光伏电池组件逆变器出口月报（25年5月）-20250625

Investment Rating - The report rates the industry as "Outperforming the Market" [1] Core Insights - The solar storage industry in Asia remains vibrant, while the European market is returning to a reasonable state. In May 2025, China's total export value of solar cells and modules was $2.407 billion, down 14.8% year-on-year but up 7% month-on-month, with an estimated total export volume of 32.79 GW, up 22% year-on-year and 12.7% month-on-month [2][3] - The European market continues to recover, with demand and inventory replenishment both showing positive trends. In May, China's exports of solar modules to Europe reached 9.7 GW, marking a new high in recent months, up 7.38% month-on-month. The export volume to markets outside Europe was 23.09 GW, up 44.83% year-on-year and 15.16% month-on-month [2][3] - In terms of inverters, the total export value in May 2025 was $831 million, with a year-on-year and month-on-month increase of 6.52% and 2.63%, respectively. The export scale reached 5.8994 million units, up 26.18% year-on-year and 30.25% month-on-month [2][3] Summary by Sections Export Data - In May 2025, the Netherlands exported 3.57 GW of solar modules, down 36.94% year-on-year and down 0.56% month-on-month. Spain exported 0.74 GW, down 16.23% year-on-year and down 17.40% month-on-month. Germany's exports were 0.49 GW, up 24.95% year-on-year and 14.68% month-on-month [14] - Notable performances include Pakistan, which exported 2.45 GW, up 156.30% year-on-year, and Australia, with 0.64 GW, up 57.84% year-on-year [14] Market Dynamics - The report indicates that the solar storage industry has experienced a decline in market conditions over the past year, with no clear bottom in performance metrics. However, the period of 2024-2025 may represent a bottoming out for industry profits, with potential differentiation in financial performance among companies [3] - The demand for solar storage installations globally is driven by grid parity and energy transition, while supply-side issues have led to losses in older capacities and delays in new projects. The inverter segment is expected to recover first due to higher competitive barriers, indicating a more favorable market structure and larger market space for leading solar storage companies [3]