Citi: Bullish on SIGENERGY (06656), Ningbo Deye Technology Corporation (605117.SH), and Maxwell Technologies (300751.SZ)

Citi issued a research report stating that China's inverter exports reached US$1.182 billion in September 2026, up 65.8% year-on-year and up 17.6% quarter-on-quarter. Previously, August exports were US$1.005 billion, up 14.4% year-on-year; cumulative exports for the first nine months of the year were US$8.845 billion, up 31.9% year-on-year. In China's energy storage system (ESS) sector, given strong global residential energy storage demand, the bank is bullish on the high growth potential of SIGENERGY (06656) and Ningbo Deye Technology Corporation (605117.SH), and is also bullish on Maxwell Technologies (300751.SZ) due to expected additional revenue from its semiconductor equipment sales. The bank noted that September's inverter export growth was mainly driven by the European and Asian markets, with exports to Europe up 110.6% year-on-year to US$555 million and exports to Asia up 58.1% year-on-year to US$376 million. By province, in September, inverter exports from Ningbo Deye Technology Corporation, located in Zhejiang Province, rose 123.6% year-on-year; inverter exports from Sungrow Power Supply (Sungrow), headquartered in Anhui Province, rose 105.0% year-on-year; SIGENERGY, with production lines in Jiangsu Province, saw production of 105.0% and export volume up 64.2% year-on-year. On the CECEP Solar Energy module side, China's CECEP Solar Energy module exports in September were US$2.686 billion, up 14.6% year-on-year and up 42.6% quarter-on-quarter; export volume was estimated at 21.5 gigawatts (GW), down 19.8% year-on-year and up 40.6% quarter-on-quarter.