50,000 units shipped in December! More than 50% share in the emerging market! Deye’s latest internal research highlights! (Internal sharing)
1. Emerging market situation
The company has a high market share in household storage in emerging markets, reaching 50-60% in Southeast Asia, Pakistan, South Africa, North Africa, Lebanon, etc.
Brazil is a market that the company entered relatively early and has a first-mover advantage. The Brazilian market focuses on string inverters and micro inverters. At present, Brazil is one of the company’s largest shipment destinations for string and micro inverters, and a stable e-commerce channel has been established locally. In 2023, Brazil was the company’s second largest overseas revenue source after South Africa. In the first three quarters of 2024, Brazil’s revenue also accounted for 9%.
India, Pakistan and Southeast Asia are markets with explosive growth in 2024. In the first half of 2024, India’s new photovoltaic installed capacity was 15 GW, a year-on-year increase of 28%, and is expected to exceed 20 GW for the whole year. The company’s string inverter shipments in India have increased significantly. At present, India is one of the company’s largest string shipment destinations. India + Brazil account for 70% of the company’s overall string shipments.
The company entered the Indian, Pakistani and Southeast Asian markets relatively early, and formed a good cooperative relationship with local dealers. The company’s main low-voltage products cater to the needs of local users, so the company has formed a relatively significant first-mover advantage in these markets. Pakistan and Southeast Asian markets are currently one of the largest shipment areas for the company’s energy storage inverters.
2. European market situation
In the European market, the company’s main product differentiation is segmented in different countries.
String inverters first chose countries with less competition, such as Romania and Austria, for expansion. Since 21 years, energy storage inverters have been deployed in Spain, Germany, Italy and other regions, and household and industrial and commercial high-voltage energy storage inverters have also been launched for users in the German-speaking area. Over the past 24 years, monthly shipments have basically reached more than 10,000 units.
For micro inverters, the company currently sells them mainly to Germany, France, the Netherlands and other countries in Europe. By June 24, the shipment of micro inverters in Germany had recovered to 60,000-70,000 units, and in France to 10,000-20,000 units. The fourth-generation micro inverter products were launched for German balcony photovoltaics, which is expected to further regain market share.
In the third quarter of last year, the demand for reconstruction in Ukraine was discovered. The company quickly entered the Ukrainian market through Polish distributors, reaching a peak of more than 30,000 units in July and August 24.
3. US market
Currently, both industrial and commercial storage and inverters in the US market are in a state of partial volume expansion.
The inverter signed an exclusive agency with the US distributor Sol-Ark, and is mainly sold in the form of OEM. With the US interest rate cut in the fourth quarter, the shipment of industrial and commercial storage has increased significantly. Micro inverters have also passed US certification. With long-term cooperation with distributors and price advantages, there is an opportunity to gradually increase volume.
4. The off-season is not dull, and shipments increased in December
The household storage shipments in December were about 50,000 units, a month-on-month increase from more than 40,000 units in November. Pakistan’s shipments in December recovered to
December shipments were obviously better. There will be a decline in the Spring Festival holiday in January, but it is still very good, showing signs of “off-season is not dull”.
5. Forecast for the fourth quarter and 2025
The company’s profit is expected to reach 800 million to 900 million in the fourth quarter, and the full year of 24 and the first half of 2025
Post time: Jan-07-2025