202408光伏行业月度报告：8月国内光伏新增装机同增2.9%，逆变器出口额同比增长24.2%

Investment Rating - The report maintains a "Market Perform" rating for the solar industry, indicating expected performance in line with the market [3][25]. Core Insights - The solar industry has shown resilience with a slight increase in domestic solar installations and a notable growth in inverter exports, particularly in the Asia, Africa, and Latin America regions [3][14]. - Solar power generation in August increased by 21.7% year-on-year, contributing to 4.25% of the total industrial power generation in China [22]. Summary by Sections 1. Installation - In August 2024, domestic solar installations reached 16.5 GW, marking a year-on-year increase of 2.9%, but a month-on-month decline of 21.8%. Cumulatively, from January to August, installations totaled 140.0 GW, up 23.7% year-on-year [7][8]. 2. Exports - 2.1 Module Exports: In August, module exports fell to 17.4 billion yuan, down 28.1% year-on-year and 5.4% month-on-month. Cumulative exports from January to August were 161.16 billion yuan, a decrease of 29.0% year-on-year [8]. - 2.2 Inverter Exports: In August, inverter exports improved to 6.16 billion yuan, up 24.2% year-on-year and 10.0% month-on-month. Cumulative exports from January to August were 40.2 billion yuan, down 23.7% year-on-year [14]. 3. Solar Power Generation - In August, solar power generation reached 38.61 billion kWh, reflecting a year-on-year growth of 21.7%. This accounted for 4.25% of the total industrial power generation in China [22]. 4. Investment Recommendations - The report recommends focusing on leading integrated solar storage companies such as Canadian Solar, and highlights companies like Sungrow and DeYuan as key players in the Asia and Africa solar storage markets. It also points to innovative technology firms like Aiko Solar and LONGi Green Energy as potential investment opportunities [3][25].