Our Research


July 10, 2025

China’s Shift to a Planned Poly-Si Economy = Light at the End of the Tunnel for Daqo; Upgrade from SELL to BUY; Our New $30.51/shr Yr-End 2025 PT Suggests +61% Upside

By Gordon L. Johnson II

Is Daqo New Energy (“DQ”) Now a Top Solar Sector BUY? In light of the China Ministry of Industry and Information Technology’s (“MIIT”) new proposed policy around the polysilicon segment, which includes a significant restructuring…

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July 8, 2025

GLJ Solar Weekly – California Solar Initiative Data Dump for May ’25 + Fireside Chat w/ Structured Products Trader on Appetite for Solar ABS Paper = Update on Residential Solar “State of the Union”

By Gordon L. Johnson II

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…

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July 7, 2025

GE Vernova (GEV, BUY): Initiation feedback emphasizes Power Services differentiation; pending Proficy sale

By Austin Wang

We highlight both positive and negative feedback on our initiation but we emphasize that investors agree – analysts simply aren’t doing the work on Power Services despite the abundance of data-points quantifying this compelling opportunity-set….

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July 1, 2025

The Senate’s Version of President Trump’s “One Big Beautiful Bill” Suggests… When it Rains, it Pours for Chinese Solar Parts Suppliers

By Gordon L. Johnson II

The U.S. Senate’s Tax/Spend Bill Makes it a Lot Harder to Use Chinese Solar Products when Installing Solar Domestically – i.e., the U.S. Congress is taking a hard line against Chinese solar panels used in…

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June 26, 2025

Tesla’s Supervised “Robotaxi” Launch Has been a “Woeful” Flop

By Gordon L. Johnson II

What’s Up? In this note, we provide on-the-ground feedback from Tesla’s widely acclaimed “Robotaxi” rollout this past Sunday. That is, Tesla’s “launch” has been limited to a handful of its most loyal cult members (not…

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June 24, 2025

Fireside Chat w/ Largest U.S. Solar Distributor Sheds Light onto Coming 2Q25E Solar Earnings Season; and, is Europe “Souring” on Solar, Putting Global Prices at Risk?

By Gordon L. Johnson II

How is Solar Demand Trending in the US into Q2 Earnings Season, and What’s going on in Europe? A number of market pundits are of the mindset a swath of solar companies will (likely) post…

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June 23, 2025

Initiate GE Vernova (GEV) at BUY – Power Services Tail Wags the Dog

By Austin Wang

We initiate coverage of GE Vernova at BUY with a PT of $702.00 even as investors and analysts increasingly step away from this best-in-class power generation OEM story, citing valuation and a slowing event-path, because…

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June 17, 2025

Downbeat US Senate Tax-and-Spend Bill Language + Lackluster Apr. ’25 California Sales + Sig. Lease/PPA Exposure = We Downgrade SolarEdge from HOLD to SELL; Our Year-End ’25 PT Remains $6.90/shr (-71% Downside)

By Gordon L. Johnson II

We Move our Rating on SolarEdge from HOLD to SELL on Surprisingly Bearish Senate Tax-and-Spend Bill Language. With SolarEdge still struggling in the US and European markets (discussed below), the expectation from many solar pundits…

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June 17, 2025

Our Analysis of Sunnova’s Hidden “Second Set of Books” + US Senate’s Tax-and-Spend Bill Language = We Downgrade Sunrun from HOLD to SELL; Our Year-End ’25 PT is Now $0.01/shr (-99% Downside)

By Gordon L. Johnson II

In the Infamous Words of Famed Children’s Character Porky Pig… “T-T-T-That’s all folks”! In this note, via math and an extremely (simplified) explanation, we detail why, barring SunRun’s ability to (in our opinion) inflate the…

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June 16, 2025

GLJ Research Updated Tesla Delivery Forecasts and Model Estimates

By Gordon L. Johnson II

Re-Publishing Our Tesla 2025E-26E Estimates and Model for Maintenance Purposes. In this note (Ex. 1-4) we provide our most recent estimates for TSLA. More specifically, we update our quarterly: (a) delivery ests., (b) revenue ests.,…

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June 13, 2025

GLJ Solar Weekly – California Solar Initiative “Data Dump” for Apr. ’25 + Channel Checks from World’s Largest Solar Conference (SNEC in Shanghai) = Bird’s Eye View into what to Expect Ahead of 2Q25E Solar Industry Earnings

By Gordon L. Johnson II

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…

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June 12, 2025

Westinghouse’s Participation in the Construction of Two Czech Reactors Adds US$170mn to Cameco’s Q2 EBITDA; Yet, U3O8 Spot Risks Demand Caution – Sell the News?

By Gordon L. Johnson II

Things Just Keep Getting Better for Cameco. Cameco’s 49% share in Westinghouse is now expected to boost its Q2 results on the back of Westinghouse’s participation in the construction of two new nuclear reactors at…

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June 10, 2025

Tesla’s Week 11 China Sales Collapse Further (& miss Consensus by -36.5%), Falling -33.5%/37.4% WoW/QoQ, Respectively; and, What to Expect this Thursday at Tesla’s Austin “Robotaxi” Event

By Gordon L. Johnson II

It’s Now Clear… Tesla has a Demand Problem in China. In this note we detail the collapse in TSLA’s China sales year-to-date (“YTD”), based on both new monthly and weekly data released yesterday/today, despite: (a)…

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June 6, 2025

Is There Still Risk to Being Short the Solar Resi Darlings (i.e., SunRun + SolarEdge) We Recently Upgraded… Near-Term?

By Gordon L. Johnson II

So… What is GLJ Research Hearing on What the Senate’s Version of President Trump’s “Big Beautiful Bill” will Offer? Following discussions held today/yesterday with Washington D.C. government contacts on the Hill, in the below we…

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June 3, 2025

GLJ Solar Weekly – California Solar Initiative “Data Dump” for 1Q25 & Mar. ’25 + Channel Checks into European Inverter/Storage Demand + Fireside Chat w/ Largest U.S. Solar Distributor = The Fundamental Backdrop for SEDG/ENPH Appears to be Worsening Even Further

By Gordon L. Johnson II

California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge. In this note, we provide the key takeaways from March’s CSI data dump, and what…

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