FCC covered list likely caps US growth: Grandfathering cushions 2026F, but frozen model pipeline erodes competitiveness into 2027F and beyond

研报英文原文证据摘录

FCC covered list likely caps US growth: Grandfathering cushions 2026F, but frozen model pipeline erodes competitiveness into 2027F and beyond

Global Markets Research

Sungrow Power Supply 300274.SZ 300274 CH 29 July 2026

EQUITY: TECHNOLOGY

RatingFCC covered list likely caps US growth Remains Neutral

Target priceGrandfathering cushions 2026F, but frozen model Remains CNY 120.00

pipeline erodes competitiveness into 2027F and beyond

Closing price CNY 106.55 29 July 2026FCC adds foreign-produced inverters to Covered List, effective immediately

The FCC (Federal Communications Commission) Public Safety and Homeland Security Implied upside +12.6%Bureau released PublicNoticeDA26-786 on 28 July 2026, adding foreign-produced power

inverters to the Covered List. The determination defines a power inverter on “two limbs”: i) a Market Cap (USD mn) 32,631.8

bi-directional DC/AC conversion device, explicitly including micro-inverters, string, central ADT (USD mn) 1,629.4

and hybrid battery-based inverters; and ii) contains components enabling remote

communication, control, sensing, data collection or monitoring via Wi-Fi, cellular or

Bluetooth. In our view, the product portfolio of Sungrow likely falls within the defined scope, Relative performance chart

and the explicit naming of hybrid battery-based inverters likely brings storage PCS (power

conversion system) into the perimeter. Critically, "foreign-produced" is defined by reference

to 48 CFR §25.101(a), the Buy American "domestic end product" test, rather than country-

of-origin rules; hence, third-country capacity therefore does not qualify.

Frozen model pipeline near term; SST and margins worth monitoring long term

In the near term, the closure of the new-model certification pathway is one binding