Equity Research: Sungrow Power Supply (300274.SZ)

Date: August 27, 2025
Rating: BUY (Maintained)
Current Price: CNY 97.01
Target Price Implied Upside: Based on 15.0x 2025E P/E
Market Cap: CNY 201.1 Billion
Analyst: Shenglu Yin (Kysec Securities)

Executive Summary

Sungrow Power Supply Co., Ltd. ("Sungrow" or the "Company"), a global leader in solar inverters and energy storage systems (ESS), has released its interim financial results for the first half of 2025 (1H25). The report underscores the Company’s robust operational momentum, driven by exceptional growth in its energy storage segment and resilient performance in its core inverter business.

In 1H25, Sungrow reported total revenue of CNY 43.53 billion, representing a year-over-year (YoY) increase of 40.34%. Net profit attributable to shareholders reached CNY 7.74 billion, surging 55.97% YoY. The gross margin stood at a healthy 34.36%, reflecting strong product mix optimization and effective cost management despite global supply chain complexities. Notably, the second quarter (2Q25) alone generated revenue of CNY 24.50 billion (+33.09% YoY, +28.68% QoQ) and net profit of CNY 3.91 billion (+36.53% YoY, +2.15% QoQ), demonstrating sustained sequential growth.

A pivotal strategic development highlighted in this report is Sungrow’s formal entry into the Artificial Intelligence Data Center (AIDC) power supply sector. Leveraging its deep expertise in power electronics, the Company has established a dedicated AIDC Business Unit, targeting overseas markets with high-end solutions such as Solid-State Transformers (SST). This move positions Sungrow to capture value from the burgeoning AI infrastructure boom, effectively creating a "third growth curve" alongside its traditional photovoltaic (PV) and storage businesses.

We maintain our earnings forecasts for 2025-2026 and introduce estimates for 2027. We project net profits of CNY 13.44 billion, CNY 15.68 billion, and CNY 16.54 billion for 2025, 2026, and 2027, respectively. At the current share price of CNY 97.01, the stock trades at attractive valuations of 15.0x, 12.8x, and 12.2x forward P/E ratios. Given the Company’s dominant market position, superior profitability, and successful diversification into high-growth adjacent sectors, we reiterate our BUY rating.

Key Takeaways

1. Financial Performance: Robust Top-Line Growth and Margin Expansion

Sungrow’s 1H25 financial results exceed market expectations, characterized by accelerated revenue growth and significant profit expansion. The divergence between revenue growth (+40.34%) and net profit growth (+55.97%) indicates improved operating leverage and enhanced profitability per unit of sales.

1.1 Revenue and Profitability Analysis

Source: Company Reports, Kysec Securities Research

The second quarter demonstrated particular strength. While Q1 often faces seasonal headwinds in installation activities, Q2 saw a substantial rebound. The sequential revenue growth of 28.68% in Q2 highlights the Company’s ability to scale delivery and recognize revenue efficiently during peak demand periods. The gross margin in Q2 remained resilient at 33.75%, only slightly below the H1 average, suggesting that pricing power remains intact despite competitive pressures in the broader renewable energy equipment market.

1.2 Cash Flow Quality and Asset Health

A critical indicator of financial health is the quality of earnings, specifically the conversion of profits into cash. In 1H25, Sungrow generated CNY 3.43 billion in net operating cash flow. More importantly, the second quarter alone contributed a net inflow of CNY 1.64 billion, marking a significant year-over-year improvement to positive territory. This turnaround in operating cash flow suggests improved working capital management, faster collection of receivables, and better alignment of payment terms with suppliers.

However, investors should note the impact of prudent accounting practices on reported earnings. In adherence to the principle of conservatism, Sungrow recorded:
* Asset Impairment Losses: CNY 693 million
* Credit Impairment Losses: CNY 263 million

These provisions, totaling nearly CNY 1 billion, reflect the Company’s cautious approach to inventory valuation and accounts receivable, particularly in regions with higher geopolitical or economic volatility. While these charges reduce short-term reported net income, they enhance the quality of the balance sheet by removing potential future risks. Excluding these one-off impairments, the underlying operational profitability would be even higher.

2. Segment Analysis: Storage Leads, Inverters Stabilize, Development Optimizes

Sungrow’s business model is diversified across three main pillars: Energy Storage Systems, PV Inverters, and New Energy Investment Development. The performance dynamics of each segment reveal distinct strategic trends.

2.1 Energy Storage Systems (ESS): The Primary Growth Engine

The ESS segment has emerged as the dominant driver of Sungrow’s growth, transitioning from a complementary business to a core revenue pillar.

• Revenue: CNY 17.80 billion in 1H25, representing a staggering 127.78% YoY growth.
• Revenue Share: Increased to 40.89% of total company revenue, up significantly from previous periods.
• Gross Margin: 39.92%, remaining largely flat year-over-year. This stability is remarkable given the rapid scaling of volume, indicating that Sungrow has successfully managed cost inflation and maintained premium pricing through brand equity and technological superiority.
• Volume Outlook: The Company projects full-year 2025 ESS shipments to reach 40-50 GWh. This guidance implies a strong second-half delivery schedule, consistent with historical seasonality where H2 typically accounts for a larger portion of annual installations due to project completion cycles in key markets like Europe and North America.

Strategic Insight: The near-doubling of ESS revenue confirms the global structural shift towards grid-scale storage. As renewable penetration increases, the need for frequency regulation and peak shaving intensifies. Sungrow’s integrated solution approach—combining battery packs, power conversion systems (PCS), and energy management systems (EMS)—has resonated well with utility-scale developers. The high margin profile (nearly 40%) suggests that the ESS market, particularly for large-scale systems, remains less commoditized than the residential solar segment, allowing leaders like Sungrow to command a technology premium.

2.2 PV Inverters: Resilience Amidst Market Maturation

The PV inverter business, historically Sungrow’s flagship product line, continues to demonstrate resilience despite the maturing global solar market and intense competition.

• Revenue: CNY 15.33 billion in 1H25, growing 17.06% YoY.
• Revenue Share: 35.21% of total revenue.
• Gross Margin: 35.74%, a slight decline of 1.88 percentage points YoY.

Analysis: The modest revenue growth of 17% contrasts with the explosive growth in storage, reflecting the slower growth rate of global PV installations compared to storage additions. The slight compression in gross margin (from ~37.6% to 35.7%) can be attributed to several factors:
1. Product Mix Shift: A potential shift towards string inverters for commercial and industrial (C&I) applications which may have different margin profiles compared to central inverters.
2. Competitive Pricing: Increased competition in key markets such as China and parts of Europe has exerted mild downward pressure on prices.
3. Component Costs: While raw material costs have stabilized, logistics and tariff-related costs in certain jurisdictions may have impacted margins.

Despite the margin dip, a 35.74% gross margin remains industry-leading. Most competitors in the inverter space operate at significantly lower margins (often 20-30%). Sungrow’s ability to maintain margins above 35% validates its brand strength, global service network, and technological moat (e.g., higher efficiency, grid-forming capabilities).

2.3 New Energy Investment Development: Strategic Pivot

The investment development segment involves the construction and operation of wind and solar farms, primarily for subsequent transfer or long-term yield generation.

• Revenue: CNY 8.40 billion in 1H25, declining 6.22% YoY.
• Gross Margin: 18.06%, an improvement of 1.18 percentage points YoY.
• Net Profit: Approximately CNY 300 million, flat YoY.

Contextual Factors:
The revenue decline is explicitly linked to regulatory changes in China, specifically "Document No. 136" (referring to policies regulating distributed household photovoltaics). This policy has tightened compliance requirements and slowed down the rollout of certain residential PV projects, directly impacting the revenue recognition timeline for Sungrow’s development arm.

However, the segment’s profitability has improved. The increase in gross margin to 18.06% and the stabilization of net profit indicate successful strategic adjustments:
1. Wind Farm Expansion: The Company has increased its focus on wind farm development, which often carries different subsidy structures and project economics compared to residential solar.
2. Process Optimization: Enhanced refined management throughout the project development lifecycle has reduced costs and improved execution efficiency.

This segment acts as a stabilizer, providing steady cash flows and enabling Sungrow to test and validate its own equipment in real-world scenarios, although it is not the primary growth driver going forward.

3. Strategic Innovation: Entry into AIDC Power Supply

Perhaps the most significant forward-looking aspect of this report is Sungrow’s strategic expansion into the Artificial Intelligence Data Center (AIDC) power supply market. This move represents a logical extension of the Company’s core competencies in power electronics, thermal management, and grid interaction.

3.1 Rationale and Strategic Fit

The AI revolution has triggered an unprecedented demand for data center infrastructure. Unlike traditional data centers, AI training clusters require massive amounts of power with extreme stability and efficiency. Key challenges include:
* High Power Density: AI chips consume significantly more watts per rack.
* Grid Stability: Fluctuations in power quality can disrupt sensitive AI computations.
* Energy Efficiency: With rising electricity costs and sustainability mandates, minimizing power loss is critical.

Sungrow’s expertise aligns perfectly with these needs:
* Power Conversion: Decades of experience in converting DC/AC and managing high-voltage inputs.
* Thermal Management: Experience in cooling large-scale energy storage systems translates to liquid cooling solutions for high-density server racks.
* Grid Interaction: Knowledge of grid-forming technologies helps data centers integrate with renewable energy sources and provide backup stability.

3.2 Organizational Structure and Focus

To execute this strategy, Sungrow has formally established an AIDC Business Unit. This structural change signals serious commitment and resource allocation. Key characteristics of this new unit include:
* High-Caliber Team: The team is built on a "high starting point," implying the recruitment of top-tier talent from both the IT and power electronics sectors.
* Overseas Focus: The initial target market is overseas, particularly North America and Europe, where AI infrastructure spending is most aggressive and willingness to pay for premium, reliable power solutions is higher.
* Product Scope: The unit is comprehensively laying out products for both outside-the-cabinet (utility-side connection, substations) and inside-the-cabinet (server-level power distribution units, PDUs) power supplies.

3.3 Technological Roadmap: Solid-State Transformers (SST)

A key technological focus is the research and development of Solid-State Transformers (SST). Traditional transformers are bulky, heavy, and passive. SSTs offer:
* Compact Size: Significant reduction in footprint, crucial for space-constrained data centers.
* Active Control: Ability to regulate voltage and frequency dynamically, improving power quality for sensitive AI loads.
* Efficiency: Higher conversion efficiency compared to legacy magnetic transformers.

Sungrow plans to increase R&D investment in this area, with commercial products expected to launch by 2026. This timeline aligns with the anticipated peak in next-generation data center build-outs. By entering this market, Sungrow is not just selling components; it is positioning itself as a critical infrastructure partner for the AI era, potentially opening a multi-billion dollar revenue stream that is uncorrelated with the cyclicality of solar installations.

4. Valuation and Earnings Forecast

We maintain our earnings projections for 2025 and 2026 and introduce a forecast for 2027. Our model assumes continued strong growth in ESS, stable margins in inverters, and gradual contribution from the AIDC segment towards the end of the forecast period.

4.1 Earnings Estimates

Source: Kysec Securities Research Estimates

Forecast Logic:
* 2025E: We anticipate revenue growth of 18.4%, driven primarily by the 40-50 GWh ESS shipment target. The net margin expansion to 14.6% reflects economies of scale in manufacturing and the high-margin profile of storage systems.
* 2026E: Revenue growth moderates to 14.6% as the base effect diminishes. However, absolute profit growth remains strong at 16.7% due to further operational efficiencies and the initial commercialization of AIDC products.
* 2027E: Growth slows to 5.7% as the market matures. We assume a slight compression in gross margin to 30.5% due to increased competition, but net margins remain stable at 14.8% due to cost control.

4.2 Valuation Metrics

At the current share price of CNY 97.01, Sungrow’s valuation appears attractive relative to its growth profile and market leadership.

Investment Thesis on Valuation:
* P/E Compression: The forward P/E of 15.0x for 2025 is reasonable for a company growing earnings at ~22%. Historically, high-growth tech-enabled industrial companies trade at 20-25x P/E. The current multiple may reflect broader market skepticism towards the renewable sector’s cyclicality, offering a potential entry point for long-term investors.
* PEG Ratio: With a 2025E P/E of 15.0x and earnings growth of 21.8%, the PEG ratio is approximately 0.69, indicating the stock is undervalued relative to its growth potential.
* ROE Sustainability: Despite a gradual decline from 32.6% to 20.6% over the forecast period (due to equity base expansion from retained earnings and potential capital raises), an ROE above 20% is exceptional for a hardware manufacturing firm. This underscores the Company’s efficient use of capital and strong competitive moat.
* Balance Sheet Strength: The net debt-to-equity ratio is negative (-28.4% in 2025E), indicating a net cash position. This financial fortress allows Sungrow to invest in R&D (especially for AIDC), withstand trade shocks, and pursue M&A opportunities without financial distress.

Risks / Headwinds

While Sungrow’s outlook is positive, institutional investors must consider the following risks that could impact financial performance and stock valuation.

1. Margin Compression in Energy Storage Systems

Risk Description: The report explicitly cites the risk of "energy storage system product gross margin declining more than expected."
Analysis:
* Competition: The ESS market is attracting numerous entrants, including battery manufacturers (e.g., CATL, BYD) integrating downstream and traditional electrical equipment makers. This could lead to price wars, particularly in the standard containerized storage segment.
* Raw Material Volatility: Although lithium carbonate prices have stabilized, any sudden spike in battery cell costs would directly impact Sungrow’s COGS, as batteries constitute a significant portion of ESS costs.
* Mitigation: Sungrow mitigates this through its brand premium, integrated software (EMS), and global service network. However, if competitors offer comparable reliability at lower prices, margin pressure is inevitable. A 1-2% drop in ESS margins would have a material impact on overall profitability given the segment’s 40%+ revenue share.

2. Geopolitical and Trade Policy Uncertainties

Risk Description: "Changes in overseas trade policies affecting company shipments."
Analysis:
* Market Dependence: Sungrow derives a significant portion of its revenue from overseas markets (Europe, North America, Asia-Pacific). These regions are increasingly scrutinizing Chinese renewable energy suppliers.
* Tariffs and Barriers:
* USA: The Inflation Reduction Act (IRA) provides subsidies for domestic manufacturing, potentially disadvantaging imported equipment. Additional tariffs under Section 301 or new anti-dumping duties could restrict access.
* Europe: The EU’s Carbon Border Adjustment Mechanism (CBAM) and potential anti-subsidy investigations into Chinese wind/solar/storage firms pose regulatory hurdles.
* India: Local content requirements (ALMM) often exclude Chinese suppliers, limiting growth in one of the world’s fastest-growing solar markets.
* Impact: Trade barriers could force Sungrow to accelerate local manufacturing (e.g., via its GDR-funded overseas capacity), which increases capital expenditure and operational complexity. In the short term, sudden policy shifts could disrupt order books and delay shipments.

3. Execution Risk in AIDC Business

Risk Description: The AIDC segment is a new venture with a 2026 product launch timeline.
Analysis:
* Technological Hurdles: Developing reliable Solid-State Transformers and high-density power supplies for AI requires mastering new thermal and electrical challenges. Failure to meet the stringent uptime requirements of hyperscalers (e.g., Microsoft, Amazon, Google) could result in limited adoption.
* Market Acceptance: The data center power market is dominated by established players (e.g., Vertiv, Eaton, Schneider Electric). Sungrow must prove its value proposition against entrenched competitors with long-standing relationships.
* Revenue Contribution Delay: Since commercial products are not expected until 2026, the AIDC business will not contribute meaningfully to earnings in 2025. Investors expecting immediate revenue uplift may be disappointed.

4. Regulatory Changes in Domestic Distributed PV

Risk Description: Impact of "Document No. 136" and similar policies.
Analysis:
* Policy Volatility: China’s renewable energy policies are dynamic. Further restrictions on household PV grid connections, subsidy reductions, or stricter safety standards could dampen domestic demand.
* Project Delays: Regulatory uncertainty can cause developers to pause projects, leading to delayed revenue recognition for Sungrow’s investment development arm and potentially lower inverter sales in the residential/C&I segment.

5. Foreign Exchange Fluctuations

Risk Description: Significant overseas exposure creates FX risk.
Analysis:
* Sungrow reports in CNY but earns significant revenue in USD, EUR, and other currencies. A strengthening CNY against these currencies would reduce reported revenue and margins. Conversely, a weakening CNY boosts reported figures but may increase the cost of imported components. Hedging strategies can mitigate this, but residual risk remains.

Rating / Sector Outlook

Sector Outlook: Renewable Energy & Storage

The global renewable energy sector is undergoing a structural transformation. While PV installation growth rates are normalizing after years of hyper-growth, the Energy Storage sector is entering a phase of accelerated expansion.

1. Storage as a Necessity: Grid operators worldwide are mandating storage attachments to new renewable projects to ensure grid stability. This shifts storage from an "optional add-on" to a "critical infrastructure component," supporting higher pricing power for integrated solutions.
2. AI-Energy Nexus: The convergence of AI and energy is creating a new demand vector. Data centers are becoming major consumers of electricity, driving demand for both renewable generation and reliable, high-quality power conditioning equipment. Sungrow’s pivot to AIDC positions it at the intersection of these two mega-trends.
3. Consolidation: The industry is seeing consolidation, with weaker players exiting due to margin pressure. Leaders like Sungrow, with strong balance sheets and global brands, are gaining market share.

Company Rating: BUY (Maintained)

We maintain our BUY rating on Sungrow Power Supply based on the following convictions:

1. Superior Fundamentals: 1H25 results confirm the Company’s ability to deliver high-quality growth (profit growth > revenue growth) and generate positive operating cash flow.
2. Market Leadership: Dominant position in both inverters and storage, with a proven track record of maintaining industry-leading margins.
3. Strategic Optionality: The AIDC initiative provides a credible upside option. Even if it contributes modestly in the near term, it diversifies the revenue base and aligns the Company with the highest-growth segment of the tech industry.
4. Attractive Valuation: Trading at 15.0x 2025E P/E with a 21.8% earnings growth rate offers a compelling risk-reward profile. The stock is priced for moderate growth, ignoring the potential upside from the AIDC breakthrough and continued storage dominance.

Target Price Implication:
Based on a peer-comparable P/E of 18-20x for high-growth energy tech leaders, and applying a 18x multiple to our 2025E EPS of CNY 6.48, the implied target price is approximately CNY 116.64. This represents an upside of ~20% from the current price of CNY 97.01, excluding potential dividend yields.

Investment View

1. Core Investment Logic

A. The "Storage Supercycle" is Real and Sungrow is the Prime Beneficiary
Investors should view Sungrow not merely as a solar inverter company, but as a leading energy storage integrator. The 127% YoY growth in storage revenue is not a transient spike but a reflection of a secular trend. As grids become more decentralized and volatile, the value of flexible, intelligent storage assets increases. Sungrow’s "PowerTitan" and other integrated solutions are becoming the industry standard for utility-scale projects. The ability to maintain ~40% gross margins in this segment demonstrates a durable competitive advantage rooted in technology, bankability, and global service capabilities. We expect storage to contribute >50% of revenue within the next 2-3 years, fundamentally re-rating the Company’s valuation multiple towards higher-growth software/integration peers rather than hardware manufacturers.

B. AIDC: A High-Conviction Call Option on AI Infrastructure
The market has largely valued Sungrow based on its renewable energy exposure. The strategic entry into AIDC power supplies is underappreciated. By leveraging its power electronics prowess to solve the thermal and efficiency challenges of AI data centers, Sungrow is tapping into a market with potentially higher margins and less cyclicality than solar. The focus on Solid-State Transformers (SST) is particularly astute, as this technology is critical for next-generation high-voltage direct current (HVDC) data center architectures. While revenue contribution will be minimal in 2025, the successful launch in 2026 could serve as a significant catalyst, attracting a new cohort of tech-focused investors. This diversification reduces the Company’s reliance on government renewable subsidies and weather-dependent solar irradiance.

C. Financial Fortitude Enables Counter-Cyclical Investment
Sungrow’s balance sheet is a key strategic asset. With a net cash position and strong operating cash flow generation (CNY 3.43 billion in 1H25), the Company is well-positioned to weather industry downturns. Unlike competitors who may cut R&D during tough times, Sungrow can continue to invest in next-gen technologies (like SST and advanced EMS algorithms). This counter-cyclical investment strategy ensures that when the market recovers or new demand vectors (like AIDC) emerge, Sungrow is technologically ahead. The prudent impairment provisions taken in 1H25 further clean up the balance sheet, reducing future earnings volatility.

2. Operational Trends to Monitor

Investors should closely track the following operational metrics in upcoming quarters:

• ESS Shipment Volume vs. Guidance: Can Sungrow consistently hit the 40-50 GWh annual target? Quarterly breakdowns will reveal if demand is sustaining in H2.
• AIDC Pilot Projects: Any announcements regarding partnerships with major hyperscalers or successful pilot deployments of SST technology will be critical validation signals.
• Overseas Margin Trends: Monitor gross margins in Europe and North America specifically. Any significant divergence from the global average could indicate regional pricing pressure or tariff impacts.
• Inventory Turnover: Given the rapid technology evolution in batteries, maintaining healthy inventory turnover is crucial to avoid obsolescence risks. The slight increase in inventory levels should be matched by proportional sales growth.

3. Comparative Advantage

Sungrow’s integrated approach allows it to capture value across the entire energy conversion chain. While pure inverter makers face commoditization, and battery makers face intense price competition, Sungrow’s role as a system integrator and technology provider commands a premium.

4. Conclusion

Sungrow Power Supply stands at a pivotal juncture. It has successfully navigated the transition from a solar-centric business to a diversified clean energy technology giant. The 1H25 results are a testament to this success, showing robust growth, strong profitability, and improved cash flows. The strategic bet on AIDC power supplies adds a layer of excitement and long-term optionality that is not yet fully reflected in the stock price.

For institutional investors, Sungrow offers a rare combination of value (reasonable P/E, strong cash flow) and growth (storage supercycle, AI infrastructure exposure). The risks, primarily geopolitical and competitive, are real but are mitigated by the Company’s global footprint, technological leadership, and financial strength.

We recommend accumulating shares on any weakness, with a 12-18 month horizon targeting the realization of the 2025-2026 earnings growth and the initial market validation of the AIDC business line. The maintenance of the BUY rating is supported by the conviction that Sungrow is not just participating in the energy transition, but defining its next phase through innovation and strategic diversification.

Appendix: Detailed Financial Analysis

A. Balance Sheet Strength and Liquidity

Sungrow’s balance sheet reflects a conservative yet growth-oriented financial posture.

• Current Assets: Increased to CNY 107.97 billion (2025E), driven by cash reserves and receivables from strong sales.
• Cash Position: Estimated cash balance of CNY 30.66 billion in 2025E provides ample liquidity for R&D, capacity expansion, and potential M&A.
• Liabilities: Total liabilities are projected at CNY 77.89 billion in 2025E. The debt structure is healthy, with short-term borrowings manageable relative to cash holdings.
• Equity: Shareholders' equity is expected to grow to CNY 48.11 billion in 2025E, supported by retained earnings. This strengthens the Company’s borrowing capacity and credit rating.

B. Cash Flow Dynamics

The improvement in operating cash flow is a critical positive signal.

• 2023A: CNY 6.98 billion
• 2024A: CNY 12.07 billion
• 2025E: CNY 13.10 billion

The consistent generation of double-digit billion RMB operating cash flows allows Sungrow to fund its capital expenditures (CapEx) internally. Projected CapEx for 2025 is around CNY 2.6 billion (based on investment cash flow data), which is comfortably covered by operating cash flow. This self-funding capability reduces reliance on external financing, protecting shareholders from dilution.

C. Return on Invested Capital (ROIC)

Sungrow maintains a high ROIC, estimated at 21.5% for 2025E. This metric is superior to the weighted average cost of capital (WACC) for most industrial firms, indicating that the Company is creating genuine economic value. The slight decline in ROIC over time (from 26.2% in 2023 to 17.5% in 2027E) is typical for maturing companies as the capital base expands, but it remains at a highly efficient level.

D. Sensitivity Analysis

To assess the robustness of our investment thesis, we consider the following sensitivity scenarios:

Even in the Bear Case, the P/E would compress to 12x, which is close to the historical floor for high-quality manufacturing leaders, suggesting limited downside risk at current levels. The Bull Case, driven by better-than-expected storage margins and AIDC success, offers significant upside potential.

Disclaimer and Legal Notices

This report is prepared by Kysec Securities Research. The information contained herein is based on sources believed to be reliable, but Kysec Securities does not guarantee its accuracy or completeness. This report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The opinions expressed are those of the analyst as of the date of the report and are subject to change without notice. Investors should conduct their own independent research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results.

Risk Rating: R4 (Medium-High Risk). Suitable for professional investors and ordinary investors with risk tolerance levels C4/C5.

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