Sunshine Power executives sell shares precisely: Haitong International's high-level recommendation misleads investors

Ask AI · Why does the timing of executives’ share sales closely match the company’s performance turning for the worse?

The fourth-quarter results of Sunshine Power (300274.SZ), a leading global solar inverters and energy storage company, suddenly “flipped.” After the company released its 2025 financial reports, its stock price accelerated its decline. As of the close on April 7, it was down 28.51% year-to-date to 122.28 yuan per share, representing a cumulative pullback of about 40% from its peak.

Around the time the company’s share price hit a historical high in November 2025, its executives carried out highly precise, large-scale share reductions. Meanwhile, some brokerage institutions issued bullish research reports one after another when the stock was relatively high, but those reports did not重点 address this major risk of frequent, concentrated executive selling.

Whether the relevant research notes are objective and prudent, and whether they sufficiently disclose risks, has sparked widespread doubt in the market.

Precise executive selling; fourth-quarter attributable net profit fell 54%

According to the disclosure materials, from August 2025 to December 2025, executives including顾亦磊, the deputy chairman and senior vice president; 吴家貌, director and senior vice president; 邓德军, vice president; and 汪雷, vice president, together reduced their holdings by 753.4k shares in total, with the total amount exceeding 120 million yuan.

According to Sunshine Power’s recently disclosed 2025 annual report, in 2025 the company achieved operating revenue of 753.4k yuan, a year-on-year increase of 14.55%; and attributable net profit of 8B yuan, a year-on-year increase of 21.97%.

In the fourth quarter, the company’s performance “flipped.” Revenue fell 18.37% year over year, and attributable net profit fell 54.02% year over year.

Haitong International pushes shares at a high level

In 2025, Sunshine Power’s stock performed strongly, with a full-year cumulative gain of 137.13%, and its stock hit a peak of 209.88 yuan per share in November 2025 (pre-rights adjustment). Since then, the stock has continued to slide. As of the close on April 7, 2026, Sunshine Power’s stock price had fallen by about 40% from its November 2025 high.

In January 2026, Haitong International published a research report on Sunshine Power titled: 《Initiation of Coverage: Inverters as the Foundation + Energy Storage Leading the Dual-Drive; Energy Storage’s High Growth Jumps to a New Growth Engine, Anchored to a Global Energy Leader》.

The report expected that from 2025 to 2027, the company’s net profit attributable to the parent company would be 15.74 billion yuan, 19.21 billion yuan, and 22.82 billion yuan, respectively. Earnings per share corresponding to these figures were 7.59 yuan, 9.26 yuan, and 11.01 yuan, respectively. Based on peer valuation levels, considering the outlook of the global solar + energy storage market, and that the company, as a global leader in solar inverters, has laid out new energy across multiple tracks with strong scale effects, with both revenue and profit growing, and the energy storage business creating a burst new growth pole, it gave the company a 2026 PE of 22X, corresponding to a target price of 206 yuan. For initiation of coverage, it assigned a rating of “Outperform the Market.”

It is worth noting that in the risk warning section, the report did not mention the important risk that Sunshine Power executives had previously reduced their holdings intensively.

The China Securities Regulatory Commission’s 《Provisions on the Interim Measures for the Publication of Securities Research Reports》 clearly states that when securities companies and securities investment advisory institutions publish securities research reports, they should comply with laws, administrative regulations, and these provisions, follow the principles of independence, objectivity, fairness, and prudence, effectively prevent conflicts of interest, treat the recipients fairly, prohibit dissemination of false, untrue, or misleading information, and prohibit engaging in or participating in insider trading or activities to manipulate the securities market.

According to the disclosure in the research report, Haitong International’s research reports are distributed by Haitong International. Haitong International is a global brand composed of Haitong International Research Ltd. (HTIRL) and others. The members of Haitong International Securities Group (HTISG) carry out securities activities in their respective licensed jurisdictions. The parent company of Haitong International Securities Group Co., Ltd. is Guotai Junan Securities Co., Ltd.

(Article sequence number: 2041446742016266240/CJT)

Disclaimer: This article does not constitute any investment advice to any person.
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