Photovoltaic micro-inverter, the world’s leader Enphase in the United States, the stock price has risen from $9 in the past three years, and has risen 30 times to $280, with a PE of 200 times.
Recently, the share price of domestic photovoltaic micro-inverter companies has also risen continuously. Among them, the share price of Deye 605117 has risen by 9 times in the past year.
The newly listed photovoltaic micro-inverse stocks Hemai 688032 and Yuneng Technology 688348 have also risen by 1.5-2 times in a row. The total market value of these three photovoltaic micro-inverse stocks is between 43 billion yuan and 68 billion yuan.
Inverter Concept Popularization
Inverter: It converts DC power (battery, storage battery) into AC power (usually 220v50HZ sine or square wave). In layman’s terms, an inverter is a device that converts direct current (DC) into alternating current (AC). It consists of inverter bridge, control logic and filter circuit.
Half-bridge inverter architecture. Simply put, an inverter is an electronic device that converts low voltage (12 or 24 volts or 48 volts) direct current to 220 volts alternating current. Because it is usually used to rectify 220 volts of alternating current into direct current, and the role of the inverter is the opposite, hence the name.
In a “mobile” era, mobile office, mobile communication, mobile leisure and entertainment. In the moving state, not only the low-voltage direct current supplied by the battery or the battery is required, but also the 220-volt alternating current which is indispensable in the daily environment, and the inverter can meet the demand.
The rapid rise of photovoltaic inverters gave birth to a 20-fold super-high-speed growth track, and technological iterations began to enter micro-inverters (the first year of micro-inverters in 2022) 32%, 51%, 60.4%, 66.5%, 69.6%…
This series of seemingly ordinary but rapidly growing numbers interprets the sonorous sound of one of the technical routes of photovoltaic inverters. Technological iteration means market changes and even life and death, which is particularly impressive in the volatile photovoltaic industry.
It has been less than 20 years since the first grid-connected inverter was applied in my country in 2003. With the upgrading of inverter technology and changes in the terminal market, the photovoltaic inverter industry has been reshuffled several times, and enterprises have disappeared and withdrawn. Of course, there is still a long way to go. Green and Rise.
Photovoltaic inverter products are mainly divided into four categories: centralized inverters, distributed inverters, string inverters, and micro inverters. According to their different characteristics, they correspond to different application scenarios. The core elements of the distinction are mainly the number of components and the size of the volume weight corresponding to the maximum power tracking.
Before 2022, the photovoltaic inverters of photovoltaic power plants will occupy the mainstream of the market mainly with string and centralized inverters
String inverter, based on the concept of intelligent modularization, connects each photovoltaic string in the photovoltaic array to a designated DC input terminal of the inverter, multiple photovoltaic strings and inverter modularization. Combined together, all inverters are connected in parallel at the AC output to complete the conversion of DC power to AC power.
The advantage is that it is not affected by the performance difference and local shading of photovoltaic cell modules between strings, can handle photovoltaic modules of different orientations and types, and can also avoid huge power loss caused by shadows on some photovoltaic modules.
These advantages not only reduce the cost of the power generation system, but also enhance the reliability of the power generation system. The string inverter has a strong protection function, and can avoid the problem of a certain string of DC short-circuit energy backflow, and there is no DC fault problem that is difficult to solve with a centralized inverter.
The string inverter has simple structure, easy installation, small equipment, small footprint, flexible configuration, and small array mismatch loss. Through the power tracking of multi-channel MPPT, this damage can be minimized and the efficiency is higher.
Applying it to the ground photovoltaic power station has the advantages of high power generation, high reliability, high safety, and easy installation and maintenance. At present, many large and small photovoltaic power plants use string inverters.
Centralized inverter, the multi-channel parallel photovoltaic strings are connected to the DC input terminal of the inverter after confluence, and the DC power is converted into AC power in a centralized manner.
It is characterized by high system integration, high power density, low cost, less harmonic content, less DC component, and high power DC.
Since the output voltages and currents of different photovoltaic strings are often not completely matched (cloudy, dirty, etc.), the use of centralized inverter will lead to a reduction in the efficiency of the inverter process and electrical performance, and the reliability of the entire photovoltaic system. Affected by the poor working state of a certain photovoltaic unit group.
A centralized approach cannot adapt to diverse scenarios and needs. The centralized inverter is relatively used in large-scale ground photovoltaic power plants with flat terrain.
The current mainstream product in the photovoltaic inverter market is the string inverter. According to the statistics of China Photovoltaic Industry Association, since 2016, the proportion of string inverters has gradually increased.
In 2018, the proportion of string type exceeded that of centralized type, and in 2021, the proportion of string type will be close to 70%, according to the “China Photovoltaic Industry Development Roadmap 2021”.
The era of photovoltaic inverters before 2022, especially the string photovoltaic inverter circuit, has spawned dozens of times of ultra-high-speed development space.
Forged super big stocks with the highest share price of Jinlang Technology and Sungrow rising nearly 40 times (the stock price of Jinlang Technology has risen from more than 6 yuan to 233 yuan; the share price of Sungrow has risen from more than 4 yuan to 180 yuan)
Starting in 2022, the iteration of photovoltaic inverter technology has begun to enter the era of micro-inversion, and the track of dozens of times of ultra-high-speed development is coming.
The concept of micro-inverter: generally refers to the inverter in the photovoltaic power generation system with a power of less than or equal to 1000 watts and a component-level MPPT. The full name is a micro photovoltaic grid-connected inverter. “Micro” is relative to traditional centralized inverters.
The traditional photovoltaic inverter method is to connect all the direct currents generated by photovoltaic cells under sunlight in series and parallel, and then convert the direct current into alternating current through an inverter and connect it to the grid; Invert.
The advantage is that each component can be independently controlled by MPPT, which can greatly improve the overall efficiency, and at the same time, it can avoid the DC high voltage, poor low light effect, and barrel effect of centralized inverters.
The micro-inverter technology proposes to integrate the inverter directly with a single photovoltaic module, equip each photovoltaic module with an inverter module with AC-DC conversion function and maximum power point tracking function, and directly convert the electric energy generated by the photovoltaic module. It can be converted into AC power for use by AC loads or transmitted to the grid.
The main advantages of microinversion:
safer. Traditional centralized inverters or string inverters usually have a DC voltage of hundreds of volts to thousands of volts, which is easy to catch fire, and it is not easy to put out after a fire. The DC voltage of the micro-inverter is only a few tens of volts, and all of them are connected in parallel, which minimizes potential safety hazards.
Smarter. Component-level monitoring, you can see the working status of each component in the ECU. Higher power generation efficiency. The component-level MPPT has no barrel effect, which reduces the impact of shading on power generation; the low-light effect is good, because the starting voltage is low, only 20V, and it can work even when the light is weak.
Longer life. Usually the design life of micro-inverter is 25 years, and the traditional inverter is 10 years. Installation is more convenient and capacity expansion is super fast. There is no need to build a special power distribution room, and the micro-inverter can be installed directly behind the module or on the bracket. Because it is a parallel structure, it can be installed directly when the scale is increased later, without changing the previous configuration.
In the field of micro-inverters, the current status of the micro-inverter industry is similar to the development of centralized inverters around 2010, and both are at the beginning of scale in space.
In terms of products, the product performance of Chinese manufacturers is comparable to that of overseas leading enterprises. In terms of structure, overseas manufacturers occupy an absolute leading position. In terms of cost control, domestic enterprises are significantly lower than overseas enterprises.
The Russian-Ukrainian war led to the energy crisis, and the price of electricity in Europe soared
Europe accelerates new energy replacement, aiming to get rid of Russia’s import restrictions: the European Union has repeatedly increased the planned photovoltaic installed capacity, Germany plans to achieve 100% renewable energy power generation 15 years ahead of schedule, the United Kingdom plans to greatly increase the photovoltaic installed capacity, and the photovoltaic industry in Spain and France has benefited from assistance. plan.
Distributed photovoltaics are rising steadily, and the micro-inverse market is expanding rapidly
It is estimated that in 2025, the new installed capacity of photovoltaics in the world will reach 507GW, with distributed accounting for 50%. The CAGR of new installed capacity of photovoltaics in the world from 2020 to 2025 is 29.73%. The global distributed photovoltaic market is steadily rising, which will continue to drive the development of the micro-inverter market.
In 2022, the energy storage industry in Europe and the United States broke out, especially the demand for outdoor household energy storage exploded, and photovoltaic micro-inverters began to enter the first year of ultra-high-speed development.
Driven by the European market, the global demand for household energy storage is expected to double, and the growth rate of new capacity is expected to reach 97.9%. From 2023 to 2025, the growth rate of household energy storage demand will still maintain a relatively high growth rate, and the three-year compound growth rate of new capacity is expected to be 50%.
Driven by the high growth of the global photovoltaic energy storage market, micro-inverters have begun to grow rapidly from a “niche” solution with a limited application range.
on the one hand. The proportion of global distributed photovoltaic installed capacity continues to increase, and the safety standards for rooftop photovoltaics at home and abroad are becoming stricter. Component-level control solutions have gradually become “standard”.
On the other hand, as photovoltaics enter the era of parity, the cost of electricity per kilowatt hour has become a core consideration in the industry. In some household scenarios, the economic gap between micro-inverters and traditional string inverters is already small.
Previously, micro-inverters were mainly used in North America. Analysts pointed out that other regions such as Europe and Latin America have also entered a period of accelerated penetration. It is expected that the global micro-inverter/distributed penetration rate will increase from 5% in 2020 to 12.5% in 2025 , the global micro inverter shipments will increase from 2.3GW in 2020 to 25GW in 2025, with an average annual compound growth rate of over 60%.
First of all, the micro-inverse market has already emerged as a segment of the Sino-US duopoly, and the competition is not fierce, which enables the industry leader to maintain a high growth rate, maintain a high profit margin, and avoid price wars.
Secondly, the product is directly oriented to a single consumer and has more room for bargaining. The gross profit rate of traditional inverter companies is between 20% and 40%, while the gross profit rate of micro-inverters is higher! The gross profit margin of China Hemai in 2020 is as high as 56.15%.
Third, from the perspective of global development, the micro-inverter industry is in a stage of high growth. By 2025, the compound growth rate of micro-inverters is likely to reach 50%.
With the increase in the proportion of distributed installed capacity and the increase in the penetration rate of micro-reverse, the market size of the micro-reverse industry will reach 50 billion yuan in 2025. Especially from 2022, the European photovoltaic micro-inverse development speed will lead the world.
Photovoltaic micro-inverter market and related listed companies
Micro-inverters are mainly used in overseas high-end household markets (Europe and America), mainly for end-users who have high requirements for safety and power generation efficiency. Compared with ordinary string inverters, there is a certain premium per watt. Profitability is better than general string and centralized inverters.
Due to the obvious technical route difference between micro inverters and centralized/string inverters, there are currently few market participants and the market structure is relatively concentrated, mainly in the United States and China.
In Europe, many factors are superimposed, and the photovoltaic micro-inverse market is facing a historic development opportunity from 0 to N. Obviously, it is the easiest to create a medium-term micro-inverse dark horse.
Considering the low price sensitivity of the high-end residential market, we expect the micro-inverter market to maintain strong profitability while expanding rapidly!
The Big Three of China’s PV Micro Inverters
Hemai 688032: stock price of 975 yuan, market value of 54.5 billion yuan
The company is deeply engaged in the field of power conversion equipment and electrical complete sets of equipment, and has a complete micro-inverter product system. The company’s founding and core management team are from well-known domestic universities such as Zhejiang University.
It has strong technical strength in the field of power electronics. After years of research and development and industrialization, it has gradually formed a business layout of photovoltaic inverters and other power conversion equipment and electrical complete sets of equipment.
The company has been developing micro-inverters since 2012, and has successively launched a series of micro-inverter products based on its own mastery of core technologies such as circuit topology and control algorithms.
At present, the product power range covers 300W to 2kW+, and has formed a certain market position in the world, with customers in the Americas, Europe, Asia and other regions.
Yuneng Technology 688348 The stock price is 548 yuan, and the market value is 43.8 billion yuan
The company is a “veteran” of micro-inverters, and more than ten years of development have created a leading position in the industry. Yuneng is one of the first manufacturers to realize mass production and shipment of micro inverters in the world.
Since its establishment in 2010, it has been focusing on the field of component-level power electronic equipment for distributed photovoltaic systems. At present, the cumulative shipment volume exceeds 2GW, and the products are sold to more than 90 countries and regions around the world.
According to Wood Mackenzie’s statistics, in 2020, the company’s micro-inverter shipments ranked second in the world and first in China, second only to the leader Enphase.
Deye shares 605117 The stock price is 286 yuan, and the market value is 68.3 billion yuan
Based on the field of traditional household appliances, the company has created a new growth point for the inverter business. In the early days of its establishment, the company was mainly engaged in the production and sales of injection molded parts, molds and sheet metal parts.
Since 2007, it has gradually expanded its layout in the fields of circuit control, air-conditioning heat exchangers and other household appliances. In 2015, it officially established the three major categories of heat exchangers (air conditioners), circuit controls (inverters, etc.) and environmental controls (dehumidifiers, etc.). main line of development.
In the field of micro-inverters, in 2020, the company has developed products that can realize 4-channel MPPT tracking (8-channel MPPT tracking products are also gradually transferred to mass production), which are strong in power density, power range and conversion efficiency. competitive advantage.
The world’s leading micro-reverse company: Enphase in the United States (the stock price has risen from $9 to 280 yuan, an increase of more than 30 times!) The long-term adherence to the overlapping policy tilt has created Enphase’s dominant position in the US market.
Before 2018, Enphase suffered a continuous loss for nearly ten years. After the launch of NEC in 2017, the component-level shutdown solution became a rigid demand in the US household market. At the same time, the Sino-US trade friction since 2018 has objectively affected the development of Chinese inverter manufacturers in the US market. In the face of major obstacles, Enphase domestic inverter manufacturers in the United States have become the biggest beneficiaries.
According to Wood Mackenzie’s statistics, SolarEdge and Enphase will account for about 90% of the US residential inverter market from 2020. As far as Enphase itself is concerned, about 80% of its revenue comes from the US domestic market.
The European PV micro-inverse market has the strongest subsequent explosive power, and the European micro-inverse leader: Italian EEI company
The Italian EEI Company was founded in 1978. The Italian EEI wind and solar storage business faces the whole of Europe. It is one of the leading companies in new energy wind and solar storage that has been operating in Europe for decades. It can be said that it is the biggest winner in the development of new energy wind and solar storage in Europe.
The new energy business is constantly expanding and increasing, and the business areas of new energy wind and solar storage are mainly in Italy and other European countries.
The team has the core power electronics technology in the new energy field, and has a comprehensive grasp of various technical solutions related to the new energy field. The company has set up production, sales and service teams in Europe, Italy, India, the United States and China. It is one of the leading companies in the new energy industry of European wind and solar storage.
European local micro-reverse leading company: Italian EEI company (a subsidiary of listed company Hongxun Technology 603015)
In terms of products, EEI products cover almost all fields of new energy (energy storage, solar energy, wind power, hydropower, biomass energy, cogeneration, fuel cells and hydrogen energy) converters, inverters, drives, energy converters, Products such as power supplies benefit from the dividends of the global new energy revolution.
technical aspects. Italian EEI has been engaged in power electronics and industrial automation systems (new energy + Industrial Internet 4.0) since 1978, and has been focusing on it for more than 40 years.
The company’s products are used in cutting-edge scientific laboratories (particle accelerators, nuclear fusion, high-end medical products, etc.), and it can be seen that the product quality and technology are very reliable and reliable. EEI was awarded the “2004 CMS Gold Award” by CERN as the best electricity supplier in Italy in 2004.
The main products of EEI in the field of photovoltaic micro-inverters are:
Master 1000 solar energy, main solar energy 1500, MPPT upgrade and other products
8YF330 Retrofit Solar Inverter: A two-level inverter designed to perfectly adapt to a very wide voltage range on the PV system side, thus able to replace most central inverters installed in PV systems larger than 250 kWp.
The composition of the inverters also guarantees high production and efficiency thanks to the structure with independent inlets, even for utility scale systems, providing independent MPPT per 110 kWp system.
MPPT String Enhancement: Integrate the functionality of MPPT and Field Panel in one component. EEI MPPT Boost is the only product of its kind on the market that works at the string level instead of the module level.
This feature makes it easy to install, economical and efficient. In a conventional system; the different behavior of the strings forces the inverter to work at a point in the VI curve where only some strings are optimized. Each string should be optimized to harvest all the energy.
Italian EEI Photovoltaic Company is a subsidiary directly controlled by Hongxun Technology 603015, a domestic listed company. Information revealed from 603015 Hongxun Technology’s 2021 annual report and the latest shareholders’ meeting on May 18, 2022:
The Italian EEI photovoltaic energy storage products, a subsidiary of Hongxun, are mainly sold in the European and American markets. During the reporting period, with the efforts of the Italian team and driven by the local government’s subsidy policy, orders for EEI’s home energy storage system products grew rapidly. However, due to multiple factors such as the global supply chain tension and logistics obstruction, some orders were transferred to the next reporting period for delivery. .
On the other hand, with the accumulation of experience in the promotion of energy storage systems for home appliances, the company actively laid out product plans for energy storage systems for commercial/factory use, and designed and developed an “All in One” modular design of commercial/factory-side energy storage systems during the reporting period. product, which is expected to be launched on the market in the second half of 2022;
Actively participated in new energy related exhibitions such as the Munich Solar Photovoltaic Exhibition in Germany and the Key Energy Exhibition in Italy, focusing on exhibiting energy storage systems and various new energy solutions to further spread the EEI brand awareness and increase product exposure.
Participated in the establishment and bidding of the European-led transnational artificial solar project (Fusion for Energy, F4E), and successfully obtained the qualification of the bidding power system, officially becoming the F4E project supplier.
The F4E project is a joint development project of the European Union. It will use nuclear fusion control technology to achieve the ultimate solution to the energy crisis. EEI will continue to invest R&D resources and strength to participate in this project.
The Italian EEI photovoltaic micro-inverter product market is mainly concentrated in the European countries and the US market. The EU’s clear emission reduction target is to reduce carbon emissions by 60% on the basis of 1990 by 2030.
In May 2020, in response to the impact of the epidemic, the European Union launched a green recovery plan with a total budget of 750 billion euros, making the promotion of green transformation one of the core of the economic recovery plan. Italy has become the beneficiary country with the largest allocation, with a total budget of 191 billion euros. EUR.
The Italian government has made it clear that the renewable energy target in 2030 needs to reach 70%. In 2020, the Italian government launched the 110% Super Bonus policy to encourage residents and enterprises to invest in green energy retrofits for houses and buildings. The Italian market has a strong demand for investment in energy conservation retrofits.
As an important EU member state that signed the “Belt and Road” cooperation framework agreement with China, the closer cooperation between the two countries will provide a better policy and business environment for the cooperation between Chinese and Italian enterprises.
The company will follow the new pace of win-win cooperation between China and Italy, and gradually strengthen the role of Italian EEI as the European technology center and European business decision center of Hongxun.
Increase investment in new product research and development, combine “European design” with “Asian manufacturing”, give full play to the respective resource advantages of Chinese and Italian business entities, and improve the comprehensive competitiveness of products by adding value in brands and technologies.
By strengthening the construction and integration of domestic and foreign technology and market teams, and with the help of the state’s policy of vigorously encouraging and promoting the development of the new energy industry, we will explore domestic and foreign markets, find regional partners, and strive to achieve a higher level of development of the new energy business.
Hongxun Technology’s new energy sector business plan will give full play to the synergies between Chinese companies and Italian subsidiaries, domestic resources and Italian local resources complement each other’s advantages, and continue to vigorously develop Europe with the help of the European Green Recovery Plan and the government’s guidance on green energy stimulus policies market.
Efficiently promote the product development process of commercial and factory-side optical storage systems, and put them on the market as soon as possible to further enrich the product line of energy storage systems to meet the use in household, industrial and commercial, and grid-level scenarios.
The conflict between Russia and Ukraine has brought an impact on the global energy supply market, and the Italian electricity price has risen sharply, which will accelerate the layout of new energy development in various countries. The EEI team will further strengthen the expansion of related energy storage products and energy-saving products.
The Italian EEI Company has a stake in the CREI Ven Scarl laboratory, a national-level testing institution, which is mainly responsible for the research of industrial and electrical products, and the certification of European-regulated products (such as wind power and photovoltaic products), including electrical safety, electromagnetic compatibility testing certification, etc. Provide support for the company’s existing industrial automation control related products to enter the European market.
The Italian EEI company maintains long-term exchanges and cooperation with many domestic and European universities, providing support for the company to integrate foreign R&D technology resources.
Judging from the information provided by the interactive platform of Hongxun Technology, its Italian subsidiary has sufficient orders for photovoltaic energy storage products, and the supply is in short supply.
Techmation 603015 is also not simple in the field of intelligent robots. Its technology and management are inherited from Taiwan’s Techmation, which was founded in 1984. It mainly focuses on the research and development, production and sales of products and systems in the field of industrial control/drive.
The market share of Hongxun plastic machine control system ranks first in China.
Hongxun Technology’s share capital and market value, the total share capital is 400 million shares, the actual circulation is 210 million shares, the stock price is 8.23 yuan, and the total market value is only 3.3 billion yuan. As a European photovoltaic energy storage company with the fastest photovoltaic micro-inversion growth and the largest future penetration space EEI.
Its parent company Hongxun Technology 603015 currently has a total market value of 3.3 billion yuan compared with the total market value of domestic micro-inverse companies Hemai, Yuneng Technology, and Deye shares of 43 billion to 68 billion yuan. Hongxun Technology will have more than 10 times the market value in the future. growing space.
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