202409光伏行业月度报告：9月国内光伏新增装机同增32.4%，逆变器出口额同比增长4.2%

Investment Rating - The report gives a "Buy-A" rating for the company 688472.SH (Canadian Solar) [1] Core Views - The solar power generation in September increased by 12.7% year-on-year, with a total output of 32.34 billion kWh, accounting for 4.03% of the national total power generation [2][30] - The report highlights a significant increase in domestic photovoltaic (PV) installations, with September's new installations reaching 20.9 GW, a year-on-year increase of 32.4% and a month-on-month increase of 26.9% [11][34] - The report recommends focusing on leading companies in the solar storage sector, including Canadian Solar, Sungrow Power, and DEYE Technology, among others [34] Summary by Sections 1. Installation - In September, domestic PV installations increased by 32.4% year-on-year and 26.9% month-on-month, totaling 20.9 GW. Cumulatively, from January to September, installations reached 160.9 GW, up 24.8% year-on-year [11][34] 2. Exports - 2.1 Module Exports: In September, module export value was 14.37 billion yuan, down 40.7% year-on-year and 17.4% month-on-month. Cumulative exports from January to September totaled 175.53 billion yuan, a decrease of 30.2% year-on-year [3][11] - 2.2 Inverter Exports: In September, inverter export value was 4.84 billion yuan, showing a year-on-year increase of 4.2% but a month-on-month decrease of 21.3%. Cumulative exports from January to September reached 45.04 billion yuan, down 21.5% year-on-year [19][11] 3. Solar Power Generation - In September, solar power generation reached 32.34 billion kWh, marking a 12.7% year-on-year increase and accounting for 4.03% of the total national power generation of 802.36 billion kWh, which grew by 6.0% year-on-year [30][2] 4. Investment Recommendations - The report emphasizes investment in leading solar storage companies such as Canadian Solar, Sungrow Power, and DEYE Technology, and suggests monitoring other companies in the solar industry [34]