Sigenergy Technology: Good buying opportunity with solid long-term growth engine

研报英文原文证据摘录

Sigenergy Technology: Good buying opportunity with solid long-term growth engine

.39 20.57

contribute in 2027E. Hence we forecast revenue of Rmb20bn for 2026E, with

12/27E 27.47 29.03

Rmb15.5bn for residential storage, Rmb3bn for commercial and Rmb1.5bn for utility- 12/28E 34.13 34.97

scale storage. For 2027E, we forecast the revenue to grow over Rmb30bn, with

Rmb20bn for residential, and commercial and utility-scale to increase meaningfully to Yishu Yan

Rmb5bn and Rmb5bn each. Analyst

yishu.yan@ubs.com

+86-21-3866 8782

Demand to remain resilient

On 26 June, Europe announced the Tripartite Agreement for Energy Storage, which is Anna Yuan

Analystthe first time the European Commission, Member States, financial institutions and

S1460524090002

industry are brought together around a common short-term agenda for storage

anna.yuan@ubs.com

deployment. It sets targets of : 1) 45GW of BESS installation in 2026-28, implying >20% +86-21-3866 8637

growth over 2025 annual installation of 12GW; 2) 24GWh C&I BESS installation in

Ken Liu2028, up from 9GWh in 2026; share of C&I BESS installation colocated with renewable

Analyst

up from 5% in 2026 to 20% in 2028; PPA volumes with storage up from 1.5GW in 2026

ken.liu@ubs.com

to 4.5GW in 2028. 3) Reduce natural gas demand by better utilizing renewables, ensure +852-2971 7516

that energy storage meets around 10% of peak demand, up from around 5% in 2025.

Besides Europe, Sigenergy will use its new product, Neo, to expand to other emerging

markets and compete with other brands for market share.

Valuation: Maintain Buy with cheap valuation

Highlights (Rmbm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 58 1,330 9,001 17,448 25,773 32,641 41,377 49,287

EBIT (UBS) (378) 82 3,142 5,507 7,794 9,672 11,674 13,319