9月逆变器出口：整体有所回调，乌克兰增长延续，部分亚非市场出货量高增

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - In September, the inverter export amount increased by 5% year-on-year but decreased by 21.2% month-on-month, totaling 680 million USD. The cumulative export amount for the entire year of 2024 is projected to be 634 million USD, with a total of 40.04 million units exported, reflecting a year-on-year decrease of 1.9% [1][2] - The report highlights that the European market saw a decline in exports from Germany and the Netherlands, while Ukraine continued to show growth. The export amount from Germany was 330 million USD, and from Italy was 30 million USD, with Italy experiencing a year-on-year decline of 77.5% [1][2] - In the Americas, exports from the US and Brazil remained stable year-on-year, while Mexico saw a month-on-month decline. The export amount from Mexico was 9 million USD, reflecting a year-on-year decrease of 0.1% [1][2] - The Asia-Pacific region experienced significant month-on-month growth in shipments from Vietnam and Indonesia, although the average unit price decreased. Japan performed relatively well, with an export amount of 6 million USD, showing a year-on-year increase of 85.6% [1][2] Summary by Sections Inverter Exports - September inverter export amount was 680 million USD, with a year-on-year increase of 5% and a month-on-month decrease of 21.2%. The total number of exported inverters was 4.295 million units, reflecting a year-on-year increase of 10.8% [1] - Cumulative exports for 2024 are projected at 634 million USD, with 40.04 million units exported, a year-on-year decrease of 1.9% [1] Regional Performance - Europe: Germany and the Netherlands saw a month-on-month decline, while Ukraine's growth continued. The export amount from Germany was 330 million USD, and from Italy was 30 million USD, with Italy's year-on-year decline at 77.5% [1] - Americas: The US and Brazil's exports remained stable, while Mexico's exports decreased month-on-month. The export amount from Mexico was 9 million USD, with a year-on-year decrease of 0.1% [1] - Asia-Pacific: Vietnam and Indonesia saw high month-on-month growth in shipments, while Japan's export amount was 6 million USD, reflecting a year-on-year increase of 85.6% [1]