24年欧洲能源价格抑制部分光储需求，25年能源价格上涨存在契机

Investment Rating - The report maintains a "Positive" investment rating, indicating an expected return that is stronger than the market benchmark by over 5% [1][16]. Core Insights - The overall photovoltaic development in Europe is expected to be suppressed in 2024 due to multiple factors including energy prices and geopolitical dynamics, with an estimated new installed capacity of 65.5 GW in the EU [5][47]. - Energy prices in Europe are projected to rebound by the end of 2024, creating opportunities for price increases in 2025, driven by short-term weather factors and mid-term supply uncertainties [10][47]. - The recovery of energy prices in Europe may stimulate demand for residential solar storage systems, suggesting a potential uplift in distributed solar storage inverter demand [25][47]. Summary by Sections Investment Suggestions and Targets - The report suggests focusing on distributed solar storage inverter companies such as DeYue Co., Ltd. (605117, Buy), HeMai Co., Ltd. (688032, Buy), and others [25]. Industry Dynamics - The report highlights that the energy price recovery in Europe could enhance the economic viability of residential solar storage systems, thereby boosting installation demand [47]. - It notes that the energy price fluctuations are influenced by various factors including weather conditions and geopolitical events, which may lead to uncertainties in energy supply and demand across Europe [28][47].