碳中和领域动态追踪（一百四十六）：逆变器10月出口金额环比微降，变压器出口仍保持高景气

Investment Rating - The report maintains a "Buy" rating for the industry [1] Core Insights - In October 2024, the overall export value of inverters was $660 million, showing a year-on-year increase of 20% but a month-on-month decrease of 3% [1] - The export value of transformers in October 2024 was $4.2 billion, with a year-on-year increase of 52.9% and a month-on-month decrease of 3% [1] - The report highlights that the export of components and batteries saw a month-on-month increase, with a total export value of $2.16 billion in October 2024, down 19% year-on-year but up 7% month-on-month [1] Summary by Sections Inverter Exports - In October 2024, inverter exports to Europe amounted to $270 million, up 21% year-on-year but down 9% month-on-month; exports to Asia were $200 million, flat year-on-year but down 20% month-on-month; exports to the Americas were $130 million, up 71% year-on-year and up 55% month-on-month [1] - Notable country-specific exports include Pakistan at $15 million (up 1% year-on-year, down 41% month-on-month), India at $34 million (up 62% year-on-year, up 34% month-on-month), Saudi Arabia at $29 million (down 19% year-on-year, up 307% month-on-month), and Brazil at $47 million (up 51% year-on-year, up 80% month-on-month) [1] Transformer Exports - From January to October 2024, the total export value was $36.1 billion, up 30.5% year-on-year; in October alone, the export value was $4.2 billion, up 52.9% year-on-year [1] - The export values for large, medium, and small transformers from January to October were $13.9 billion, $12.4 billion, and $9.8 billion, with year-on-year growth rates of 61.9%, 36.9%, and -2.2% respectively [1] - The export value of large and medium transformers from January to October was $26.3 billion, up 49.1% year-on-year, with October exports at $3.3 billion, up 71.5% year-on-year [1] Meter Exports - The total export value from January to October 2024 was $9.32 billion, up 11.0% year-on-year; October exports were $960 million, up 19.6% year-on-year and up 0.4% month-on-month [1] High Voltage Switch Exports - The total export value from January to October 2024 was $23.8 billion, up 27.3% year-on-year; October exports were $2.67 billion, up 54.7% year-on-year and up 20.3% month-on-month [2] - Export values by region include Asia at $14.55 billion, Africa at $2.67 billion, Europe at $2.57 billion, North America at $690 million, South America at $2.25 billion, and Oceania at $1.08 billion, with year-on-year growth rates of 33.0%, 18.5%, 21.7%, -4.1%, 16.9%, and 43.3% respectively [2] Investment Recommendations - The report suggests that under the trade barriers set by developed countries, the Belt and Road regions present a breakthrough point for Chinese exports, particularly in power equipment and inverters [2] - Specific companies to watch in the inverter sector include DeYue Co., Airo Energy, HeMai Co., JinLang Technology, GoodWe, and YN Technology; in the power equipment sector, focus on Samsung Medical, HaiXing Electric, JinPan Technology, and SiYuan Electric [2]