HTSC·2025-05-22 01:40Investment Rating - The report maintains a "Buy" rating for the inverter industry, specifically recommending stocks such as 德业股份 (DeYee), 上能电气 (Sungrow), and 阳光电源 (Sungrow Power) [6][50]. Core Insights - The inverter export value in April 2025 reached 58.2 billion, with a month-on-month increase of 28.0%, driven by seasonal demand and accelerated overseas storage construction [10]. - The demand for inverters is expected to grow steadily in the long term due to factors such as power outages, rising electricity prices, and increased installations of wind and solar energy [10][49]. - The report highlights significant month-on-month growth in exports to Europe, Asia, the Middle East, and South America, indicating a robust demand across these regions [12][30][36][40]. Summary by Sections China - In April 2025, China's inverter export value was 58.2 billion, with a month-on-month increase of 28.0% and a total of 452.92 million units exported, reflecting a 21.4% increase [10]. - The average export price per unit rose to 1284 yuan, a 5.5% increase from the previous month [10]. Europe - Exports to Europe in April 2025 reached 26.46 billion, marking a 49.2% month-on-month increase, primarily due to seasonal factors and intensified power outages [12]. - The report notes significant demand in Germany and mentions large-scale power outages in Spain, Portugal, and southern France, highlighting the urgent need for reliable energy solutions [12]. Asia - Exports to Pakistan in April 2025 amounted to 3.58 billion, with a month-on-month increase of 25.2%, driven by worsening power supply issues [30]. - Southeast Asia saw exports of 5.11 billion, with the Philippines experiencing a notable 74.9% increase in exports due to severe power supply instability [30]. Middle East - Exports to Iraq reached 0.63 billion in April 2025, a staggering 110% increase, driven by ongoing power crises and the introduction of low-interest loans to stimulate storage demand [36]. - Exports to the UAE also increased significantly, reaching 1.66 billion, primarily due to large project shipments [36]. South America - Exports to Brazil in April 2025 were 3.04 billion, reflecting a 13% month-on-month increase, supported by the expansion of renewable energy installations [40]. - Exports to Chile reached 0.16 billion, with a 28.5% increase, driven by new wind energy development plans [42]. Oceania - Exports to Australia in April 2025 were 1.28 billion, with a slight increase of 1.6%, as the country continues to prioritize renewable energy in its policy agenda [46]. Company Recommendations - The report recommends 德业股份 (DeYee) with a target price of 129.15, 上能电气 (Sungrow) with a target price of 34.00, and 阳光电源 (Sungrow Power) with a target price of 92.80, all rated as "Buy" [9][50].