe prior: 25.0%). SEDG noted that strong demand in Europe and the US

C&I market offset weakness in US resi, and that there was no significant pullforward of revenue from US safe harbor activity.

3Q guide misses. SEDG looks for 3Q revenue of $310-340mm (Street:

$371mm, JPMe prior: $390mm) with a $15mm q/q decline in Europe due to

typical seasonality and continued sluggishness in US resi. PF gross margin is

guided to 22-26%, below expectations primarily owing to the lower revenue

base (Street: 26.6%, JPMe prior: 27.0%). PF opex is guided to be $86-91mm

(JPMe prior: $90mm). The guidance excludes potential IEEPA refunds, which

SEDG noted were $11.5mm in July. We are adjusting our estimates

accordingly, baking in the $11.5mm of tariff refund, while ~$30mm of

additional refunds could present upside in either 3Q or 4Q26.

Investor Day up next. SEDG will host an Investor Day on September 10 in

NY. We expect updated financial targets from the new CFO (importantly

…