东南亚、中东需求向好 | 投研报告

Core Insights - In May 2025, China's inverter export amounted to 6 billion yuan, with year-on-year and month-on-month growth of 8% and 3% respectively [1][2] - From January to May 2025, the total inverter export reached 24 billion yuan, representing a year-on-year increase of 9% [1][2] - The primary export markets for China's inverters are Europe, Asia, and Latin America, accounting for 39%, 36%, and 11% of total exports respectively [1][2] Regional Performance Asia - In the Asian market, inverter exports totaled 8.7 billion yuan from January to May 2025, showing a significant year-on-year growth of 24% [3] - In May, exports to Asia reached 2.26 billion yuan, with year-on-year and month-on-month increases of 30% and 19% respectively [3] - Notable demand growth was observed in India and Pakistan, with exports to these countries amounting to 1.6 billion yuan and 1.34 billion yuan respectively, reflecting year-on-year increases of 36% and 7% [3] Europe - In the European market, inverter exports from January to May 2025 reached 9.28 billion yuan, with a year-on-year increase of 4% [4] - In May, the export amount was 2.4 billion yuan, remaining flat year-on-year but decreasing by 9% month-on-month [4] - Germany and the Netherlands are the leading markets, with exports to Germany alone amounting to 2.05 billion yuan, showing a remarkable year-on-year growth of 93% [4] Latin America and Africa - In Latin America, inverter exports totaled 2.53 billion yuan from January to May 2025, reflecting a year-on-year decline of 18% [5] - In May, exports to Latin America were 600 million yuan, with a month-on-month increase of 23% but a year-on-year decrease of 19% [5] - Conversely, Africa saw a strong performance with inverter exports reaching 1.94 billion yuan, marking a year-on-year increase of 52% [5] Investment Recommendations - The emerging markets in Asia and Africa are showing strong demand, while the European market is also recovering, indicating potential growth opportunities [6] - Companies with competitive advantages in non-U.S. markets, particularly in large-scale storage and emerging market household storage, are recommended for investment [6] - Specific companies highlighted include Sunshine Power for its global competitiveness and low valuation, and Deyue Co. for its strong position in emerging markets [6]