The export of components and inverters is growing rapidly, and the overseas installed capacity is expected to be 100-110gw
According to the data of the General Administration of customs, 282 million components were exported in December 2021, with a month on month increase of 6.73% and a year-on-year increase of 29.2%. From January to December, the cumulative export volume of components was 3.2 billion, with a year-on-year increase of 17.56%. In December, the export value of components was 19.4 billion yuan, an increase of 15.6% month on month and 72.4% year-on-year. From January to December, the cumulative export of components was 183.8 billion yuan, a year-on-year increase of 34.2%. In December, the number of inverter exports was 4.82 million, with a month on month increase of 4.93% and a year-on-year increase of 26.7%. From January to December, the total number of exports was 43.72 million, a year-on-year increase of 42.7%. In December, the export value of inverter was 3.84 billion yuan, with a month on month increase of 15.4% and a year-on-year increase of 44.8%. From January to December, the cumulative export amount of inverter was 33.14 billion yuan, with a cumulative year-on-year increase of 38.0%. On the whole, the export growth rate in December increased significantly compared with that from January to November. Under the background of high silicon price in 2021, the export of Chinese components and inverters still maintained a high growth rate. According to the export growth of components and inverters this year, the overseas installed capacity is expected to be 100-110gw in 2021, with a year-on-year growth rate of more than 30%.
In 2021, China's total installed capacity was 53gw, and distributed photovoltaic accounted for 55%
On January 20, the National Energy Administration released the photovoltaic installed capacity data in 2021. In December 2021, China's PV installed capacity increased by 18.17gw, a year-on-year decrease of about 18.5%. In 2021, the cumulative installed capacity of photovoltaic in China was 53gw, with a year-on-year increase of about 10.0%, ranking first in the world for nine consecutive years, which is basically in line with our previous estimate of about 50gw. Among them, benefiting from the implementation of the promotion policy of the whole county, the new installed capacity of distributed photovoltaic reached 29gw in 2021, with a year-on-year increase of about 87%, accounting for about 55% of the total new installed capacity of photovoltaic, breaking the 50% mark for the first time in history. Among the newly added distributed PV in 2021, the newly installed capacity of household PV showed explosive growth, with a year-on-year increase of about 112%, reaching about 21.5gw.
Investment advice
The demand for overseas components and inverters is growing rapidly, so it is recommended to pay attention to Longi Green Energy Technology Co.Ltd(601012) , Ginlong Technologies Co.Ltd(300763) , Ningbo Deye Technology Co.Ltd(605117) , Sungrow Power Supply Co.Ltd(300274) ; The proportion of distributed installed capacity in China has increased rapidly. It is recommended to pay attention to Zhejiang Chint Electrics Co.Ltd(601877) , Zhejiang Sunoren Solar Technology Co.Ltd(603105) , Jiangsu Linyang Energy Co.Ltd(601222) , etc.
Risk tips
The installed capacity of the industry was less than expected, the epidemic intensified, and the global economy was seriously affected.
