CGWS(SZ:002939) 智通财经网·2025-08-28 07:29Core Viewpoint - The photovoltaic storage industry has experienced a decline in prosperity over the past year, but 2024-2025 may represent a bottoming out for industry profitability [1][4] Industry Summary - Domestic manufacturers are shifting their export focus overseas, with July 2025 solar cell component exports reaching $2.223 billion, down 14% year-on-year but up 1.1% month-on-month, corresponding to an export volume of 30.48 GW, which is up 26.1% year-on-year and 1.5% month-on-month [2] - The European market's demand has returned to normal, with July exports of photovoltaic battery components to Europe reaching 9.37 GW, up 13% year-on-year and 3.83% month-on-month, marking the first year-on-year growth in six months [2] Inverter Export Summary - In July 2025, the total domestic export value of inverters reached $911 million, up 15.83% year-on-year but down 0.65% month-on-month, with a total of 4.6001 million units exported, down 12.23% year-on-year and 10.31% month-on-month [3] - The inverter export scale reached a multi-month high, with strong downstream storage demand and recovery in major Asian markets [3] - Specific provinces showed varied performance in inverter exports, with Zhejiang exporting 1.9072 million units, Jiangsu 436,400 units, Guangdong 1.5469 million units, and Anhui 72,200 units in July 2025 [3] Investment Recommendations - The photovoltaic storage industry is expected to reach a profitability bottom in 2024-2025, with potential differentiation in financial performance among companies [4] - The ongoing energy transition and grid parity remain fundamental drivers for global photovoltaic storage demand, while supply-side issues are leading to the exit of older capacities and delays in new projects [4] - Companies to watch include: Canadian Solar, JA Solar, Junda Co., Sungrow Power Supply, Foster, Deye, Jinlang Technology, Shenghong, Dike, and Flat [4]