光伏设备行业：《管理办法》政策落地，推动分布式光伏有序发展

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - The recent implementation of the "Management Measures" aims to promote the healthy and sustainable development of distributed photovoltaic power generation [4] - As of the end of 2024, the cumulative installed capacity of distributed photovoltaic power generation reached 370 million kilowatts, which is 121 times that of the end of 2013, accounting for 42% of total photovoltaic installed capacity and 11% of the national power generation capacity [4] - In 2024, the newly installed capacity of distributed photovoltaic power generation reached 120 million kilowatts, accounting for 43% of the newly installed photovoltaic capacity that year [4] - The price of photovoltaic modules has dropped from around 5 yuan per watt in 2013 to approximately 0.7 yuan per watt currently, indicating that the renewable energy sector, including distributed photovoltaic power, has entered a market-oriented development phase without subsidies [4] - The emergence of negative electricity prices in Zhejiang reflects the challenges of power consumption and pricing faced by photovoltaic projects, highlighting the need for better integration with energy storage technologies to enhance the flexibility and regulation capabilities of the power system [4] Summary by Sections Industry Performance - Over the past 12 months, the industry has experienced a relative return of -42.38% compared to the CSI 300 index, with absolute returns of -24.69% [3] Recent Developments - The "Management Measures" redefine distributed photovoltaic power generation in terms of definition, classification, and grid connection methods, emphasizing user-side development and the need for improved grid integration capabilities [4] - The report highlights the urgent need to adjust management strategies to address the main challenges posed by the explosive growth of distributed photovoltaic power generation, particularly in terms of grid connection and consumption [4] Investment Recommendations - The report recommends prioritizing investments in energy storage inverters, with specific companies such as Sungrow Power Supply, Jinlang Technology, GoodWe, and Airo Energy suggested for attention [4]