光伏产品出口月报（2024年8月）

Investment Rating - The report maintains an "Outperform" rating for the electrical equipment industry [6]. Core Insights - The report highlights a narrowing decline in the export of photovoltaic (PV) battery modules in August 2024, with a total export value of $2.437 billion, reflecting a month-on-month decrease of 5.73% and a year-on-year decrease of 27.62% [2][12]. - Cumulative exports of PV battery modules from January to August 2024 reached $22.671 billion, showing a significant year-on-year decline of 30.78% [2][12]. - The report emphasizes the recovery in the export of PV inverters, with August exports amounting to $861 million, marking a month-on-month increase of 9.51% and a year-on-year increase of 24.91% [3][26]. Summary by Sections 1. Photovoltaic Battery Module Export Data - In August 2024, domestic PV battery module exports totaled $2.437 billion, with a year-on-year decline of 27.62% and a month-on-month decline of 5.73% [12]. - The export volume for PV modules (excluding batteries) was approximately 18.48 GW, reflecting a year-on-year increase of 6.84% but a month-on-month decrease of 5.70% [12]. - Cumulative exports from January to August 2024 reached $22.671 billion, down 30.78% year-on-year [12]. 2. Photovoltaic Inverter Export Data - Domestic PV inverter exports in August 2024 amounted to $861 million, with a year-on-year increase of 24.91% and a month-on-month increase of 9.51% [3][26]. - A total of 5.2876 million units of inverters were exported, showing a year-on-year increase of 31.63% and a month-on-month increase of 0.87% [26]. - Cumulative exports from January to August 2024 reached $5.660 billion, reflecting a year-on-year decline of 25.54% [26]. 3. Regional and Provincial Export Analysis - In August, exports of PV battery modules to Europe were $950 million, down 32.98% year-on-year and 7.76% month-on-month [16]. - Exports to Asia were $970 million, down 21.20% year-on-year and 6.51% month-on-month [16]. - For PV inverters, exports to Europe reached $382 million, with a year-on-year increase of 0.03% and a month-on-month increase of 23.06% [30]. - Zhejiang province saw a significant increase in inverter exports, totaling $265 million, with a year-on-year increase of 166.55% and a month-on-month increase of 18.11% [37].