21 深度丨 逆变器三季度业绩冷暖不一：有的净利下滑超6成，有的增长超 100%

Core Viewpoint - The inverter industry is experiencing significant performance divergence among companies, with some facing substantial profit declines while others report strong growth, largely influenced by varying market conditions domestically and internationally [1][2]. Group 1: Industry Performance - Since 2020, global renewable energy installations have surged, benefiting the inverter industry, but recent warnings of "overcapacity" have led to performance declines for some high-growth companies [1]. - In the third quarter, out of 10 listed inverter companies, 6 reported declines in net profit, with 4 experiencing profit halving; conversely, 3 companies, including industry leader Sungrow, saw quarterly growth rates exceeding 100% [1][3]. - The third-quarter reports indicate that while many inverter companies maintained growth in the first three quarters, several experienced declines in revenue and net profit in the third quarter [2][3]. Group 2: Market Dynamics - The performance divergence is attributed to the contrasting conditions in domestic and international markets, particularly the inventory pressure in the European market affecting companies reliant on overseas sales [2][10]. - The domestic market for large-scale ground-mounted solar power plants has seen a significant increase in installations, with a reported growth of over 357.8% in concentrated solar power installations this year [12]. - The European market has faced a significant decline in demand for household photovoltaic and storage inverters, leading to excess supply and reduced orders from distributors [10][11]. Group 3: Company-Specific Performance - Among the companies reporting declines, Yunneng Technology had the highest net profit decline at 62.75%, while DeYe and Keda saw smaller declines of 36.1% and 16.56%, respectively [3][4]. - Conversely, companies like Sungrow, with a revenue of 177.92 billion yuan and a net profit increase of 147.29%, and Hewei Electric, with a net profit growth of 246.82%, demonstrated strong performance [7][5]. - The companies can be categorized into two groups: those like Jinlang Technology that focus on micro inverters and household storage products primarily for overseas markets, and those like Sungrow that focus on large-scale centralized inverters for domestic ground-mounted power plants [8][9]. Group 4: Future Outlook - The inventory destocking cycle in overseas markets is expected to last several months, while the domestic market is anticipated to see a surge in demand for large-scale ground-mounted solar power plants in the fourth quarter [15][16]. - Analysts predict that the performance of companies focusing on centralized inverters will remain strong in the near term, while those reliant on household products may continue to face challenges [15][16].