ESS Battery: June shipments above 100GWh, +3% m/m and +66% y/y despite a high base; FY26 on track to 1,100Gwh

研报英文原文证据摘录

ESS Battery: June shipments above 100GWh, +3% m/m and +66% y/y despite a high base; FY26 on track to 1,100Gwh

Rebecca Wen AC Asia Pacific Equity Research

(852) 2800-8505 17 July 2026 J P M O R G A N

rebecca.y.wen@jpmorgan.com

likely to be the more important contributor to battery growth.

Recommendations

The table below summarizes the key relevant stocks under J.P. Morgan Asia equity coverage

and their exposure to the ESS business.

• Largest PCS supplier – Sungrow (OW): Sungrow is the world’s largest solar inverter

producer by volume, gaining market share in recent years due to cost advantage. Sungrow

offers superior product quality and stronger brand recognition compared to domestic

peers. We expect Sungrow to benefit from robust ESS demand and rising orders from

utilities and data centers.

• Deye (OW) is a distributed generation (DG) energy storage (ESS) producer with first-

mover advantage in emerging markets (EM). Near term, energy supply shocks are

accelerating DG solar+storage adoption, especially where diesel DG was prevalent.

Longer term, policy may shift toward resilience, supporting sustained growth. Deye’s

appliance legacy supports cost leadership via rising in-house fabrication.

• China ESS battery: CATL (OW) is the largest ESS battery maker globally and our top

pick in China’s battery value chain. EVE Energy (N) has the highest ESS exposure

among covered battery makers, followed by CALB (OW). We also favor BYD (OW),

given strong demand for its EV models in overseas markets and benefits from vertical

integration in EV and ESS.

• Korean battery players see improved opportunities and margins in US ESS. LGES’s

(OW) ESS order win momentum has been strong, and we estimate that the company has

the largest LFP ESS order backlog among Korean battery makers.