电力设备行业逆变器：与光伏展翼，同储能齐飞

Investment Rating - The report maintains an "Outperform" rating for the power equipment industry, specifically highlighting the growth potential of inverters alongside photovoltaic and energy storage technologies [2]. Core Insights - Photovoltaic inverters are essential for solar power systems, converting direct current (DC) generated by solar panels into alternating current (AC) for grid integration or load use. Their reliability and efficiency directly impact the overall performance and investment returns of solar power projects [4][14]. - The market for string inverters is expected to grow significantly, driven by their increasing penetration in large-scale power plants and suitability for distributed photovoltaic systems. In 2023, large ground-mounted power plants accounted for 55.6% of new photovoltaic installations, while distributed systems made up 44.4% [4][42]. Summary by Sections 1. Inverters: The Heart of Photovoltaic Power Systems - Inverters play a crucial role in the photovoltaic industry chain, connecting solar panels to the grid and ensuring efficient energy conversion [12][14]. - The inverter market is characterized by various types, with string inverters projected to dominate due to their advantages in both large and distributed systems [42][43]. 2. Technical, Supply Chain, and Cost Barriers - Long-term technological accumulation is essential for enhancing product reliability and stability, creating significant barriers for new entrants [5][46]. - Supply chain barriers are evident, with low localization rates for power modules and control chips, which are critical for inverter production. As of 2023, localization rates for centralized inverters were around 30% [48][50]. - Cost advantages are crucial for maintaining profitability, with the investment cost for inverter equipment decreasing from 47,000 yuan/MW in 2022 to 45,000 yuan/MW in 2023, and projected to further decline to 41,000 yuan/MW by 2030 [55]. 3. Growth Driven by Energy Storage and International Expansion - The demand for photovoltaic inverters is driven by new installations and replacement needs, with the average lifespan of inverters being approximately 10 years [58][60]. - The integration of energy storage solutions is expected to drive growth in inverter companies, as the market for energy storage continues to expand [68][70]. - Chinese companies are increasingly entering overseas markets, benefiting from a complete domestic photovoltaic supply chain and competitive pricing [6][58].