26 January 2026 | 11:00AM CST Equity Research China Solar: Quick thoughts on potential Space-based Solar Power demand uplift What's new? Share prices for our Solar coverage have rallied by 8%-20% on Jan 23 (vs. largely flat performance of CSI300 and HSI at -0.4%/+0.4%) due to upbeat market expectation of Space-based Solar Power (SBSP) demand that was sparked by the Davos Debut where Elon Musk stated that SpaceX and Tesla each will build 100GW of solar panel capacity in the US in the next three years. Implic ...

India’s top solar panel maker Waaree says it is reconfiguring its supply chain in an attempt to get around steep US import tariffs and keep supplying to a country that accounts for nearly 60% of its orders https://t.co/ozyjudxp56 ...

Financial Performance - Longi Green reported a narrower first-half loss [1] Industry Dynamics - Surge in solar panel installations helped limit the impact of industry overcapacity [1]

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Marketing & Sales - Tesla offers 3 months of Full Self-Driving (Supervised) with referral link [1] - Tesla provides $400 off Solar Panel installation with referral link [1]

Summary of First Solar Inc. (FSLR) Conference Call Company Overview - **Company**: First Solar Inc. (FSLR) - **Market Cap**: $18.8 billion - **Enterprise Value**: $17.1 billion - **Industry**: Americas Clean Energy Key Financial Highlights - **2Q25 Revenue**: $1.1 billion, beating FactSet consensus of $1.0 billion, supported by 3.6GW of shipments [2][21] - **Gross Margin**: 45.6%, exceeding guidance estimate of 37.6% and improving by approximately 480 basis points quarter-over-quarter [2][21] - **EPS**: $3.18, surpassing estimates of $2.61 and the high-end of guidance range of $2.00-$3.00 [2][21] - **Net Bookings**: 2.1GW in July, tripling the bookings through the end of 2Q25, with an average selling price (ASP) of $0.33/w [1][16] - **2025 Revenue Guidance**: Raised to $4.9 billion - $5.7 billion from $4.5 billion - $5.5 billion [18] - **Net Cash Balance**: Expected to be $1.3 billion - $2.0 billion at year-end, significantly raised from previous estimates [18] Strategic Insights - **Policy Environment**: The finalization of the OBBBA provides customers with more certainty on tax credit timelines, enhancing FSLR's competitive position as a domestic solar manufacturer [1][18] - **Tariff Impact**: Management discussed the potential to add finishing lines in the US to mitigate tariff impacts and enhance value creation [1][18] - **Pricing Power**: The company is expected to continue realizing strong pricing power due to supportive policy initiatives and recent contract renegotiations [1][18] Future Outlook - **Price Target**: 12-month price target increased to $283 from $255, based on an 11.0X P/E multiple [17][19] - **Earnings Estimates**: Adjusted EPS estimates for 2025-2027 are $15.86, $24.72, and $27.60 respectively [18] - **Potential Catalysts**: Further announcements regarding finishing lines and additional policy support could drive future growth [1][18] Risks - **Key Risks**: Include module oversupply, higher than expected module costs, trade policy changes, and alterations to US manufacturing credits [20] Additional Financial Metrics - **EBITDA**: Expected to grow significantly, with estimates of $1.8 billion in 2025 [3][10] - **Debt Metrics**: Net debt/EBITDA ratio projected to remain low, indicating strong financial health [4][10] - **Free Cash Flow**: Expected to improve significantly in the coming years, with projections of $1.7 billion by 2027 [14][10] Conclusion - **Investment Rating**: Reiterated Buy rating, with strong fundamentals and a favorable policy environment positioning FSLR for continued growth and profitability [1][18]