1-2月逆变器出口数据月报：亚、非市场表现亮眼-2025-04-02

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - In the first two months of 2025, China's inverter export value reached 7.7 billion yuan, a slight increase of 6.5% year-on-year. Asia has overtaken Europe as the largest market for inverter exports, with significant growth in South Asia and the Middle East [2][13][16]. Summary by Sections Inverter Monthly Export Overview - The total inverter export value for January-February 2025 was 7.7 billion yuan, with Asia, Europe, and Latin America being the top three markets, accounting for 38%, 32%, and 13% of exports respectively [13][16]. Asia: Export Growth with Strong Performance in South Asia and the Middle East - In January-February 2025, inverter exports to Asia amounted to 2.87 billion yuan, a year-on-year increase of 31%. Key markets included India and Pakistan, with exports to India growing by 74% and to Pakistan by 63% [2][28][36]. Europe: Overall Decline in Exports - Exports to Europe totaled 2.46 billion yuan, a decrease of 11% year-on-year. The Netherlands and Germany were the main markets, with exports declining by 4% and 14% respectively [54][55]. Latin America & Africa: Mixed Performance - Exports to Latin America were 1.02 billion yuan, down 3% year-on-year, with Brazil being the largest market. In contrast, exports to Africa increased by 26%, totaling 660 million yuan, with South Africa and Nigeria showing significant growth [2][16][54]. Investment Recommendations - The report recommends focusing on leading companies in the overseas large storage and emerging market household storage sectors, highlighting companies like Sungrow Power Supply, Deye Technology, and Shuneng Electric as key players [2][9].