太阳能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 mixed performance in recent months, with a slight increase in domestic solar installations but a decline in component exports. In contrast, inverter exports have seen significant growth, particularly in the Asia-Pacific and Latin American regions [3][22][25]. - The report highlights key companies to watch, including leading integrated solar storage companies and those involved in new solar technologies, suggesting a focus on innovation and market adaptability [3][25]. Summary by Sections 1. Installation - In August 2024, domestic solar installations increased by 2.9% year-on-year, totaling 16.5 GW, but showed a 21.8% decline month-on-month. Cumulatively, from January to August, installations reached 140.0 GW, reflecting a 23.7% year-on-year growth [7][22]. 2. Exports - 2.1 Component Exports: In August, component export value was 17.4 billion yuan, down 28.1% year-on-year and 5.4% month-on-month. Cumulative exports from January to August totaled 161.16 billion yuan, a 29.0% year-on-year decline [8][22]. - 2.2 Inverter Exports: In August, inverter exports improved, reaching 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][22]. 3. Solar Power Generation - Solar power generation in August increased by 21.7% year-on-year, amounting to 38.61 billion kWh, which accounted for 4.25% of the total industrial power generation in China. The total power generation for August was 907.42 billion kWh, reflecting a 5.8% year-on-year growth [22][24]. 4. Investment Recommendations - The report recommends focusing on leading integrated solar storage companies such as Canadian Solar, and highlights companies like Sungrow and DeYuan for their potential in the Asia-Pacific and Latin American markets. It also emphasizes the importance of new technologies from companies like Aiko Solar and Longi Green Energy [3][25].