Investment Rating - The industry is rated as "stronger than the market," indicating an expectation that the overall performance of the industry will outperform the market in the next six months [52]. Core Insights - Short-term seasonal factors disrupted July exports, with a total export value of solar battery components at $2.58 billion in July 2024, down 18.5% year-on-year and 10.9% month-on-month, while the total export volume reached 24.2 GW, up 29.7% year-on-year but down 12% month-on-month [2][4]. - The inverter exports totaled $787 million in July 2024, showing a year-on-year increase of 3.17% but a month-on-month decrease of 14.29%, with a total of 5.24 million units exported, up 34.89% year-on-year but down 10.47% month-on-month [2][23]. - The report suggests that the solar industry may be approaching a profitability bottom in Q1-Q2 2024, with a resilient global solar installation growth despite high base numbers in 2023 [3]. Export Analysis - In July 2024, the export of solar battery components to Europe was 8.3 GW, down 15.93% month-on-month, while exports to other emerging markets outside Europe showed a year-on-year increase of 38.81% [7][17]. - The inverter exports to the European market reached 1.1752 million units in July, down 4.44% month-on-month, while exports to Asia were 2.0811 million units, down 0.6% month-on-month [38]. - The report highlights that the inverter export price decreased by 23.98% year-on-year, indicating a shift in market dynamics and product structure [23]. Provincial Export Performance - In July 2024, Zhejiang province exported 2.3455 million inverters, down 20.9% month-on-month, while Guangdong province maintained stable performance with exports of 2.211 billion yuan [25][31]. - Jiangsu province saw a month-on-month decrease of 11.3% in inverter exports, while Anhui province was significantly affected by the large-scale installation window [25][31].
【长城电新】光伏电池组件逆变器出口月报（24年7月）
Great Wall Securities·2024-08-28 10:14