Core Thesis - First Solar, Inc. is positioned as a key beneficiary of the global shift towards renewable energy, yet its current valuation does not reflect its growth potential, resembling that of a low-growth utility despite strong structural advantages [2]. Company Overview - First Solar, Inc. specializes in photovoltaic (PV) solar energy solutions and operates internationally, including in the U.S., France, India, and Chile [2]. - The company utilizes proprietary Cadmium Telluride (CdTe) technology for its advanced thin-film solar modules, differentiating itself from conventional silicon panel manufacturers [2]. Competitive Advantages - First Solar's manufacturing approach offers cost advantages, durability, and performance benefits in high-temperature environments, supported by over 1,600 patents that create a significant competitive moat [3]. - The company benefits from U.S. Section 45X manufacturing tax credits, projected to contribute approximately $1.6 billion to operating income in 2025, helping to maintain gross margins in the 40%–45% range despite global module price pressures [3]. Growth Catalysts - Strong domestic policy support, tariffs on Chinese competitors, and a substantial backlog of 54–64 GW extending into 2029 provide revenue visibility [4]. - Expansion of facilities in Louisiana and South Carolina represents key growth opportunities, although there are execution risks involved [4]. - Potential upside may arise from favorable outcomes in ongoing TOPCon patent litigation and increasing electricity demand driven by AI data centers and hyperscalers pursuing renewable energy targets [4]. Financial Position - The company has a strong balance sheet with approximately $1.5 billion in net cash, leading sector margins, and rapid revenue and EPS growth, supported by conservative leverage [5]. - Despite these strengths, the stock trades near 10× forward earnings, indicating substantial undervaluation compared to higher industry multiples [5]. - Valuation frameworks suggest significant upside potential, with share appreciation possibilities toward the mid-$300 range as growth materializes and policy tailwinds continue [5].

2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 S电池设备还会继续下单，其次是硅片设备，近期与国内企业技术交流持续进行中。 2、主材方面，钧达拜访S，未来可能合作CPI膜和钙钛矿叠层电池；东方日升p-HJT电池在春节前得到S下单，持续 进行技术优化，国内市场拓展亦进展积极；晶科后续可能赴美拜访T。 辅材方面，福斯特持续推进柔性砷化镓标的股权投资；海优推进硅橡胶膜产业化，年内可能有上天测试机会；永 臻对T批量供应铝边框可能3月落地，鑫铂马来工厂投产后也会有T审厂。 1、T电池设备下单在即，预计首批规模10GW，后续还会下单40GW，明确使用LP路线，11月前将完成交付，#下 单进展是超预期的。 【长江电新】太空光伏：重视T、S设备下单催化，主辅材企业进展积极 3、看好太空光伏beta投资 ...

Core Insights - Tariffs are negatively impacting profit margins for companies in the industry [1] - Federal energy policies are creating additional challenges for operational efficiency [1] - Demand within the market appears to be weaker than previously anticipated [1] Group 1: Tariffs - The imposition of tariffs is squeezing margins, leading to reduced profitability for companies [1] Group 2: Federal Energy Policies - Federal energy policies are acting as a drag on the industry, complicating operational strategies [1] Group 3: Demand Trends - Current demand levels are showing signs of weakness, falling short of earlier expectations [1]

Investors might want to bet on Sunrun (RUN) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Since a changing ea ...

Norway’s sovereign wealth fund, the world’s largest managing assets over $2.2 trillion, has decided not to invest in Adani Green Energy Ltd, citing corruption and financial crime allegations against the company.The Government Pension Fund Global held 0.23% of Adani Green Energy as of 26 August 2025, worth $43.9 million at the time, when it last voted on the company's shareholder resolutions. Norges Bank, which manages the sovereign wealth fund, did not comment on whether it has divested its stake since.The ...

Sunrun Inc (NASDAQ:RUN) shares are trading sharply lower Friday after the solar and storage provider posted fourth-quarter results after the bell Thursday that topped Wall Street forecasts but highlighted slower growth. Here’s what investors need to know.Sunrun shares are sliding. Why is RUN stock dropping?Q4 Earnings And Sales Beat EstimatesThe company reported adjusted fourth-quarter earnings of 38 cents per share, smashing analyst expectations for a loss of 8 cents, though profits fell sharply from $1.41 ...

Sunrun also discussed expanding partnerships tied to dispatch and retail electricity integration. In the fourth quarter, the company announced a partnership with NRG that pairs Sunrun’s solar and storage with optimized rate plans, and management said uptake has been strong, with batteries already delivering energy back to the grid during multiple dispatch events. Powell added that Sunrun expects to launch additional partnerships in 2026, referencing existing programs that include Tesla in Texas.Powell point ...

图 1 ： CZTSSe 太阳能电池图片 为了解决这一问题，中国科学院青岛生物能源与过程研究所研究团队在材料内部引入一层"界面 相"作为"交通指挥员"。这层名为Li2SnS3的特殊结构，可以在关键反应过程中引导金属离子按照正确路 线移动，让晶体结构更加均匀、稳定，就像把"乱跑的材料"重新排好队。 这一方法能够让晶粒长得更大、更整齐，明显减少了材料内部的缺陷，从根本上提升了电池的发电 能力。在这一新机制的帮助下，研究团队取得了一系列重要成果：光电转换效率达到15.45%；国际权 威认证效率15.04%；在较窄带隙条件下，开路电压首次突破600mV，为解决该类型光伏器件的性能瓶 颈提供了新思路。从材料生长机理层面，首次系统解释了"离子迁移—缺陷—性能"之间的关系，这些成 果为未来的产业化应用打下了坚实基础。随着全球能源转型加速，这项成果有望在未来的清洁能源体系 中发挥重要作用，为绿色低碳发展贡献新的方案。 据了解，这项技术的核心材料叫：铜锌锡硫硒太阳能电池（简称CZTSSe）。其材料来源广泛，主 要元素在地壳中储量丰富，不依赖稀有金属，材料成本低；其次溶液法制备，制备成本低；薄膜电池， 材料用量低；另外，该材料还 ...

Sunrun (NasdaqGS:RUN) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsAmeet Thakkar - Director of Equity ResearchChris Dendrinos - VP of Equity ResearchDanny Abajian - CFOJulien Dumoulin-Smith - Managing DirectorMaheep Mandloi - Director of Equity ResearchMary Powell - CEOMoses Sutton - Managing DirectorPatrick Jobin - SVP, Deputy CFO and Investor Relations OfficerPaul Dickson - President and CROPhilip Shen - Managing DirectorConference Call ParticipantsAndre Adams - Equity Research ...

Sunrun (NasdaqGS:RUN) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Company ParticipantsAmeet Thakkar - Director of Equity ResearchChris Dendrinos - VP of Equity ResearchDanny Abajian - CFOJulien Dumoulin-Smith - Managing DirectorMaheep Mandloi - Director of Equity ResearchMary Powell - CEOMoses Sutton - Managing DirectorPatrick Jobin - SVP, Deputy CFO and Investor Relations OfficerPaul Dickson - President and CROPhilip Shen - Managing DirectorConference Call ParticipantsAndre Adams - Equity Research ...