光伏电池组件逆变器出口月报（25年7月）-20250828

Investment Rating - The report assigns a rating of "Outperform" for the industry [1]. Core Insights - The focus of shipments is shifting towards overseas markets, with strong demand from European industrial and commercial sectors. In July 2025, China's total export value of solar cells and modules reached $2.223 billion, a year-on-year decrease of 14% but a month-on-month increase of 1.1%. The corresponding total export volume was 30.48 GW, reflecting a year-on-year increase of 26.1% and a month-on-month increase of 1.5% [2]. - The inverter exports in July 2025 totaled $911 million, with a year-on-year increase of 15.83% but a month-on-month decrease of 0.65%. The monthly export volume reached 4.6001 million units, showing a year-on-year decrease of 12.23% and a month-on-month decrease of 10.31% [2]. - The report highlights that the solar storage industry has experienced a decline in prosperity 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 a focus on the supply chain's production changes and price trends [3]. Summary by Sections Export Data - In July 2025, the export volume of solar cells to various countries included 3.57 GW to the Netherlands, 0.71 GW to Spain, and 5.41 GW to India, with India showing a significant year-on-year increase of 57.05% [12]. - The report notes that the export of inverters from Zhejiang province reached 1.9072 million units, with an export value of 1.543 billion yuan, reflecting a month-on-month increase of 8% [2]. Market Dynamics - The European inverter market is recovering, with strong downstream storage demand. The report indicates that the export value of inverters from Guangdong province was 2.441 billion yuan, with a month-on-month increase of 1% [2]. - The report suggests that the competitive landscape in the photovoltaic industry is evolving, with older capacities facing losses and new projects being delayed. This non-rational competition is accelerating capacity clearance, indicating a potential for improved market conditions [3].