"Wind Research Report · Circuit" has nearly 20 times the market share increase space+high growth+high ROE, and overseas light storage continues to erupt!One article understands why micro -inverted penetration rate increases?What are the competitive barriers?

The demand for optical storage in Europe will continue to outbreak, and the current storage penetration rate will be less than 10%. Analysts believe that the penetration rate of photovoltaic "new pets" micro inverter is still low. High, other enterprises will not be reflected at least 3 years. Domestic head companies may enjoy the growth of micro -inverted track high growth+their own market share increase.

Mini inverter essence:

① European electricity prices rose from 2 yuan/degree to 3-5 yuan/degree, but the penetration rate of photovoltaic storage was less than 10%. Although the equipment had increased prices, it only accounted for a part of the terminal cost. break out;

② Tianfeng Securities Sun Xiaoya believes that the micro inverter benefits from the three major advantages of security, economy, and component operation and maintenance. The compound growth rate is expected to be 44%+;

③ The entry threshold of the micro inverter industry is high, and other companies will have many years (≥3) even if they develop micro -inverse products;

④ At present, the domestic leading enterprises He Mai, Yuneng, and Deye market share are 4, 4, and 1%, respectively. Sun Xiaoya is optimistic about the short -term products to expand the market with misplaced competition in the short -term products. In the future, domestic head micro -inverter companies may enjoy the growth of micro -reverse tracks+their own market share increase;

⑤ Risk factors: downstream demand is not as good as expected and overseas trade policy changes.

European electricity prices rose from 2 yuan/degree to 3-5 yuan/degree, but the penetration rate of photovoltaic storage was less than 10%. Although the equipment had increased prices, it only accounted for a part of the terminal cost. Essence

On July 5th, the general trend of "Machines for Man", in the 14th Five -Year Plan period, industrial+service demand has accelerated the upgrade of application scenarios. Analysts are optimistic about the industry in the next five years or welcoming double space. " The device has become the "new favorite" of the photovoltaic track.

Today, Tianfeng Securities Sun Xiaoya's topic covers micro -inverters, mainly focusing on the two issues that care about the market. The penetration rate of micro -inverteur and market space calculation, the differences between the differential companies and the industry barriers.

Why does micro -inverse penetration increase? How to look at future growth space?

(1) Product characteristics: Developed for increasing power generation, the price of single tiles is high; one of the products of the MLPE series, but the function is more than the turbine and optimizer.

(2) Infiltration rate increases: Benefiting from the three major advantages of security, economy, and component level operation and maintenance, micro -inversion is in the high growth stage, the penetration rate in 2020 is 8%, and the market size of the micro -inversion industry will reach 45.2 billion yuan in 2025, which will reach 45.2 billion yuan. The compound growth rate of 2020-25 is expected to be 44%+.

① Safety: Europe and the United States already have low -voltage and rapid turn -off requirements, and gradually transform in China;

② Economic: The cost of initial investment below 20KW below the group series+optimization, and below 3kW is lower than the group series+off; if the power generation gain is 10 or 15%, the micro -inverted IRR below 10 and 20KW is higher than the group strings;

③ Component -level operation and maintenance: Households are safe and convenient for single persons, and industry and commerce can bring 1PCT IRR improvement.

Company comparison & industry barriers

(1) Comparison of the company:

① Market share: ENPHASE's family exceeds 70%, and Hemai, Yu, and Germany are 4, 4, and 1%, respectively, and there is huge room for improvement;

② Product: ENPHASE has optimized one -one product for many years. Domestic enterprises first compete for the market with misplaced products with one and four products, and gradually optimize the one -one product;

③ Profit: Domestic supply chain system+lower labor costs have greatly leading the net interest rate of domestic enterprises;

④ Channel: ENPHASE and Yuneng channel types and quantities are abundant, and all companies have their own core customers. And install big customers.

(2) Industry barriers:

① Capability: The threshold for the enrollment of micro -inversion is higher than that of the group (the topology structure is more complicated and the difference is large+the warranty period starts for 10 years & high -end market is 25 years long+only the customer dispersed the decentralization. );

② Willing: The willingness to grab micro -inversion shares for group companies is not strong (can be used as a shutter, optimizer, and a pure incremental amount);

③ Time: Even if other companies have developed micro -inverse products, their influence will not be reflected after many years (≥3).

The overall high growth of the micro -inverted track+high ROE, the future outlook for domestic leading companies

Hemai Co., Ltd.: In the first quarter, the company's revenue was 230 million yuan, an increase of 96%. It is optimistic about the company's US market breakthrough (CED)+options in the domestic market (short -term view of county)+offset & energy storage business expand.

Yuneng Technology: In the first quarter, the company's revenue was 170 million yuan, an increase of 52%. The elasticity is greater.

German industry shares: In the first quarter, the company's revenue was 840 million yuan, a slight decrease year -on -year. The main revenue of the home appliance business decreased significantly. The volume of micro -inverse products.

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