电力设备行业8月逆变器出口数据点评：逆变器出口同环比实现双增，新兴市场放量在即

Investment Rating - The report rates the inverter industry as "Overweight," indicating an expectation for the industry to outperform the overall market [2][7]. Core Insights - In August, inverter exports reached 5.2876 million units, a year-on-year increase of 31.74% and a month-on-month increase of 0.87%, with export value at 6.157 billion yuan, up 24.22% year-on-year and 9.98% month-on-month. The first eight months of 2024 saw a total export of 35.7027 million units, down 3.30% year-on-year, with an export value of 40.193 billion yuan, down 23.75% year-on-year [2]. - The recovery in demand is attributed to the end of the European holiday season and the ongoing growth in markets such as the Middle East, Latin America, and Africa. Notably, Zhejiang province showed strong export performance in August [2][3]. - Emerging markets are expected to further boost demand, with countries like India and Pakistan implementing supportive policies for solar installations. In August, inverter exports to India amounted to 326 million yuan, a year-on-year increase of 149.12%, while exports to Pakistan reached 326 million yuan, up 429.04% year-on-year [3]. Summary by Sections Export Data - August inverter exports totaled 5.2876 million units, with a value of 6.157 billion yuan, marking significant year-on-year and month-on-month growth [2]. - Regional performance showed Zhejiang province leading with a year-on-year increase of 53.02% in export quantity [2]. Market Demand - The end of the European holiday season has led to a surge in inverter demand, with exports to Europe in August reaching 1.1572 million units and a value of 2.736 billion yuan [2][3]. - Emerging markets are becoming key growth areas, with India and Pakistan showing substantial increases in inverter imports [3]. Investment Opportunities - The report suggests focusing on leading companies in the inverter industry, including Sungrow Power Supply, Sungrow Electric, Deye Technology, Jinlang Technology, Goodwe, and Aro Energy, as they are well-positioned to benefit from the expected market growth [3].