4月逆变器出口同环比均提升

Investment Rating - The industry investment rating is maintained as "Add" [4] Core Insights - In April 2025, inverter exports reached USD 809 million, showing a year-on-year increase of 16.71% and a month-on-month increase of 27.8%. Cumulative exports from January to April 2025 totaled USD 2.509 billion, up 8.76% year-on-year. In contrast, battery component exports in April were USD 2.249 billion, down 21.14% year-on-year and 8.68% month-on-month, with cumulative exports from January to April at USD 8.664 billion, down 27.29% year-on-year [1] - In May 2025, the production of silicon wafers and batteries decreased, with domestic silicon wafer production around 55+ GW and global production approximately 58 GW+, both declining from April. Global photovoltaic cell production was 60-61 GW, a reduction of about 7.20% from April. The demand for batteries weakened, leading to inventory accumulation among companies [1] - The average bidding price for photovoltaic modules decreased, with the weighted average price at RMB 0.71 per watt, down RMB 0.05 from the previous week. The total procurement capacity for the week was 29.55 MW, a decrease of 234.22 MW from the previous week [2] Summary by Sections Export Data - In April 2025, inverter exports were USD 809 million, up 16.71% year-on-year and 27.8% month-on-month. Cumulative exports from January to April were USD 2.509 billion, up 8.76% year-on-year. Battery component exports were USD 2.249 billion in April, down 21.14% year-on-year and 8.68% month-on-month, with cumulative exports at USD 8.664 billion, down 27.29% year-on-year [1] Production Insights - In May 2025, production in the silicon and battery segments decreased, with domestic silicon wafer production at approximately 55+ GW and global production at around 58 GW+, both lower than April. Global photovoltaic cell production was 60-61 GW, down about 7.20% from April, indicating weakened battery demand and potential inventory accumulation [1] Pricing Trends - The average bidding price for photovoltaic modules fell to RMB 0.71 per watt, a decrease of RMB 0.05 from the previous week, with total procurement capacity for the week at 29.55 MW, down 234.22 MW from the previous week [2] Investment Recommendations - The report continues to favor companies benefiting from technological advancements and cost reductions, specifically mentioning companies such as GCL-Poly Energy, LONGi Green Energy, Junda Co., and JinkoSolar [3]