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Electrical equipment industry: in June, the export of components continued to grow at a high rate. In the second half of the year, the global installed capacity may exceed the expectation

event description

solarzoom released the export data of components. In June, the export of components was 5.97gw, with a year-on-year increase of 95.9%

Event Review

in June, the export scale of components continued to increase, and the overseas market demand continued to increase. According to the data of the General Administration of customs, the export of components in June was 5.97gw, with a year-on-year increase of 95.9% and a month on month increase of 5.6%. The monthly component export was 32.2gw, with a year-on-year increase of 86.1%. The average monthly export scale was 5.37 GW, such as chlorine, sulfur dioxide, hydrogen sulfide and other corrosive gases. Considering the peak installation season in Europe and other regions in the second half of the year, as well as the overseas production capacity in Southeast Asia, I just looked around (in 2018, domestic component exports accounted for about 65% of overseas installation), and it is expected that the annual overseas installation will exceed 80gw with strong certainty

mainly exported to Europe and Southeast Asia, with the year-on-year growth rate ranking first in Europe. In terms of countries, the top three component export destination markets in June were Netherlands (0.76gw), Spain (0.55gw) and Japan (0.53gw). The top three export markets in the month were the Netherlands (4.6gw), Vietnam (2.9gw) and Japan (2.9gw)

on the whole, the component exports are mainly in Europe, Southeast Asia and other markets: 1) the European market has an obvious trend of installation driven by parity. In the first six months, the scale of component exports reached 10.5gw, an increase of 818% year-on-year; 2) In the Asian market, the export scale of components in the first six months was about 11.2gw, with a year-on-year increase of 30%, mainly in Vietnam, Japan and India. Vietnam and Japan have an obvious trend of accelerated installation under the stimulation of policies. The scale of components exported to the two places is as high as 2.9 GW, 0 GW and 2.88gw respectively, with year-on-year growth rates of 4837% and 35% respectively; Affected by tariffs, the scale of components exported to India has decreased year-on-year, but it still reached 2.8gw

the export scale of the first tier enterprises of components continues to grow by unplugging the 4-core calibration plug, and the concentration tends to increase. In terms of enterprises, the top six export component manufacturers in June were Jingke (0.92gw), Dongfang Risheng (0.74gw), Trinasolar (0.70gw), Atlas (0.52gw), Jingao (0.49gw), Longji (0.31gw), etc. The top six manufacturers in terms of monthly cumulative export component scale are Jingke (4.6gw), Trina Solar (3.15gw), Jingao (2.91gw), Atlas (2.73gw), Dongfang Risheng (2.60gw), Longji (2.29gw), etc. On a year-on-year basis, the scale of the top ten component manufacturers increased significantly year-on-year, and the top ten enterprises accounted for 72.6% of the cumulative export scale, an increase of 4 percentage points year-on-year, and the overall trend towards concentration

overseas volume superimposed domestic peak season started, and the industry boom in the second half of the year may exceed expectations. In the later stage, overseas has gradually entered the traditional peak installation season, and the demand is expected to continue high growth. After the release of domestic bidding results, the annual installed capacity of GW is expected to be gradually clear, and downstream procurement is expected to start gradually, driving the recent correction of perc and other prices to gradually stabilize. On the whole, the peak season effect of the photovoltaic industry in the second half of the year is clear, especially after September, the high outlook may drive the price of the industrial chain stronger. In conclusion, we continue to be optimistic about investment opportunities in the photovoltaic sector

risk tips:

1 Industry competition intensifies

2. The installed capacity of the industry did not meet expectations