Sungrow Power Supply(SZ:300274) HTSC·2025-09-21 07:55Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy sector [8] Core Views - The domestic computing power is accelerating iteration and deployment, with a focus on the AIDC (Artificial Intelligence Data Center) industry chain, which is expected to drive demand growth in the data center industry chain and enhance order visibility [1][14] - The report highlights opportunities in various sub-industries, including lithium batteries and materials, industrial control, energy storage, photovoltaic, and wind power [2] Summary by Sections Sub-industry Insights - New Energy Vehicles: Positive outlook on lithium battery and material segments [2] - Industrial Control: Focus on the AIDC industry chain due to accelerated domestic computing power [2] - Energy Storage: Since 2025, over 208 GWh of energy storage orders have been signed for overseas markets, indicating strong potential for domestic companies [2][15] - Photovoltaics: Significant results from anti-involution policies, with continuous price increases in the industry chain [2][17] - Wind Power: Progress in multiple domestic offshore wind power projects [2][22] Key Companies and Developments - GCL-Poly Energy: Notable cost advantages in granular silicon, with a steady increase in market share [3][26] - Sungrow Power Supply: Maintains a leading position in the solar-storage sector, with accelerated AIDC layout [3][27] Recommended Companies - GCL-Poly Energy (3800 HK): Target price of 2.22, rated as "Buy" [10][25] - Sungrow Power Supply (300274 CH): Target price of 147.42, rated as "Buy" [10][25]