光伏设备行业深度报告：光储需求高增双轮驱动，逆变器市场复苏势头强劲

Investment Rating - The report maintains an "Overweight" rating for the photovoltaic equipment industry [2] Core Insights - The photovoltaic power generation system is a core area of the renewable energy sector, consisting mainly of photovoltaic modules, inverters, and distribution equipment. Inverters are crucial for converting direct current generated by solar panels into alternating current for grid and user consumption [1][6] - The global energy transition is accelerating, with photovoltaic power generation continuing to grow as a key driver of renewable energy development. In 2023, global photovoltaic installations reached a record high of 390 GW, and it is expected to reach a cumulative installed capacity of 1,721 GW by 2030 [1][14] - The demand for energy storage technology is increasing due to the intermittent nature of photovoltaic power generation, making storage inverters essential for optimizing energy management [1][17] - China dominates the global photovoltaic market, accounting for 40% of the global market share, with a significant increase in solar photovoltaic capacity in 2023, reaching 253 GW, a year-on-year growth of 167% [1][15] - The report recommends focusing on leading domestic companies in the photovoltaic inverter sector, such as Sungrow Power Supply, GoodWe, and DEYE [1][2] Summary by Sections Inverter Overview - Photovoltaic inverters are the core components driving renewable energy systems, responsible for converting direct current to alternating current [6] - Inverters are categorized into centralized, string, and micro inverters, each suited for different applications [7][10] From Photovoltaics to Energy Storage - The photovoltaic industry has a broad outlook, with significant growth expected in energy storage demand, which will drive inverter demand [14][17] - The new energy storage market saw substantial growth in 2023, with an expected increase in global and Chinese installations by 2025 [1][17] Global Photovoltaic Market Expansion - The European market is recovering from high inventory levels, while India is experiencing explosive growth in solar installations [19][20] - Pakistan's photovoltaic market is expanding due to rising electricity prices and significant solar potential [22][23] - Brazil's photovoltaic demand is driven by rising electricity prices and favorable economic conditions [26] - South Africa's photovoltaic market is being propelled by power shortages and regulatory reforms [27] Domestic Inverter Companies' Competitive Edge - China leads the global photovoltaic market with rapid capacity growth, particularly in centralized and string inverters [1][15] - Leading domestic companies hold significant market shares and competitive advantages in cost and supply chain [1][2]