纵横研报
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05Reports
601012.SHG logo
·光伏制造 ·内部研究

LONGi Green Energy: A Real Transition, Not Yet a Real Turnaround

LONGi Green Energy is a former monocrystalline-wafer champion pivoting its integrated solar manufacturing business toward back-contact (BC) modules and, since a January 2026 acquisition, early-stage energy storage. In 2025 revenue fell 14.8% to CNY 70.35bn with a CNY 6.42bn attributable net loss, wafers ran a negative 5.30% gross margin, and only the power-station segment stayed solidly profitable, even as BC module shipments reached 22.87GW and rose to 8.34GW of the 12.62GW shipped in the first quarter of 2026. Rating Hold: the balance sheet still holds CNY 53.35bn of cash against CNY 35.20bn of debt, but at CNY 13.12 the stock already prices in a successful transition that the financials have not yet delivered.

601012.SHG LONGi Green Energy Technology Co., Ltd. #Solar Manufacturing#BC Modules#Silicon Wafers#Industry Overcapacity#Energy Storage#A-Share Solar
Hold
·多元化工业 ·In-house Research

Panasonic Holdings: Better Business, Priced Ahead of Proof

Panasonic Holdings is a diversified Japanese electronics group whose earnings base is still mature B2B and appliance operations, while batteries and AI-infrastructure products drive the growth narrative. FY2026 sales were ¥8.05 trillion across six segments, but ROE fell to 3.8% on ¥174.5 billion of restructuring charges, and the shares are up about 68% in 2026 on an AI-infrastructure rerating that capitalizes one hot battery-and-data-center engine across the whole group. Rating Hold: the business mix is genuinely improving, but at ¥4,540 the price already discounts most of the battery, AI-infrastructure, and restructuring upside, leaving no margin of safety against a conservative fair value near ¥2,400-¥2,690.

6752.TSE Panasonic Holdings Corporation #Batteries#Energy Storage#AI Infrastructure#Conglomerate Reform#Japan#Owner Earnings
Hold
·电力设备 ·内部研究

NARI Technology: Grid-Control Franchise, Quality Already Priced

NARI is the dominant listed proxy for China's grid-control layer: dispatch software, relay protection, UHV control and energy-management systems built around State Grid. 2025 revenue reached RMB 66.23bn with operating cash flow of RMB 12.77bn, yet revenue is outgrowing profit as the mix shifts toward lower-margin storage and outside-grid work. Rating Hold: a high-quality policy-cycle compounder whose roughly 22x trailing valuation leaves little margin of safety against further mix dilution.

600406.SHG NARI Technology Co., Ltd. #grid automation#UHV#smart grid#State Grid#energy storage#valuation
Hold
300274.SHE logo
·电力设备 ·内部研究

Sungrow Power Supply: High-Quality Growth in a Cyclical Shell

Sungrow Power Supply is a founder-led global leader in solar inverters and energy-storage systems, with overseas sales at 60.7% of 2025 revenue and storage now its largest segment at 41.9% of sales. Operating cash flow climbed to CN¥16.9 billion and receivables improved, yet Q1 2026 revenue fell 18.3% and profit 40.1%, exposing sharp margin-mix cyclicality beneath the quality story. Rating Hold: a genuine quality-growth franchise trading at a premium that leaves little margin of safety for execution misses.

300274.SHE Sungrow Power Supply Co., Ltd. #solar inverters#energy storage#renewables#power electronics#China#overseas expansion#valuation
Hold
·锂电池与储能 ·In-house Research

LG Energy Solution: Strategic Assets, Unproven Returns

LG Energy Solution is the largest Korean large-format battery maker, running a three-part machine of automotive cells for global OEMs, IRA-localized North American capacity, and a fast-growing energy-storage pivot, with 2025 revenue of ₩23.7tn. The 2026 question is whether it can earn real returns on a ₩42.6tn asset base: Q1 2026 still posted a ₩207.8bn operating loss even after ₩189.8bn of AMPC credits, though 46-series backlog has topped 440 GWh and ESS is becoming a credible second leg. Rating Hold: at ₩404,500 the stock trades near 4.0x sales and already prices a recovery, leaving no clear margin of safety until ex-credit profitability inflects.

373220.KO LG Energy Solution, Ltd. #Battery Manufacturing#Energy Storage#EV Supply Chain#IRA Localization#LFP#Korea#Valuation
Hold