以下沉產(chǎn)業(yè)鏈為根基，潮電智庫(kù)特選出逆變器行業(yè)十大明星產(chǎn)品進(jìn)行拆解，旨在通過展現(xiàn)內(nèi)部核心結(jié)構(gòu)件及成本占比組成，為中國(guó)供應(yīng)鏈找到更準(zhǔn)確的商機(jī)落點(diǎn)。
繼陽(yáng)光電源SG125HV、古瑞瓦特MAX 80KTL3 LV之后，本期拆解主角為固德威GW15K-SDT。
GW15K-SDT為固德威的明星產(chǎn)品，屬于三相光伏逆變器，廣泛適用于戶用及小型工商業(yè)屋頂光伏系統(tǒng)。
潮電智庫(kù)拆解GW15K-SDT得知，其IGBT與MOSFET芯片均由德國(guó)半導(dǎo)體公司英飛凌主供；MCU芯片由德州儀器，連接器由安費(fèi)諾等美企主供；電感、PCB版、變壓器供應(yīng)則分別出自中國(guó)供應(yīng)商伊戈?duì)?、生益電子、可立克；電容和散熱器由日本老牌電子企業(yè)松下和三洋供應(yīng)。
通過對(duì)頭部廠商多款不同型號(hào)與規(guī)格的逆變器產(chǎn)品拆解，潮電智庫(kù)分析認(rèn)為，目前電感、PCB版、變壓器等器件的供應(yīng)已經(jīng)基本實(shí)現(xiàn)國(guó)產(chǎn)替代，但其它結(jié)構(gòu)件，特別是核心芯片端尚由國(guó)外主導(dǎo)。這與國(guó)外廠商起步早積累深，以及中國(guó)逆變器產(chǎn)品需要通過海外相關(guān)認(rèn)證等因素密切相關(guān)。
在逆變器行業(yè)，上市公司固德威（688390.SH）目前處于一線陣營(yíng)，有著不俗的市場(chǎng)表現(xiàn)。
財(cái)報(bào)數(shù)據(jù)顯示，固德威2022年逆變器銷量約為68.83萬臺(tái)，其中并網(wǎng)逆變器銷量46.1萬臺(tái)，占比67%；儲(chǔ)能逆變器銷量22.73萬臺(tái)，占比33%。公司逆變器產(chǎn)品以外銷為主，境外逆變器銷量約為57.73萬臺(tái)，占比83.9%。
2022年，固德威實(shí)現(xiàn)營(yíng)收47.1億元，同比增長(zhǎng)75.87%；凈利潤(rùn)6.36億元，同比增長(zhǎng)128.48%。
今年第一季度，固德威實(shí)現(xiàn)營(yíng)收17.19億元，同比增長(zhǎng)164.6%；凈利潤(rùn)3.36億元，同比增長(zhǎng)幅度達(dá)到驚人的3473.7%。
作為固德威的重點(diǎn)產(chǎn)品之一，其SDT G3系列采用全新家族化外觀，采用鋁鎂合金拉伸技術(shù)，帶有超靜音設(shè)計(jì)（噪聲最低29dB）。最大效率可達(dá)98.7%，160V 超低啟動(dòng)電壓，最大22A輸入電流。整機(jī)IP66防護(hù)等級(jí)適應(yīng)各種惡劣環(huán)境，可選配直流拉弧保護(hù)、RSD、二級(jí)防雷保護(hù)保障電站安全，延長(zhǎng)電站壽命。
下期主角，將是美國(guó)光伏巨頭Enphase公司的某款逆變器暢銷機(jī)型，其供應(yīng)商名單絕對(duì)出人意料，敬請(qǐng)持續(xù)關(guān)注。
Graphical representation of GW15K-SDT of Goodwe: Integrating German, American, Chinese, and Japanese Supply Chains; with the key components domesticating Domesticating Three Key Components
Built upon the foundation of the downstream industry chain, Chaodian has carefully seleced ten outstanding products from the inverter industry for disassembly, aiming to reveal their internal core structures and cost compositions, and to identify more accurate business opportunities for the Chinese supply chain.
Following SunGrow's SG125HV and Growatt's MAX 80KTL3 LV, this essay we will focuses on the dissection of Goodwe's GW15K-SDT.
GW15K-SDT is a star product from Goodwe, a three-phase photovoltaic inverter widely used in residential and small-scale commercial rooftop photovoltaic systems.
Upon disassembling the GW15K-SDT, Chaodian found that its IGBT and MOSFET chips are supplied by Germany's semiconductor company Infineon; MCU chips are sourced from Texas Instruments, and connectors from American company Amphenol; inductors, PCB boards, and transformers are respectively provided by Chinese suppliers Yigor, Shengyi Electronics, and Clik; capacitors and heat sinks come from traditional Japanese electronics companies Panasonic and Sanyo.
based on the disassembly of various inverter products from leading manufacturers with different models and specifications, Chaodian analyzes that the supply of components such as inductors, PCB boards, and transformers has been basically localized, but other structural components, especially the core chips, are still dominated by foreign suppliers. This is closely related to the early and deep accumulation of foreign manufacturers and the need for Chinese inverter products to undergo overseas certifications.
In the inverter industry, listed company Goodwe (688390.SH) is currently among the top-tier players with impressive market performance.
Financial reports show that Goodwe sold approximately 688,300 inverters in 2022, of which 461,000 were grid-connected inverters, accounting for 67%; and 227,300 were storage inverters, accounting for 33%. The company's inverter products are primarily exported, with overseas sales reaching around 577,300 units, accounting for 83.9%.
In 2022, Goodwe achieved revenue of 4.71 billion RMB, a year-on-year increase of 75.87%; and a net profit of 636 million RMB, a year-on-year increase of 128.48%.
In the first quarter of this year, Goodwe achieved revenue of 1.719 billion RMB, a year-on-year increase of 164.6%; and a net profit of 336 million RMB, an astonishing year-on-year increase of 3473.7%.
As one of Goodwe's key products, its SDT G3 series features a brand-new, family-like appearance, adopting aluminum-magnesium alloy stretching technology with ultra-quiet design (minimum noise 29dB). The maximum efficiency can reach 98.7%, with an ultra-low start-up voltage of 160V and a maximum input current of 22A. The entire machine has an IP66 protection level, suitable for various harsh environments. Optional DC arc pulling protection, RSD, and secondary lightning protection ensure station safety and extend the life of the power station.
In the next edition, the focus will be on a best-selling model of the American photovoltaic giant, Enphase. The list of suppliers is undoubtedly unexpected, so please stay tuned.
