4月光伏新增装机同比增长214.7%，逆变器出口额持续增长

Investment Rating - The report provides a "Buy" rating for several companies, including Aishuo Co., Ltd. (600732.SH), Longi Green Energy (601012.SH), and others, with ratings ranging from "Buy-A" to "Buy-B" [2]. Core Insights - The solar industry has seen significant growth, with domestic photovoltaic (PV) installations in April 2025 reaching 45.2 GW, representing a year-on-year increase of 214.7% and a month-on-month increase of 123.4% [3][13]. - The cumulative PV installations from January to April 2025 totaled 104.9 GW, marking a 74.6% increase compared to the same period last year [3][13]. - In terms of exports, the PV module export value in April 2025 was 16.16 billion yuan, down 20.3% year-on-year and 8.5% month-on-month, while the inverter export value was 5.82 billion yuan, up 17.9% year-on-year and 28.0% month-on-month [4][5][16][30]. - Solar power generation in April 2025 increased by 16.7% year-on-year, contributing to 6.29% of the total national power generation [6][45]. Summary by Sections 1. Installation - April 2025 saw a domestic PV installation of 45.2 GW, with a year-on-year growth of 214.7% and a month-on-month growth of 123.4% [3][13]. - Cumulative installations from January to April 2025 reached 104.9 GW, reflecting a 74.6% increase year-on-year [3][13]. 2. Exports - PV module exports in April 2025 totaled 16.16 billion yuan, down 20.3% year-on-year and 8.5% month-on-month, with a cumulative export value of 62.24 billion yuan from January to April, down 26.5% year-on-year [4][16]. - Inverter exports in April 2025 were valued at 5.82 billion yuan, showing a year-on-year increase of 17.9% and a month-on-month increase of 28.0%, with a cumulative export value of 18.03 billion yuan from January to April, up 10.0% year-on-year [5][30]. 3. Power Generation - Solar power generation in April 2025 was 44.75 billion kWh, representing a year-on-year increase of 16.7% and accounting for 6.29% of the total national power generation [6][45].