电力设备及新能源行业：光伏电池组件逆变器出口月报（25年3月）

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The inverter growth trend is stabilizing, and there are signs of recovery in battery components. In March 2025, China's total export value of solar battery modules was $2.463 billion, down 23.5% year-on-year but up 47.8% month-on-month, corresponding to an export volume of 31.80 GW, which is an increase of 8.7% year-on-year and 46.3% month-on-month. The export of solar battery components to Europe reached 8.1 GW, the highest in recent months, while exports to markets outside Europe amounted to 23.7 GW, up 23.84% year-on-year [2] - In March 2025, the total export value of inverters was $633 million, up 5.68% year-on-year, with an export scale of 3.7324 million units, an increase of 12.83% year-on-year. The recovery of downstream demand in Europe and the restoration of channel inventory have contributed to this growth [2] Summary by Sections Export Data - In March 2025, the export volume of solar modules to various countries included: Netherlands 3.05 GW (-37.27% YoY, +28.85% MoM), Spain 0.84 GW (+10.22% YoY, +116.00% MoM), Germany 0.33 GW (-24.41% YoY, +50.29% MoM), and others [14] Market Dynamics - The report indicates that the solar storage industry has experienced a decline in prosperity over the past year, but 2024 may represent a bottoming out for industry profits. The demand for grid parity and energy transition remains a fundamental driver for solar storage installations globally [4]