JP Auto; Key Watch Into 1Q Results, MELCO/Hitachi PT Raised, KR Shipbuilding 2Q26 Preview, Sungrow, UBTech; PT Raised: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - F&G - A&D

研报英文原文证据摘录

JP Auto; Key Watch Into 1Q Results, MELCO/Hitachi PT Raised, KR Shipbuilding 2Q26 Preview, Sungrow, UBTech; PT Raised: APAC Industrial & Auto Sector Specialist Sales Commentary Auto & EV - Equipment - Machinery - F&G - A&D

siness (20–25% of FY25 gross profit). However, it is too early to assume a total US market

shutdown, given Sungrow’s SEA production footprint, uncertainty over the rule’s scope (Chinese brand vs. Chinese made,

grid vs. microgrid, remote communication features), and the likelihood of a grace period for supply chain adjustment. Even in

a downside scenario, Sungrow’s 15x FY27E P/E and strong ex-US ESS growth (40% CAGR in 2026–27) support the

investment case. We maintain OW, noting that Deye is a cleaner EM DG ESS growth story among China ESS integrators.

• Investor Feedback: After a significant pullback on media headlines, investor interest in the stock has increased, with many

viewing its current 15x P/E valuation as strong support—even in a downside scenario of a US ban as Alan flags. Catalysts

include a new product launch next week (AIDC ESS power supplies) and potential AIDC ESS order wins in 2H26.

While bears argue that near-term earnings momentum may be weighed by cost inflation in 2Q26 and lingering US ban

uncertainties, investors are increasingly focused on valuation support and upcoming catalysts for a gradual recovery.

UBTech Global Launch Event 2026; Raise PT - Karen Li

• Sungrow’s share price fell 14% on reports that the US FCC may restrict new foreign inverter imports, potentially

impacting Sungrow’s US business (20–25% of FY25 gross profit). However, it is too early to assume a total US market

• Investor Feedback: Investor feedback on UBTech has been more negative than supportive, with many noting the company is