长城电新：光伏电池组件逆变器出口月报（24年4月）

Investment Rating - The report indicates a positive outlook for the solar industry, suggesting that the overall performance of the industry is expected to outperform the market in the next six months [26]. Core Insights - The demand for solar components and inverters is influenced by the inventory replenishment cycle, with a continued positive trend in inverter demand. In April 2024, China's total solar cell component export value reached $2.85 billion, a year-on-year decrease of 36.1% and a month-on-month decrease of 11.4%. However, the corresponding export volume was 26.7 GW, showing a year-on-year increase of 24.1% [2][3]. - The report highlights that the European market has experienced a recovery in exports after a significant inventory reduction in the second half of 2023, with new products enjoying considerable premiums. In April, exports of solar components to Europe reached 11.3 GW, a year-on-year increase of 8.0% and a month-on-month increase of 11.7% [4][6]. - The report emphasizes that the current pricing dynamics in the solar industry are becoming clearer, with expectations that the first half of 2024 may represent a bottoming out of industry profits. The resilience of global solar installations in 2023 is noted, alongside supportive policies from domestic and international markets [2][3]. Summary by Sections Export Analysis - In April 2024, China's total solar component export value was $2.85 billion, with a total export volume of 26.7 GW, reflecting a year-on-year increase of 24.1% [3][4]. - The inverter export value in April 2024 was $694 million, with a month-on-month increase of 15.01% and a year-on-year decrease of 30.5% [8][17]. - The report details that the European market saw a significant increase in inverter exports, with 844,300 units exported in April, a month-on-month increase of 38.23% [17][18]. Market Dynamics - The report notes that the Asian market is maturing, with stable demand supported by both new and traditional markets. In April, inverter exports to Asia reached 1.62 million units, a month-on-month increase of 7.11% [17][18]. - The report also mentions that the African market is experiencing reduced inventory pressure, with inverter exports to Africa reaching 112,710 units in April, a month-on-month increase of 81.97% [17][18]. Company Recommendations - The report suggests focusing on companies such as Canadian Solar, JA Solar, JinkoSolar, Sungrow Power, and others, which are expected to benefit from the evolving market dynamics and demand recovery [2][3].