Sungrow Power Supply Co Ltd Class A

300274: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CNY 29.00	Ytv	Hkhyqhgxk

Sungrow Power Supply: Initiating With No-Moat Rating and CNY 86 Fair Value Estimate

Cheng Wang

Sep 28, 2023

We initiate coverage of Sungrow Power Supply, one of the largest solar inverter and energy storage system suppliers in the world, with a no-moat rating. Although Sungrow is leading peers in both solar inverters and energy storage systems, we do not have high conviction that it can maintain its lead for at least the next 10 years. We think the shares are fairly valued relative to our CNY 86 fair value estimate.

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