【长城电新】光伏电池组件逆变器出口月报（24年6月）

Investment Rating - The report suggests a positive outlook for the solar energy sector, indicating a potential recovery in profitability and demand in the second half of the year [2][3]. Core Insights - The export performance of solar inverters is strong, with a notable increase in demand expected in the second half of the year. In June 2024, China's total solar component exports reached $2.9 billion, a year-on-year decrease of 29.5% but a month-on-month increase of 2.6%. The total export volume was 27.5 GW, reflecting a year-on-year increase of 25.8% [2][12]. - The inverter exports in June 2024 totaled $918 million, a year-on-year decrease of 3.77% but a month-on-month increase of 17.66%. The number of inverters exported reached 5.85 million units, with a year-on-year increase of 19.91% [14][20]. - The report highlights that the solar energy industry is approaching a recovery phase, with the first half of 2024 potentially marking the bottom of profitability for the sector. The resilience of global solar installations in 2023 is supported by favorable domestic policies and international energy transitions [3][12]. Summary by Sections Export Analysis - In June 2024, China's solar component exports amounted to 27.5 GW, with Europe experiencing a decline in demand due to inventory adjustments and seasonal factors. However, emerging markets in Asia and Africa continue to show robust growth, with countries like the UAE, Saudi Arabia, and Pakistan maintaining over 100% year-on-year growth [12][13]. - The inverter export market is also showing signs of recovery, with significant month-on-month increases in exports to Europe and Asia. In June, 1.23 million inverters were exported to Europe, reflecting a month-on-month increase of 30.4% [20][33]. Provincial Performance - Provinces such as Guangdong and Zhejiang are leading in inverter exports, with Guangdong exporting 1.59 million units and achieving an export value of 2.39 billion yuan, while Zhejiang's exports reached 2.97 million units [20][28]. - The report emphasizes the importance of distributed energy products in driving export growth, with companies like Sungrow and others in Anhui and Jiangsu showing positive trends in their export performance [20][28].