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202503光伏行业月度报告：3月光伏新增装机同比增长124.4%，逆变器出口额同、环比增长-20250425
山西证券·2025-04-25 09:03

Investment Rating - The report maintains a "Synchronize with the market" rating for the solar industry [1][2]. Core Viewpoints - The solar industry is experiencing significant growth, with a 124.4% year-on-year increase in new installations in March 2025, totaling 20.2 GW [6][16]. - The cumulative new solar installations from January to March 2025 reached 59.7 GW, reflecting a 30.5% year-on-year increase [6][16]. - The report highlights a structural price increase in the industry chain, despite a 22.7% year-on-year decline in component exports in March [7][17]. - Inverter exports showed positive growth, with a 6.8% year-on-year increase in March, amounting to 45.4 billion yuan [8][33]. - Solar power generation in March 2025 increased by 8.9% year-on-year, contributing to 5.37% of the total national power generation [46]. Summary by Sections New Installations - March 2025 saw a new installation of 20.2 GW, a 124.4% increase year-on-year, but a 48.7% decrease compared to January-February [6][16]. - Cumulative installations for the first quarter of 2025 reached 59.7 GW, up 30.5% year-on-year [6][16]. Exports - Component exports in March totaled 176.6 billion yuan, down 22.7% year-on-year but up 47.7% month-on-month [7][17]. - Cumulative component exports for the first quarter were 460.8 billion yuan, a 28.5% year-on-year decline [7][17]. - Inverter exports in March reached 45.4 billion yuan, with a year-on-year increase of 6.8% and a month-on-month increase of 39.5% [8][33]. Power Generation - Solar power generation in March 2025 was 417.7 billion kWh, marking an 8.9% year-on-year increase and accounting for 5.37% of total national power generation [46]. - The total national power generation for March was 7780.2 billion kWh, with various energy sources showing different growth rates [46]. Investment Recommendations - The report recommends focusing on companies like Aikang Co., Longi Green Energy, and others for their technological advancements and overseas expansion strategies [9][49][51].