On October 16th, Soochow Securities research reports pointed out that Sungrow Power Supply (300274.SZ) accelerated overseas issuance of GDR to accelerate overseas production capacity layout, enhance global brand building. The expansion of overseas production capacity this time can help meet the overseas customers' demand for stable supply chain, actively respond to international trade protection and friction risks, enhance the company's global delivery capability and flexibility, while highly integrated and digitized factories can enhance and optimize the company's global brand image, facilitating further customer acquisition and attracting overseas orders, and increasing the company's global market share. Considering the company's leading position in global energy storage, large storage shipments continue to grow at a high rate, giving the company a 20x PE for 25 years, corresponding to a target price of 135 yuan, maintaining a "buy" rating.