电力设备行业快评报告：受天气及季节性波动影响，9月逆变器出口整体承压

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - In September 2024, China's inverter exports amounted to 4.844 billion yuan, a month-on-month decrease of 21.32% but a year-on-year increase of 4.20%. Cumulatively, from January to September 2024, the total export value reached 45.037 billion yuan, reflecting a year-on-year decline of 21.48%, although the rate of decline has narrowed [1][2] - The decline in September's exports was primarily due to the impact of typhoons in the Yangtze River Delta region, causing delays in shipments, and seasonal demand decreases in some emerging markets [1] Summary by Region - Asia: Exports to Asia in September 2024 were 1.756 billion yuan, down 7.42% month-on-month but up 26.99% year-on-year. Notable declines were seen in exports to India, Pakistan, and Saudi Arabia due to seasonal and pricing factors [2] - Europe: Exports to Europe were 2.079 billion yuan, a month-on-month decrease of 24.02% and a year-on-year decrease of 7.17%. The decline was attributed to previous inventory buildup [2] - North America: Exports to North America totaled 201 million yuan, down 16.18% month-on-month but up 1.59% year-on-year, with exports to the U.S. at 183 million yuan [2] - Latin America: Exports to Latin America were 387 million yuan, down 46.08% month-on-month and 3.82% year-on-year, primarily due to seasonal fluctuations [2] - Africa: Exports to Africa reached 304 million yuan, down 28.39% month-on-month but up 25.17% year-on-year, indicating a positive growth trend despite month-on-month declines [2] - Oceania: Exports to Oceania were 117 million yuan, down 17.31% month-on-month and 35.97% year-on-year [5] Summary by Shipping Origin - Exports from Guangdong, Zhejiang, Anhui, and Jiangsu in September 2024 were 1.878 billion, 1.233 billion, 537 million, and 431 million yuan respectively, with significant month-on-month declines due to weather impacts [6] - Despite the month-on-month declines, Guangdong and Zhejiang maintained year-on-year growth in exports [6] Investment Recommendations - Long-term growth in global renewable energy installations and increasing demand for energy storage are expected to drive market growth. Key regions for potential growth include Europe, the U.S., emerging markets like India and Pakistan, and the Middle East [6]