光伏行业“望见终局”系列深度八：逆变器：阳和启蛰，海外渠道重估壁垒

Investment Rating - The industry rating is "Buy" [1] Core Viewpoints - The demand for photovoltaic inverters is driven by the installation of new photovoltaic power stations and the replacement of existing inverters. In 2023, China's new photovoltaic installations are expected to reach 216.9 GW, with global installations at 405.0 GW, representing year-on-year growth of 148.2% and 68.1% respectively. It is projected that in 2024, new installations will reach 270.0 GW in China and 520.0 GW globally [11][12] - The market for photovoltaic inverters is highly concentrated, with Chinese companies leading the industry. In 2022, the top ten suppliers accounted for 86% of the global market share, with Huawei and Sungrow holding 29% and 23% respectively [18][19] - The growth of the energy storage inverter market is significant, with new installations expected to reach 30.5 GWh in China, 48.9 GWh in the Americas, and 9.6 GWh in the Middle East and Africa in 2024, representing year-on-year growth of 53%, 30%, and 62% respectively [1][12] Summary by Sections Section 1: Key Equipment for Energy Conversion Driven by New Energy Installation Demand - Photovoltaic inverters are essential for converting direct current to alternating current in photovoltaic systems. They consist of an inverter circuit, logic control circuit, and filter circuit, and are responsible for energy conversion, maximum power point tracking, grid monitoring, and fault protection [7][8] Section 2: Domestic Market Highly Concentrated with Leading Companies - The domestic market for photovoltaic inverters is highly concentrated, with Chinese companies dominating the industry. The shipment volume of the top companies has consistently led the market for several years [18][21] Section 3: Overseas Market Stabilizing with Brand Value Construction - The export of inverters is stabilizing, with inventory gradually being digested. The integration of overseas distribution channels is becoming more evident, and establishing strong relationships with local distributors is crucial for enhancing brand competitiveness [1][3] Section 4: High Growth in Energy Storage Inverter Market - The energy storage inverter market is experiencing rapid growth, with significant increases in installation rates. The demand for household storage is steadily increasing, while large-scale storage is also expanding [1][12] Section 5: Investment Recommendations - Key companies to focus on include Sungrow, Huaneng, and Kehua, which are expected to benefit from the growing demand for ground-mounted inverters and large-scale storage solutions [1][12]