电力设备行业快评报告：12月逆变器出口环比回升，新兴国家需求稳健

Investment Rating - The report rates the power equipment industry as "Outperforming the Market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [14]. Core Insights - In December 2024, China's inverter export value reached 4.777 billion yuan, showing a month-on-month increase of 10.21% and a year-on-year increase of 12.45%. The cumulative export value for the entire year was 58.813 billion yuan, reflecting a year-on-year decline of 15.51%, but the rate of decline is narrowing [3]. - The demand for inverters is robust in emerging markets, particularly in Asia, Europe, and Africa, with significant growth observed in countries like India, Pakistan, and the UAE [4][5][12]. - The report highlights a positive outlook for the renewable energy sector, driven by increasing storage needs due to rapid growth in global renewable energy installations and rising grid instability [12]. Summary by Region Asia - In December 2024, inverter exports to Asia amounted to 1.822 billion yuan, with a month-on-month increase of 5.13% and a year-on-year increase of 13.43%. Notable growth was seen in exports to India and Pakistan [4]. Europe - Exports to Europe reached 1.611 billion yuan in December 2024, marking a month-on-month increase of 31.41% and a year-on-year increase of 12.21%. The demand in Germany and the Netherlands showed significant growth [4]. North America - Exports to North America totaled 273 million yuan in December 2024, with a month-on-month decrease of 5.90% but a year-on-year increase of 27.59%. Exports to the U.S. specifically were 257 million yuan [5]. Latin America - Exports to Latin America were 526 million yuan in December 2024, reflecting a month-on-month decrease of 20.05% and a year-on-year decrease of 14.37% [5]. Africa - In December 2024, exports to Africa reached 364 million yuan, with a month-on-month increase of 47.45% and a year-on-year increase of 46.66%. Significant growth was noted in exports to South Africa and Nigeria [5]. Oceania - Exports to Oceania amounted to 180 million yuan in December 2024, with a month-on-month increase of 0.10% and a year-on-year increase of 39.68% [5].