Sungrow - A: FCC targets new Chinese inverter imports; maintain OW as negative already priced in

研报英文原文证据摘录

Sungrow - A: FCC targets new Chinese inverter imports; maintain OW as negative already priced in

J P M O R G A N Asia Pacific Equity Research

29 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan.

Sungrow - A Overweight

300274.SZ, 300274 CH

FCC targets new Chinese inverter imports; maintain Price (28 Jul 26):Rmb112.08

OW as negative already priced in Price Target (Dec-26):Rmb212.00

On July 28th, the FCC said it would block imports of new Chinese humanoid/ APAC Utilities & Renewables |

quadruped robots and connected power inverters. While this is not entirely new, the Sustainable Investing

scope (covering both inverter and ESS PCS products and both utility-scale and Alan Hon AC

off-grid applications) trends towards the bearish side. In-line with market (852) 2800-8573

expectations, the ban would affect new models, where previously FCC approved alan.hon@jpmorgan.com

models can still be sold to the U.S. We see negative earnings implications to be Daqi Jiao

more mid-term. Another key development will be the legal interpretation on (852) 2800-8595

“remote connectivity”. Per Sungrow, its products do not have wireless daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

communication capability and are connected to its customer control unit via a Morgan Broking (Hong Kong) Limited

physical cable. Potentially, Sungrow could apply for a conditional approval to

secure FCC authorizations for new models through an individualized risk

assessment (via DoW/DHS) but the hurdles could be high, in our view.