光伏电池组件逆变器出口月报（25年8月）-20250923

Investment Rating - The report rates the industry as "Outperforming the Market" [1] Core Insights - In August 2025, China's solar cell module exports reached $2.921 billion, a year-on-year increase of 19.8% and a month-on-month increase of 31.4%, with an estimated export volume of 40.42 GW. The focus of domestic manufacturers has shifted to overseas markets due to domestic policy changes and a surge in demand [2] - The inverter exports totaled $878 million in August 2025, showing a year-on-year increase of 1.93% but a month-on-month decrease of 3.63%. The export volume reached 3.8461 million units, down 27.26% year-on-year and 16.39% month-on-month. The European market is stabilizing, while demand in Asia continues to adjust [2] - The solar storage industry has seen a decline in market conditions over the past year, but 2024-2025 may represent a bottoming period for industry profits. The balance of supply and demand is expected to improve, particularly for inverters, which have higher competitive barriers [3] Summary by Sections Export Data - In August 2025, the export volume of solar cell modules to Europe was 11.61 GW, with year-on-year growth of 39.41% and month-on-month growth of 23.84%. Emerging markets are showing significant growth, with exports outside Europe reaching 28.81 GW, a year-on-year increase of 67.77% and a month-on-month increase of 36.54% [2] - Specific provincial data shows that Zhejiang exported 1.4482 million inverters in August, a month-on-month decrease of 24.1%, while Jiangsu and Guangdong also reported declines in export volumes [2][3]