光伏產(chǎn)業(yè)的成熟，以及經(jīng)濟性價值被不斷挖掘，導致逆變器出貨呈現(xiàn)明顯上升趨勢。
今年上半年，海內(nèi)外光伏裝機需求高速增長，組件、逆變器等光伏電站核心部件維持較高出口增速。根據(jù)潮電智庫統(tǒng)計，2023年1-5月逆變器出口接近2500萬臺，同比增長45.2%。
從市場格局看，中國光伏逆變器行業(yè)呈現(xiàn)充分競爭態(tài)勢，市場集中度高，龍頭企業(yè)受益明顯。其中陽光電源、華為的出貨量排名前二，為行業(yè)第一梯隊；古瑞瓦特、錦浪科技、上能電氣、固德威四家企業(yè)市占率集中在6%-8%區(qū)間，為第二梯隊企業(yè)。
潮電智庫獲悉，光伏逆變器產(chǎn)品生命周期一般約為10-15年。預(yù)計2022-2026年，光伏逆變器行業(yè)整體規(guī)模將保持持續(xù)增長態(tài)勢。
不僅如此，潮電智庫認為，儲能將成為打開逆變器市場的第二把鑰匙。
儲能是大規(guī)模發(fā)展可再生能源的關(guān)鍵支撐，對新能源的利用具有重大意義，是能源革命的重要環(huán)節(jié)。儲能逆變器可以控制儲能電池組的充電和放電過程，進行交直流的變換，是儲能系統(tǒng)中的必要環(huán)節(jié)，占比儲能系統(tǒng)成本約15%。
以下沉產(chǎn)業(yè)鏈為根基，潮電智庫特選出逆變器行業(yè)十大明星產(chǎn)品進行拆解，旨在通過展現(xiàn)當前逆變器核心結(jié)構(gòu)件及成本占比組成，為中國供應(yīng)鏈找到更準確的商機落點。
本期率先登場的主角，為陽光電源的光伏并網(wǎng)逆變器SG125HV。
光伏并網(wǎng)逆變器是光伏發(fā)電系統(tǒng)中必不可少的關(guān)鍵部件，主要應(yīng)用在太陽能光伏發(fā)電領(lǐng)域的專用逆變電源，并網(wǎng)逆變器將太陽能電池板產(chǎn)生的交流電通過電力電子轉(zhuǎn)換技術(shù)變換為能夠直接劃入電網(wǎng)的交流電。
從產(chǎn)品應(yīng)用來看，光伏并網(wǎng)逆變器不僅具有直交流變換功能，還能最大限度地發(fā)揮太陽電池性能和系統(tǒng)故障保護。歸納起來有自動運行和停機、最大功率跟蹤控制、防單獨運行、自動電壓調(diào)整、直流檢測、直流接地檢測等多重功能。
陽光電源SG125HV額定功率125kW，是全球首款功率超過100kW的組串逆變器，重量僅為60kg。
通過產(chǎn)業(yè)鏈調(diào)研所得，陽光電源SG125HV除了電感，其余主要器件均由海外強企供應(yīng)。其中IGBT以15%的成本占比位居第一，電感、MOSFET、MCU主控芯片、散熱器的器件的成本也超過了10%。
國內(nèi)某一線儲能廠商高管對潮電智庫表示，因為產(chǎn)品出口涉及到認證層面，當前中國企業(yè)想進入一線供應(yīng)鏈的難度較大，但未來的替代空間非常廣闊。
值得注意的是，乘儲能興起東風，陽光電源（300274.SZ）近年來連續(xù)實現(xiàn)經(jīng)營業(yè)績大漲。2022年，公司實現(xiàn)營收 402.57 億元，同比增長 66.79%；凈利潤35.93 億元，同比增加 127.04%。
據(jù)6個月內(nèi)累計共35家機構(gòu)預(yù)測，2023年陽光電源凈利潤均值為69.75億元，將較去年同比增長94.1%。
SunGrow Photovoltaic Grid-Tie Inverter SG125HV Disassembly: Core components sourced from overseas suppliers, with IGBT accounting for the highest proportion of total cost
The photovoltaic industry has matured, and its economic value is continuously being explored, leading to a noticeable increase in the shipment of inverters.
In the first half of this year, both domestic and overseas photovoltaic installation demands have grown rapidly, with core components such as modules and inverters maintaining a high export growth rate. According to data from the Chaodian , the export volume of inverters reached nearly 25 million units from January to May 2023, with a year-on-year growth of 45.2%.
From the market perspective, the Chinese photovoltaic inverter industry shows a state of full competition, with a high market concentration, and leading companies have benefited significantly. Among them, SunGrow Power and Huawei ranked first and second in terms of shipment volume, making them part of the top-tier enterprises. GROWATT, JNTech, Sungrow Power Supply, and GoodWe are part of the second-tier enterprises, with their market shares ranging from 6% to 8%.
According to Chaodian , the typical product life cycle of photovoltaic inverters is generally around 10-15 years. It is expected that from 2022 to 2026, the overall scale of the photovoltaic inverter industry will continue to grow.
Furthermore, Chaodian believes that energy storage will become the second key to unlock the inverter market.
Energy storage is a crucial support for the large-scale development of renewable energy and plays a significant role in utilizing new energy. It is an essential part of the energy revolution. Energy storage inverters can control the charging and discharging process of energy storage battery packs and perform AC-DC conversion, making them a necessary component of energy storage systems, accounting for approximately 15% of the total cost of such systems.
based on the sinking industrial chain, Chaodian has seleced the top ten star products in the inverter industry for disassembly, aiming to showcase the current core structure components and cost proportions. This will help to identify more accurate business opportunities for China's supply chain.
In this issue, the first protagonist to be showcased is SunGrow Power's photovoltaic grid-tie inverter SG125HV.
The photovoltaic grid-tie inverter is an essential component in photovoltaic power generation systems, mainly used as a dedicated inverter power supply in the field of solar photovoltaics. The grid-tie inverter converts the AC power generated by solar panels into AC power that can be directly fed into the grid through power electronic conversion technology.
In terms of product applications, the photovoltaic grid-tie inverter not only has the function of AC-DC conversion but also maximizes the performance of solar cells and system fault protection. It includes multiple functions such as automatic operation and shutdown, maximum power tracking control, anti-isolated operation, automatic voltage adjustment, DC detection, and DC ground detection.
SunGrow Power's SG125HV has a rated power of 125 kW and is the world's first series inverter with a power exceeding 100 kW, weighing only 60 kg.
According to research on the industrial chain, except for the inductor, all other main components of SunGrow Power's SG125HV are supplied by overseas strong enterprises. Among them, IGBT ranks first with a cost proportion of 15%, while the cost of components such as inductors, MOSFETs, MCU control chips, and heat sinks also exceeds 10%.
An executive from a leading domestic energy storage company stated to Chaodian that because product exports involve certification aspects, it is currently challenging for Chinese companies to enter the first-tier supply chain. However, there is a broad future space for substitution.
It is worth noting that with the rise of energy storage, SunGrow Power (300274.SZ) has achieved continuous growth in its operating performance in recent years. In 2022, the company achieved a revenue of 40.257 billion yuan, a year-on-year increase of 66.79%, and a net profit of 3.593 billion yuan, a year-on-year increase of 127.04%.
based on forecasts from 35 institutions within the past six months, the average net profit of SunGrow Power for 2023 is estimated to be 6.975 billion yuan, representing a year-on-year increase of 94.1%.
