Core Insights - The report from Ping An Securities indicates a slight increase in inverter export demand in Q1, with strong performance in emerging markets in Asia and Africa, recommending leading companies in the emerging market household storage sector [1] Group 1: Inverter Export Performance - In Q1 2025, China's inverter export value reached 12.2 billion yuan, a year-on-year increase of 6.6%, with March exports amounting to 4.5 billion yuan, showing a year-on-year increase of 6.8% and a month-on-month increase of 39.5% [1] - The top three markets for China's inverter exports in Q1 were Asia, Europe, and Latin America, accounting for 37%, 35%, and 12% of the total export value, respectively [1] - In Q1, inverter exports to Asia, Europe, and Latin America were 4.5 billion, 4.2 billion, and 1.4 billion yuan, with year-on-year changes of +23%, -5%, and -14% respectively [1] Group 2: Asian Market Insights - In Q1 2025, inverter exports to the Asian market totaled 4.52 billion yuan, representing a year-on-year growth of 23% [2] - The top five regions for inverter exports in Asia were India, Pakistan, Myanmar, UAE, and Saudi Arabia, with India showing a significant increase of 72% year-on-year, amounting to 1.01 billion yuan [2] - The Southeast Asian market also saw growth, with inverter exports totaling 1.03 billion yuan in Q1, reflecting a year-on-year increase of 47% [2] Group 3: European Market Insights - In Q1 2025, China's inverter exports to Europe amounted to 4.23 billion yuan, with a year-on-year decrease of 5% [3] - March saw a recovery in demand, with exports reaching 1.77 billion yuan, a month-on-month increase of 64% [3] - The Netherlands and Germany were the primary markets in Europe, with exports of 1.71 billion and 780 million yuan, showing year-on-year changes of -5% and +36% respectively [3] Group 4: Latin American and African Market Insights - In Q1 2025, inverter exports to Latin America totaled 1.44 billion yuan, reflecting a year-on-year decrease of 14% [4] - Brazil accounted for 62% of the exports to Latin America, with exports amounting to 890 million yuan, a year-on-year decrease of 31% [4] - Conversely, inverter exports to Africa reached 1.03 billion yuan, showing a year-on-year increase of 41%, with South Africa and Nigeria being the top markets [4]