电力设备：2024年国内光伏新增装机277.17GW

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Insights - In 2024, the domestic photovoltaic (PV) newly installed capacity is projected to reach 277.17 GW, representing a year-on-year growth of 27.8% compared to 2023 [1] - The newly installed capacity in December 2024 is expected to be 70.87 GW, showing a year-on-year increase of 33.72% and a quarter-on-quarter increase of 183.48% [1] - The report emphasizes that with the improvement of grid construction and the gradual resolution of consumption issues, there is significant growth potential for photovoltaic installations [1] Summary by Sections Photovoltaic Installation - The report cites data from the National Energy Administration indicating a strong growth trajectory for photovoltaic installations in 2024 [1] Export Data - In 2024, China's cumulative exports of batteries and components reached $30.598 billion, a year-on-year decrease of 29.95% [2] - The cumulative export volume of batteries and components was 7.787 billion units, reflecting a year-on-year increase of 38.16% [2] - The report notes that the decline in export value is primarily due to falling component prices, despite strong contributions from emerging markets like Saudi Arabia and Pakistan [2] Inverter Exports - China's cumulative exports of inverters in 2024 amounted to$ 8.264 billion, a year-on-year decrease of 16.96% [3] - December exports of inverters were $665 million, showing a year-on-year increase of 12.03% [3] - The report highlights significant growth in exports to Pakistan and Saudi Arabia, with year-on-year increases of 229% and 148%, respectively [3] Investment Recommendations - The report maintains a positive outlook on supply-side reforms enhancing profitability across various segments and recommends focusing on leading companies benefiting from technological advancements and cost reduction, such as GCL-Poly Energy, LONGi Green Energy, JinkoSolar, and Highpower International [4]