Sungrow Power Supply (300274.SZ) US Possible Ban on Foreign Inverters Probably Storm in a Tea Cup

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Sungrow Power Supply (300274.SZ) US Possible Ban on Foreign Inverters Probably Storm in a Tea Cup

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30 Jun 2026 12:40:31 ET │ 12 pages

Sungrow Power Supply (300274.SZ)

US Possible Ban on Foreign Inverters Probably Storm in a Tea Cup

CITI’S TAKE

According to Reuters (30-June-2026), the Trump administration is

Buy drafting a ban on imports of foreign inverters over concerns that China

Catalyst Watch: Upside, expires 26-JUL-26 could use them to disrupt power supplies. The rule being drafted by the

Price (30 Jun 26 15:00) Rmb159.020 U.S. Federal Communications Commission would apply to new foreign

models of inverters and could be published as early as this year. After Target price Rmb185.000

checking with Sungrow, we note that the company does not seem too Expected share price 16.3% worried, saying that “the inverters that Sungrow exports to the U.S. do not return

have remote communication capabilities; they perform only the inverter Expected dividend yield 1.1%

function” and “verification was done by the U.S. Department of Energy”. Expected total return 17.5%

According to Citi U.S. renewable energy analyst Vikram Bagri, the Market Cap Rmb329,682M

potential ban might not happen or the grace period will likely be very

US$48,703M long. Sungrow should have below 11.4-15.2% 2026E gross profit from

inverter sales to the U.S. We think this new news is probably not a big

concern.

China ESS & Solar Sector

New news – According to Reuters (30-June-2026), the Trump administration is Pierre Lau, CFAAC

drafting a ban on imports of foreign inverters, which connect solar projects and

+852-2501-2716batteries to the grid, over concerns that China could use them to disrupt power

pierre.lau@citi.comsupplies, according to five people with knowledge of the matter. The rule being