WanLian Security: The export growth of inverters in the Asia region is stable, and the North American market is recovering. Focus on improving overseas layout and leading stocks with a strong market position

According to the Zhitong Finance APP, WanLian Securities released a research report stating that in the long term, the global installed capacity of renewable energy is rapidly increasing, grid instability is rising, and the demand for energy storage is expected to continue to grow. By region: (1) The impact of household storage in Europe is weakening, large-scale storage installation is accelerating, replacing the incremental household storage, and the overall market is expected to gradually warm up; (2) The demand for large-scale storage installation in the United States is significant, and the grid connection of energy storage projects is expected to accelerate, driving market scale growth. Currently, the impact of tariffs in the U.S. has weakened, and exports are expected to maintain growth; (3) Emerging markets are growing rapidly, with countries like India, Pakistan, Brazil, and Nigeria having vast household storage potential, which is expected to continuously provide new momentum for the growth of energy storage demand; (4) Investment in renewable energy in the Middle East is increasing, and the construction of energy storage projects is accelerating, with large-scale storage installations in Saudi Arabia and the UAE expected to maintain stable growth. It is recommended to pay attention to leading stocks with a complete overseas layout and a leading market position.

The main views of WanLian Securities are as follows:

In June 2025, the export value of inverters rebounded month-on-month

In June 2025, the export value of inverters from China was 6.576 billion yuan, a month-on-month increase of 10.23% and a year-on-year increase of 0.92%, showing a significant month-on-month rebound and stable year-on-year performance. In terms of cumulative export value, from January to June 2025, the cumulative export value of inverters from China was 30.466 billion yuan, a year-on-year increase of 7.13%, with stable market performance.

By region:

Asia: Large-scale storage in the Middle East is ramping up, while household storage in India and Pakistan has declined. In June 2025, the export value of inverters from China to Asia was 2.662 billion yuan, a month-on-month increase of 17.61% and a year-on-year increase of 9.55%, showing good market performance. By country, in June 2025, the export values of inverters from China to Saudi Arabia, the UAE, India, and Pakistan were 469 million, 215 million, 342 million, and 241 million yuan, respectively, with year-on-year changes of +76.09%, +14.67%, -27.66%, and -47.89%. Overall, the Asian market maintains high growth, mainly due to the ramp-up of large-scale storage projects in the Middle East, with the UAE maintaining an upward trend in export value, and large-scale storage projects in Saudi Arabia showing significant growth in May and June, with June export value reaching a new high. The household storage demand in emerging countries like India and Pakistan is improving, but there was a decline in May and June.

Europe: Export data remains stable overall, with the UK maintaining high year-on-year growth. In June 2025, the export value of inverters from China to Europe was 2.447 billion yuan, a month-on-month increase of 1.79% and a year-on-year decrease of 0.76%, remaining stable overall. By country, in June 2025, the export values of inverters from China to Germany, the Netherlands, the UK, and Poland were 343 million, 1.277 billion, 134 million, and 55 million yuan, respectively, with year-on-year changes of +5.35%, +9.51%, +30.60%, and -59.86%. Exports to Germany declined month-on-month but maintained positive year-on-year growth, exports to the Netherlands rebounded, exports to the UK performed well with high year-on-year growth, while exports to Poland continued to decline year-on-year.

North America: Significant month-on-month rebound with high year-on-year growth. In June 2025, the export value of inverters from China to North America was 221 million yuan, a month-on-month increase of 39.51% and a year-on-year increase of 9.55% In June 2025, China's export value of inverters to the United States was 203 million yuan, a month-on-month increase of 55.88% and a year-on-year increase of 16.77%. The month-on-month growth showed a significant rebound, with the impact of tariffs stabilizing, resulting in high year-on-year growth in export value.

Latin America: The Latin American market remained flat month-on-month and continued to decline year-on-year. In June 2025, China's export value of inverters to the Latin American region was 600 million yuan, flat month-on-month and down 29.77% year-on-year. By country, in June 2025, China's export value of inverters to Brazil and Mexico was 343 million and 27 million yuan, respectively, with year-on-year declines of 49.27% and 51.63%. The month-on-month performance was overall stable, but there was a significant year-on-year decline.

Africa: The South African market continued to decline, while the Nigerian market remained stable month-on-month. In June 2025, China's export value of inverters to the African region was 414 million yuan, a month-on-month increase of 0.51% and a year-on-year increase of 15.31%. Specifically, in June 2025, China's export value of inverters to South Africa and Nigeria was 83 million and 84 million yuan, respectively, with month-on-month declines of 31.77% and 7.15%, and year-on-year declines of 33.00% and 15.33%. The South African market continued to decline, while the Nigerian market remained stable month-on-month, with a slight year-on-year decline. Other countries in the African region performed well, supporting overall year-on-year growth in export value.

By shipping location:

Guangdong saw positive month-on-month and year-on-year growth in exports, while Jiangsu achieved a record high in exports. In June 2025, China's export values of inverters from Guangdong, Zhejiang, Anhui, and Jiangsu were 2.418 billion, 1.429 billion, 794 million, and 1.049 billion yuan, respectively, with month-on-month changes of +5.29%, +0.22%, -15.48%, and +59.08%, and year-on-year changes of +1.14%, -20.82%, -20.21%, and +35.28%. Guangdong experienced positive month-on-month and year-on-year growth, while Jiangsu achieved a record high in export value with significant month-on-month growth. Zhejiang and Anhui saw year-on-year declines, but month-on-month performance was overall stable.

Note: The main inverter companies in each province are as follows: Guangdong (Sungrow Power Supply, Hoymiles, Huawei); Jiangsu (GOODWE, Sineng); Zhejiang (Deye, Ginlong Technologies, Aito Energy, YN Technology, Hoymiles); Anhui (Sungrow Power Supply).

Risk factors: Overseas market demand falling short of expectations, changes in trade policies, extreme weather impacts, intensified industry competition, and declining product prices