#OBBB法案细则落地、总体符合预期 2月美国落地OBBB法案储能细则，总体符合预期，但技术授权限制和PFE计 算穿透到原材料，较预期略微严格；新增MACR测算方式，需穿透到原材料。 我们认为，OBBB法案有一定过渡期，短期对中国企业出货量影响有限，叠加AI数据中心对储能需求拉动，预计今 年美国大储需求仍维持20-30%的增长。 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（储能系统相关税率分别为10%、10%）； 2）随后，特朗普签署行政令，依据《1974年贸易法》第122条对全球商品加征10%关税，原定2月24日生效，特朗 普通过社交媒体将税 东吴电新】美国储能：对美出口关税边际下降，OBBB总体符合预期，继续看好储能需求爆发！ #出口关税边际下降、利好储能系统出口 1）2月20日，美国最高法院裁决认定特朗普政府依据《国际紧急经济权 力法》实施的全球关税违法，由此芬太尼关税、对等关税有望取消实施（ ...

Core Insights - Generac Holdings Inc. anticipates strong sales growth in 2026, driven by data center opportunities and recovery in power outage environments [1][6] Fourth Quarter 2025 Highlights - Net sales decreased by 12% to $1.09 billion compared to $1.23 billion in Q4 2024, with a slight favorable impact from acquisitions and foreign currency [4] - Residential product sales fell approximately 23% to $572 million, while Commercial & Industrial (C&I) product sales increased by 10% to $400 million, primarily due to higher revenue from data center customers [4][12] - The company reported a net loss of $24 million, or $0.42 per share, compared to a net income of $117 million, or $2.15 per share in the same period last year [4] - Adjusted net income was $95 million, or $1.61 per share, down from $168 million, or $2.80 per share in Q4 2024 [4] - Adjusted EBITDA was $185 million, representing 17.0% of net sales, compared to $265 million, or 21.5% of net sales in the prior year [4][8] Full-Year 2025 Highlights - Net sales for 2025 decreased by 2% to $4.21 billion from $4.30 billion in 2024, with a slight favorable impact from acquisitions and foreign currency [4] - Residential product sales decreased by 7% to $2.27 billion, while C&I product sales increased by 5% to $1.46 billion [4] - Net income for 2025 was $160 million, or $2.69 per share, down from $316 million, or $5.39 per share in 2024 [4] - Adjusted EBITDA for 2025 was $716 million, or 17.0% of net sales, compared to $789 million, or 18.4% of net sales in the prior year [4] 2026 Outlook - The company expects full-year 2026 net sales growth in the mid-teens percent range, including a 1% favorable impact from foreign currency and acquisitions [15] - C&I product sales are projected to increase in the 30% range, driven by data center customer revenue and the acquisition of Allmand [18] - Residential product sales are expected to rise by approximately 10%, assuming a return to average power outage activity [18] - The anticipated net income margin for 2026 is expected to be around 8.0 to 9.0%, with an adjusted EBITDA margin of approximately 18.0 to 19.0% [19] Business Segment Results - Domestic segment sales decreased by approximately 17% to $889 million, primarily due to weaker shipments of home standby and portable generators [12] - International segment sales increased by approximately 12% to $209.2 million, driven by higher revenue from data center customers [16] - Adjusted EBITDA for the domestic segment was $151.5 million, or 17.0% of total sales, down from 22.7% in the prior year [13] Share Repurchase Program - The company repurchased approximately 1.1 million shares for $148 million in 2025 and initiated a new stock repurchase program allowing for up to $500 million over the next 24 months [5]

Core Insights - SolarEdge Technologies is expected to report Q4 2025 earnings on February 18, 2026, with projected earnings of ($0.19) per share and revenue of $330.334 million [2] Financial Performance - The stock opened at $36.79, with a 50-day moving average of $31.96 and a 200-day moving average of $33.29 [3] - The company has a market capitalization of $2.20 billion, a PE ratio of -3.80, and a beta of 1.66 [3] - The stock has experienced a 1-year low of $11.00 and a 1-year high of $48.60 [3] - Current ratio stands at 2.28, quick ratio at 1.60, and debt-to-equity ratio at 0.78 [3] Analyst Ratings - TD Cowen upgraded SolarEdge from "hold" to "buy" with a price target increase from $34.00 to $38.00 [4] - UBS raised its price target from $30.00 to $40.00, maintaining a "neutral" rating [4] - Goldman Sachs lowered its price target from $36.00 to $31.00, also with a "neutral" rating [4] - JPMorgan Chase increased its price objective from $27.00 to $29.00, maintaining a "neutral" rating [4] - Weiss Ratings reissued a "sell (d-)" rating [4] - Overall, one analyst rated the stock as "Buy," sixteen as "Hold," and eight as "Sell," with an average rating of "Reduce" and a consensus target price of $25.45 [4] Institutional Holdings - Institutional investors own 95.10% of SolarEdge's stock [5] - Canada Pension Plan Investment Board acquired a new stake worth approximately $35,000 [5] - Tower Research Capital LLC increased its holdings by 28.7%, now owning 2,481 shares valued at $51,000 [5] - Advisory Services Network LLC and Mackenzie Financial Corp also acquired new stakes worth approximately $133,000 and $202,000, respectively [5] - Jain Global LLC purchased a new stake valued at $328,000 [5] Company Overview - SolarEdge Technologies is a global provider of solar energy solutions, focusing on optimizing photovoltaic (PV) power generation [6] - Core offerings include power optimizers, inverters, and cloud-based monitoring platforms [6] - The company has expanded its product portfolio to include energy storage systems, electric vehicle (EV) charging solutions, and smart energy management tools [7]

Core Viewpoint - JinkoSolar's stock experienced an 8.5% increase, closing at $27.56, following the announcement of a significant cybersecurity certification for its energy storage systems, which is expected to enhance customer trust and drive future sales growth [1][2]. Group 1: Stock Performance - JinkoSolar shares rose 8.5% in the last trading session, with trading volume significantly higher than usual, contrasting with a 9.7% loss over the previous four weeks [1]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook [4]. Group 2: Certification Impact - The Jinko ESS North American unit received the IEC 62443-2-4 cybersecurity certification from exida, enhancing the credibility of its energy storage systems among utilities, enterprises, and regulators [2]. - This certification is expected to improve competitiveness in regulated markets and drive higher adoption of energy storage systems [2]. Group 3: Earnings Expectations - JinkoSolar is projected to report a quarterly loss of $0.62 per share, reflecting a year-over-year change of +38.6%, with expected revenues of $2.79 billion, down 1.4% from the previous year [3]. - The consensus EPS estimate for JinkoSolar has remained unchanged over the last 30 days, suggesting that stock price movements may be limited without changes in earnings estimates [4]. Group 4: Industry Comparison - Tigo Energy, Inc., another company in the solar industry, saw its shares increase by 7.9% to $3.69, with a remarkable return of 113.8% over the past month [4]. - Tigo Energy's consensus EPS estimate has also remained unchanged at -$0.04, representing a year-over-year change of +90.9% [5].

Core Viewpoint - The U.S. House committee is examining Ford's strategy to repurpose its battery manufacturing facilities for lithium iron phosphate cells and energy storage systems in collaboration with CATL, raising concerns about licensing agreements and potential partnerships with Chinese companies [1][2][3]. Group 1: Ford's Business Strategy - Ford plans to repurpose its existing battery plants in Kentucky and Michigan to produce energy storage system batteries, with initial capacity expected to be operational within 18 months [4]. - The company announced a significant $19.5 billion writedown and the discontinuation of several electric vehicle models as part of its revised business strategy [4]. - Ford is confident that its expanded production of lithium iron phosphate (LFP) batteries will meet tax credit eligibility requirements, emphasizing the investment in American workers and local economies [5]. Group 2: Regulatory and Partnership Concerns - Representative John Moolenaar has raised questions regarding whether Ford's licensing terms with CATL have been modified in light of new eligibility restrictions under recent legislation [2][3]. - Moolenaar is also inquiring about a potential joint venture between Ford and Chinese automaker BYD, expressing concerns over vulnerabilities in the auto supply chain due to China's actions [6]. Group 3: Investment and Production Plans - Ford announced plans to build a $3 billion battery plant in Michigan, utilizing technology from CATL, with production expected to start this year [7]. - The new factory in Marshall, Michigan, will also manufacture batteries for Ford's upcoming $30,000 midsize electric vehicle truck [7].

Core Viewpoint - Generac Holdings Inc. is set to release its fourth quarter and full-year 2025 financial results on February 11, 2026, with a conference call scheduled for 10:00 a.m. EST to discuss the earnings highlights [1]. Company Overview - Generac is a total energy solutions company founded in 1959, recognized as a leading global designer, manufacturer, and provider of energy technology solutions [3]. - The company offers a wide range of products including power generation equipment, energy storage systems, and energy management devices, catering to residential, light commercial, and industrial markets [3]. - Generac pioneered the affordable backup generator and established the automatic home standby generator category, continuing to expand its energy technology offerings to promote more resilient and sustainable energy solutions [3].

Group 1 - Generac's stock has been trading unevenly due to concerns about grid reliability and extreme weather, alongside its exposure to housing market cyclicality [3][7] - The AI price-prediction model forecasts a moderate increase in Generac's stock price, projecting an average price of $180.50 by mid-April, reflecting improving fundamentals without fully committing to a housing-driven acceleration [5][9][10] - The company's core narrative is focused on power reliability and grid stress, with long-term demand for standby generators and energy storage systems supported by severe weather events and aging infrastructure [7] Group 2 - Near-term performance of Generac is closely linked to housing trends, with residential generator installations tracking new home construction, which has slowed due to a recent housing downturn [8] - Recent commentary indicates inventory normalization and improving sell-through, which have stabilized revenue expectations for Generac [8] - Technical indicators suggest a modestly positive outlook for the stock, with signs of stabilization after recent volatility [10]

Group 1 - Cathie Wood is reducing her Tesla stake while maintaining high expectations for the company, projecting 70%-80% gross margins driven by robotaxis and software [1] - Tesla is facing challenges with declining sales in key European markets, price cuts affecting profitability, and increased competition from Chinese brands [1][2] - Despite these challenges, Tesla has improved its ranking in a major annual automaker survey, indicating strong brand strength and technological advantage [2] Group 2 - Tesla's market value is approximately $1.46 trillion, with a share price of $427.05 as of January 20, reflecting a year-to-date return of -5.4% and a 52-week decline of -0.25% [4] - The company trades at a high trailing P/E of 302.46x and a forward P/E of 255.11x, significantly above sector medians of 16.74x and 18.18x [5] - In Q3 2025, Tesla reported an EPS of $0.37, missing the consensus estimate of $0.41, indicating a -9.76% negative surprise, while quarterly sales reached approximately $28.1 million, showing a year-over-year growth of 24.89% [6][7]

Group 1 - LG Energy Solution (LGES) reported an operating loss of KRW 122 billion (US$ 83 million) in Q4 2025, which is less than half of the KRW 225 billion loss from Q4 2024 [1][3] - Sales revenue for Q4 2025 declined by 4.8% to KRW 6.14 trillion, with net earnings estimates yet to be released [2] - The company's financial performance was bolstered by a KRW 332.8 billion tax credit from the Advanced Manufacturing Production Credit (AMPC) under the US Inflation Reduction Act [2] Group 2 - Without the AMPC tax credit, LGES estimates an operating loss of KRW 454.8 billion for Q4 2025 [3] - The company anticipates a full-year 2025 operating profit of KRW 1.34 trillion, representing a 134% increase from the previous year, driven by strong demand earlier in the year before the US government reduced tax credits for BEV buyers in September [3] - Global battery manufacturers, including LGES, are expanding in the energy storage system market to compensate for the slowing demand for battery electric vehicles (BEVs) in the US [4]

Core Insights - Global demand for data center capacity is projected to more than triple by 2030, creating unprecedented demand for reliable and scalable power solutions [1] - Generac is positioned to capitalize on this opportunity, aiming to double sales of Commercial & Industrial (C&I) products in the next three to five years [1] - The company has expanded its product portfolio to include large-megawatt generators, facilitating entry into the growing data center market [1] - Generac's order backlog has doubled due to increased customer interest from the data center sector [1] - The new manufacturing facility in Sussex will enhance Generac's capacity to serve various sectors, including healthcare and heavy industrial plants [1] Company Overview - Generac Holdings, Inc. is a total energy solutions company founded in 1959, specializing in power generation equipment and energy technology solutions [3] - The company operates nine manufacturing facilities internationally, including locations in Mexico, Europe, Asia, and South America [2] - Generac aims to lead the evolution towards more resilient, efficient, and sustainable energy solutions [3] Employment Impact - The new manufacturing facility is expected to create over 100 new manufacturing positions upon its opening in the fourth quarter of 2026 [2]