行政命令 - 太阳能行业的又一逆风

IndustrySolar Policy Updatepreventingtheartificialei supply chains: The order emphasizes the Breaking NewsCorinne BlanchardResearch Analyst+1-904-645-2360Mike McNultyResearch Associate+1-904-887 0349Companies featuredEnlight Renewable Energy(ENLT.OQ),USD25.182024A 2025E 2026EEPS (USD)P/E (x)46.3EV/EBITDA (x)Clearway Energy (CWEN.N),USD32.642024A 2025E 2026EEPS (USD)0.75P/E (x)34.9EV/EBITDA (x)Enphase Energy (ENPH.OQ),USD42.572024A 2025E 2026EEPS (USD)0.740.87P/E (x)143.4EV/EBITDA (x)34.8SolarEdge (SEDG.0Q),USD27.542024A 2025E 2026EEPS (USD)-22.99-2.99P/E (x)EV/EBITDA (x)First Solar (FSLR.0Q),USD185.032024A 2025E 2026EEPS (USD)12.01 13.81P/E (x)EV/EBITDA (x)Sunrun (RUN.0Q),USD10.502024A 2025E 2026EEPS (USD)-12.66-0.12P/E (x)EV/EBITDA (x)Source: Deutsche Bank Appendix 1Important Disclosures*Other information available upon request*Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from localexchanges via Reuters, Bioomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies,and other sources. For disclosures pertaining to recommendations or estimates made on securities other than the primarysubject of this research, please see the most recently published company report or visit our global disclosure look-up page onour website at https:lresearch.db.com/Research/Disclosures/EguityResearchDisclosures. Aside from, within this report,important risk and conflict disclosures can also be found at https://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to review this information before investing.Analyst CertificationThe views expressed in this report accurately reflect the personal views of the undersigned lead analyst about the subjectissuers and the securities of those issuers. In addition, the undersigned lead analyst has not and will not receive anycompensation for providing a specific recommendation or view in this report. Corinne Blanchard.Page 2 9ecS DeutscheBankSecuritiesInc 7July2025Clean TechnologySolar Policy UpdateEquity rating dispersion and banking relationshipscompanies covered Cos. w/ Banking Relationship MIFID Investment & Ancllary ServicesEquity Rating and Dispersion KeyThe Equity Rating Dispersion Chart depicts the following:The proportion of recommendations that are rated"buy","sell"and"hold" over the previous 12 months. This is shown forsecurities issued in the stated region e.g. "Europe Universe". See rating definitions below. This is represented by the"Companies Covered" bars in the chart. The percentage value displayed above the bar is the proportion as a percentage.E.g. 50% above the "buy" / "Companies Covered" bar means that 50% of DB's equity research covered companies overthe past 12 months have a "buy" rating.Next to each of the three respective bars showing the proportion of "buy", "sell" and "hold" recommendations we providetwo additional bars to show:- The proportion of "buy","sell" or"hold recommendations where Deutsche Bank and or/Affiliates provided MIFIDInvestmentorAncillaryServices inthepast12months.Thisisrepresented inthe"MiFiDInvestmentandAncillaryServices" bar. The percentage value displayed above the bar shows the proportion of Companies Covered with the givenalso received MIFID Investment and Ancillary Services from DB.- The proportion of "buy" (or"sell" or "hold) recommendations where Deutsche Bank and or/Affiliates has providedInvestment Banking services in the past 12 months for which it has received compensation. The percentage valuedisplayed above the bar shows the proportion of Companies Covered with the stated rating where DB has also providedmeans 50% of the Companies Covered with the rating stated also have an Investment Banking Relationship with DB.Buy: Based on a current 12- month view of TSR, we recommend that investors buy the stock.Sell: Based on a current 12-month view of TSR, we recommend that investors sell the stock.Hold: We take a neutral view on the stock 12-months out and, based on this time horizon, do not recommend either aBuy or Sell.projected dividend yieldNewly issued research recommendations and target prices supersede previously published researchDeutsche Bank Securities Inc. Page 3 7 July2025Clean TechnologySolar Policy UpdateAdditional InformationThe information and opinions in this report were prepared by Deutsche Bank AG or one of its affiliates (collectively 'DeutscheBank'). Though the information herein is believed to be reliable and has been obtained from public sources believed to bereport are provided for reader convenience only. Deutsche Bank neither endorses the content nor is responsible for theaccuracy or security controls of those websites.If you use the services of Deutsche Bank in connection with a purchase or sale of a securitythat is discussed in this report, oris included or discussed in another communication (oral or written) from a Deutsche Bank analyst, Deutsche Bank may act asprincipal for its ow