电力设备行业动态点评报告：8月装机数据：光伏新增装机16.46GW，风电新增装机3.7GW

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - As of August 2024, the newly installed capacity for photovoltaic (PV) reached 16.46GW, showing a month-on-month decline. The total installed capacity for PV by the end of August 2024 is 750 million kW, representing a year-on-year increase of 48.8%. For the first eight months of 2024, the domestic PV newly installed capacity is 139.99GW, up 24% year-on-year [1] - In August 2024, the newly installed wind power capacity was 3.7GW, with a significant year-on-year increase. The total installed capacity for wind power by the end of August 2024 is approximately 470 million kW, reflecting a year-on-year growth of 19.9%. For the first eight months of 2024, the domestic wind power newly installed capacity is 33.61GW, up 16% year-on-year [1] - The report highlights that short-term consumption pressure is limiting the growth of distributed PV, which is expected to be addressed through energy storage and virtual power plants. Recent policies in several regions have temporarily paused the registration of distributed PV projects, leading to a forecasted decrease in the proportion of distributed capacity in the third quarter [1] Summary by Sections Photovoltaic Sector - In August 2024, the newly installed PV capacity was 16.46GW, a year-on-year increase of 3% but a month-on-month decrease of 22%. The cumulative installed capacity reached 750 million kW, with a year-on-year growth of 48.8% [1] - The report notes that the consumption pressure on the grid is a significant factor affecting the growth of distributed PV, with expectations for future improvements through new distribution networks and energy storage solutions [1] Wind Power Sector - The newly installed wind power capacity in August 2024 was 3.7GW, showing a year-on-year increase of 42% but a month-on-month decrease of 9%. The cumulative installed capacity reached approximately 470 million kW, with a year-on-year growth of 19.9% [1] - The report indicates that the wind power sector is experiencing robust growth, with a total of 33.61GW newly installed in the first eight months of 2024, reflecting a year-on-year increase of 16% [1] Investment Recommendations - The report suggests focusing on leading companies in the PV sector such as Tongwei Co., Longi Green Energy, and Trina Solar, as well as strong performers in the inverter and energy storage segments like Sungrow Power Supply and DeYe Shares. It also highlights potential investments in virtual power plant businesses like Guoneng Rixin and Anke Rui [1][2]