逆变器：多企业业绩预披露环比改善明显，预期未来增长可期

Investment Rating - The report maintains an "Outperform" rating for the inverter segment, indicating expected future growth [2]. Core Insights - The inverter segment shows significant improvement in profitability for companies like DeYe and Jinlang Technology, outperforming the main industry chain of silicon materials, silicon wafers, and modules [5]. - The inverter plays a crucial role in connecting photovoltaic arrays to the grid, converting direct current to alternating current, and ensuring the long-term operational efficiency of solar power plants [5]. - The performance of inverter companies in Q2 2024 is expected to improve due to the recovery of overseas inventory and stable growth in traditional markets, alongside explosive demand in emerging markets [5]. Summary by Sections Performance Overview - DeYe is projected to achieve a net profit of 1.183 to 1.283 billion yuan in H1 2024, showing a quarter-on-quarter increase from 433 million yuan in Q1 2024 to approximately 750 to 850 million yuan in Q2 2024 [5]. - Jinlang Technology anticipates a net profit of 325 to 400 million yuan in H1 2024, with a significant quarter-on-quarter increase from 20 million yuan in Q1 2024 to about 305 to 380 million yuan in Q2 2024 [5]. - In contrast, major players in the main industry chain, such as Tongwei and TCL Zhonghuan, are expected to report substantial losses in the same period [5]. Market Dynamics - The improvement in performance for inverter companies is attributed to sustained demand in markets like Brazil, India, and Germany, as well as explosive growth in Southeast Asia and the Middle East [5]. - Companies are leveraging their competitive advantages in emerging markets, leading to strong shipment momentum and market share growth [5]. Investment Recommendations - The report suggests focusing on several key companies: - Sungrow Power Supply, recognized as a leading inverter company with a solid industry position [6]. - DeYe, which has a comprehensive product range and a strong presence in emerging markets [6]. - Jinlang Technology, noted for its technological influence and market position across various inverter sectors [6]. - GoodWe, which possesses core technologies in power electronics and energy management [6].