SUN.KING TECH (00580) rose more than 13% in early trading, gaining 11.5% to HK$2.23 by the time of writing, with a turnover of HK$30.66 million.

According to reports, China's new energy storage installed capacity exceeded 100 million kilowatts by the end of September, a 30-fold increase compared to the end of the 13th Five-Year Plan period. The installed capacity now accounts for over 40% of the global total, ranking first worldwide.

Galaxy Securities noted that the rising momentum in the energy storage sector is expected to boost demand for power semiconductors. Zhongtai International highlighted that SUN.KING TECH's self-developed semiconductor business revenue reached RMB 53 million in the first half of the year, up 227.4% year-on-year and 23.8% quarter-on-quarter, driven by order growth—particularly in energy storage and SVG applications.

The firm pointed out that ultra-high voltage projects during the 15th Five-Year Plan period will primarily adopt flexible power transmission technology. As a leading domestic supplier of power transmission and distribution components, SUN.KING TECH has ample orders, supporting steady revenue growth. The increasing localization rate of these components is expected to sustain gross margins, while the rising adoption of domestic power semiconductors is driving explosive growth in its self-developed IGBT chip business.