电力设备行业快评报告：10月逆变器出口整体企稳，美洲地区表现较好

Investment Rating - The industry investment rating is "Outperform the Market" [5][14]. Core Viewpoints - In October 2024, China's inverter exports amounted to 4.665 billion yuan, a month-on-month decrease of 3.71% but a year-on-year increase of 17.03% [1]. - Cumulative inverter exports from January to October 2024 reached 49.701 billion yuan, showing a year-on-year decline of 18.98%, but the rate of decline has narrowed [1]. Summary by Region Asia - In October 2024, inverter exports to Asia were 1.4 billion yuan, a month-on-month decrease of 20.24% and a year-on-year decrease of 3.62% [2]. - Notable country-specific exports include Saudi Arabia (205 million yuan, +306.10% MoM), UAE (70 million yuan, -53.80% MoM), India (238 million yuan, +33.62% MoM), and Pakistan (108 million yuan, -41.59% MoM) [2]. Europe - In October 2024, inverter exports to Europe were 1.88 billion yuan, a month-on-month decrease of 9.59% but a year-on-year increase of 18.07% [2]. - Country-specific exports include Germany (294 million yuan, -9.80% MoM), Netherlands (935 million yuan, -0.86% MoM), UK (86 million yuan, -10.07% MoM), and Poland (88 million yuan, -51.44% MoM) [2]. North America - In October 2024, inverter exports to North America were 303 million yuan, a month-on-month increase of 50.60% and a year-on-year increase of 97.67% [3]. - Exports to the United States were 277 million yuan, with a month-on-month increase of 51.18% and a year-on-year increase of 105.56% [3]. Latin America - In October 2024, inverter exports to Latin America were 607 million yuan, a month-on-month increase of 56.85% and a year-on-year increase of 57.85% [3]. - Exports to Brazil (336 million yuan, +78.80% MoM) and Mexico (88 million yuan, -3.76% MoM) were notable [3]. Africa - In October 2024, inverter exports to Africa were 327 million yuan, a month-on-month increase of 7.73% and a year-on-year increase of 68.97% [3]. - Exports to South Africa (107 million yuan, +81.91% MoM) and Nigeria (55 million yuan, -22.55% MoM) were highlighted [3]. Oceania - In September 2024, inverter exports to Oceania were 147 million yuan, a month-on-month increase of 25.17% but a year-on-year decrease of 29.76% [4]. - Exports to Australia were 136 million yuan, with a month-on-month increase of 23.11% and a year-on-year decrease of 32.16% [4]. Investment Suggestions - Long-term growth in global renewable energy installations and increasing demand for energy storage are expected to drive market growth [11]. - Key regions for growth include Europe, North America, emerging markets like India and Brazil, and the Middle East [11]. - Recommendations include focusing on leading companies with strong market positions and overseas layouts [11].