HTSC·2025-07-21 12:15Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [1] Core Viewpoints - The inverter export value in June 2025 reached 6.59 billion yuan, a month-on-month increase of 10.3%, driven by seasonal factors, increased power outages, and high growth in wind and solar installations [7] - The report highlights strong demand in Southeast Asia, particularly in the Philippines and Vietnam, where inverter exports increased significantly [3][20] - The report emphasizes the long-term growth potential of the inverter market, supported by rising electricity prices and government incentives for energy storage solutions [40] Summary by Sections Inverter Export Trends - In June 2025, China's inverter export value was 6.59 billion yuan, with a month-on-month increase of 10.3% and a year-to-date total of 30.6 billion yuan, reflecting a year-on-year growth of 7.6% [7] - The average export price per unit was 1,285 yuan, up 26.9% month-on-month, indicating a shift towards higher-value commercial storage products [5] Regional Demand Insights - Southeast Asia: Exports to 11 countries reached 649 million yuan, up 20.6% month-on-month, with the Philippines seeing a remarkable 127.8% increase [3][20] - Middle East: Exports to Saudi Arabia were 469 million yuan, a 7.2% increase, while exports to the UAE decreased by 9.9% due to project shipment schedules [4][27] - Australia: Exports surged by 90.3% to 236 million yuan, driven by rising household electricity prices and new government subsidies for home storage systems [38] Company Recommendations - The report recommends three companies: - DeYue Co., Ltd. (605117 CH) with a target price of 129.15 yuan and a "Buy" rating [2][42] - ShangNeng Electric (300827 CH) with a target price of 34.00 yuan and a "Buy" rating [2][42] - Sunshine Power (300274 CH) with a target price of 92.80 yuan and a "Buy" rating [2][42] Market Drivers - The report identifies key drivers for demand, including increased power outages, rising electricity prices, and high growth in wind and solar installations, which are expected to sustain long-term inverter demand [40]