光储逆变器比较研究（一）：从区域布局看户储企业机遇

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Viewpoints - The report highlights strong performance in emerging markets, with a recovery in Q1 earnings for household storage companies. Key players in the household storage and string inverter segments have similar business compositions, including photovoltaic inverters, energy storage inverters, and energy storage batteries. The report analyzes five representative companies: DeYee, Jinlang Technology, GoodWe, Shouhang Energy, and Airo Energy, noting that DeYee and Jinlang Technology achieved revenue growth in 2024 due to increased demand in emerging markets [2][8]. Summary by Sections 1. Household Storage Companies' Fundamentals - Emerging markets show robust growth, with Q1 performance rebounding. DeYee and Jinlang Technology reported positive revenue growth in 2024, driven by demand in Asia. DeYee leads in the emerging market household storage sector, achieving a 65% increase in net profit. In contrast, companies focused on the European market experienced revenue declines due to slowing demand [2][6][12]. 2. Business Layout - The five companies have varying focuses within the energy storage sector, with DeYee and Airo Energy emphasizing energy storage, while Jinlang Technology and GoodWe focus more on photovoltaic string inverters. The report notes that energy storage products have higher and more stable gross margins compared to photovoltaic inverters, indicating less price competition in the household storage segment [2][19][25]. 3. Regional Layout - The report identifies promising demand in emerging markets and significant potential in the European commercial storage sector. The distributed photovoltaic storage market is expanding globally, with emerging markets in Asia, Africa, and Latin America showing rapid growth since early 2024. DeYee has a broad market presence, while Jinlang Technology and GoodWe are expanding their overseas operations [2][49][50]. 4. Investment Recommendations - The report suggests a positive outlook for household storage and commercial storage markets in emerging regions and Europe. It recommends focusing on DeYee for its strong market position and effective channel development, while also suggesting attention to Airo Energy and Jinlang Technology for their strong profitability and growth potential in emerging markets [2][48].