电气设备行业点评：8月组件出口环比-4%，非洲亚太跌幅明显

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [8]. Core Insights - In August 2024, China exported approximately 18.76GW of photovoltaic modules, reflecting a month-on-month decrease of 4% but a year-on-year increase of 9%. Cumulatively, from January to August, exports reached 170.24GW, marking a year-on-year growth of 23% [1][2]. - The European market imported 8.21GW of modules from China in August, down 4% month-on-month and unchanged year-on-year. Cumulative imports for the first eight months totaled 70.9GW, a decrease of 10% year-on-year. Economic stagnation and reduced government subsidies in major countries like Germany and Spain are impacting demand [1][2]. - The Asia-Pacific market saw imports of 4.63GW in August, a 10% decrease month-on-month but a 5% increase year-on-year. Cumulative imports reached 50.27GW, reflecting a significant year-on-year increase of 90% [2][3]. - The Americas imported 2.55GW in August, a 9% increase month-on-month but a 5% decrease year-on-year, with cumulative imports at 21.65GW, up 12% year-on-year. Brazil remains the largest importer in the region [3]. - The Middle East imported 2.49GW in August, remaining stable month-on-month and showing a 61% increase year-on-year, with cumulative imports at 20.46GW, up 142% year-on-year [3]. Summary by Sections - European Market: Demand growth is expected to be limited in Q3 due to economic challenges and seasonal factors, with potential negative growth in the fourth quarter [4]. - Asia-Pacific Market: The Indian market's demand is weakening due to unclear ALMM exemption requirements, while Pakistan's demand may decrease in the second half of 2024 after a strong first half [2][4]. - Americas Market: Brazil's new tax exemption policies may stimulate demand for distributed solar projects, despite current market uncertainties [3]. - Middle East Market: Saudi Arabia's commitment to renewable energy projects is expected to sustain strong demand for Chinese photovoltaic products [3].