今年7月始，潮电智库行业首启储能明星产品拆解模式，引发产业链高度关注。继阳光电源逆变器SG125HV之后，本期拆解主角为古瑞瓦特逆变器MAX 80KTL3 LV。
古瑞瓦特是全球第三大光伏逆变器供应商，今年5月已通过港交所聆讯，计划在港股上市。
据悉，MAX 80KTL3 LV 工商业逆变器是古瑞瓦特的明星机型，采用7路MPPT设计，效率可达99%，是目前中国效率最高记录保持者；采用双DSP，CPLD，ARM等四“核芯”结构，可以实现更多更复杂的功能；采用无熔丝设计，减少易损件，特有的一键诊断功能，无需单独配置检测设备、无需拆卸组件便可以实现组件智能IV曲线扫描和电网电能质量诊断。
市场信息显示，越南隆安省的海松工业园光伏电站总容量为3MW，项目采用36台古瑞瓦特MAX 80KTL3 LV 逆变器。电站日均发电15000KWH，所发电量全额上网，日收益1252.5美元。
潮电智库通过产品拆解所得，逆变器核心器件成本较为平均，最高不超过15%，其中IGBT、MOSFET、电感、MCU主控芯片、散热器等五项器件成本超过10%。国产厂商占据部分供应位置，如伊戈尔主供电感，深南电路主供PCB板，可立克主供变压器。
略显尴尬的是，在2022年全球前十的光伏逆变器品牌中，中国占据七席之多，而且阳光电源、华为、古瑞瓦特、锦浪科技囊括了前四；但在逆变器产品的供应端，中国力量显得较为薄弱，其中超过七成的核心器件市场仍由安森美、英飞凌等海外企业主导。
潮电智库分析认为，当前储能风口红利集中，市场快速扩张让逆变器成本过高的弊端并未充分体现。待行业回归稳定及理性增长期，以及中国供应链厂商在技术创新不断突破，光伏逆变器组件国产替代的空间非常巨大。
据机构统计，2022年古瑞瓦特光伏逆变器出货量为93.05万台，是全球最大的户用光伏逆变器提供商；其中在美洲、亚洲和EMEA（欧洲、中东和非洲）分别排名第1、第1和第3。
在逆变器产品方面，古瑞瓦特拥有23款单相户用逆变器、17款三相户用逆变器、29款小功率工商业逆变器、17款大功率工商业逆变器及8款公用事业逆变器。在储能系统方面，古瑞瓦特拥有38款备用电池逆变器、33款并网储能逆变器、14款微电网逆变器及7款电池包。
根据招股书内容，2020年至2022年，古瑞瓦特的营收分别为18.93亿元、31.94亿元和70.93亿元，2022年的同比增幅为122.0%；同期年内溢利分别达到3.66亿元、5.73亿元和12.13亿元，同期毛利率分别达到38.7%、35.8%及35.9%。
GROWATT Inverter MAX 80KTL3 LV Disassembly: IGL main-supplied inductor, domestic components only account for 20% of the total cost.
Starting from July this year, Chaodian Research Institute initiated the disassembly of star energy storage products, attracting high attention from the industry chain. Following the SG125HV inverter from Sungrow Power, this issue features the disassembly of the star product, GROWATT inverter MAX 80KTL3 LV.
GROWATT is the world’s third-largest photovoltaic inverter supplier and is planning to go public on the Hong Kong Stock Exchange in May this year.
MAX 80KTL3 LV is a star model of GROWATT’s commercial and industrial inverter series, adopting a 7-MPPT design with an efficiency of up to 99%, which currently holds the highest efficiency record in China. It features a quad-core structure comprising dual DSP, CPLD, ARM, and other cores, enabling more complex functions. The design includes fuseless technology to reduce vulnerable components and a unique one-button diagnosis function, enabling intelligent IV curve scanning of components and grid power quality diagnosis without separate detection devices or component disassembly.
According to market information, the total capacity of the Hai Song Industrial Park photovoltaic power station in Long An Province, Vietnam, is 3 MW, and the project uses 36 GROWATT MAX 80KTL3 LV inverters. The power station generates 15,000 kWh per day, and the full power generation is fully connected to the grid, with a daily revenue of 1252.5 US dollars.
Based on the product disassembly, the core component cost of the inverter is relatively average, with a maximum of not more than 15%. Among them, the costs of five components, including IGBT, MOSFET, inductor, MCU main control chip, and heat sink, exceed 10%. Domestic manufacturers occupy some supply positions, such as YIGAO supplying the main power inductor, Scc providing the PCB board, and KELIKE supplying the transformer.
It is slightly awkward that in the global top ten photovoltaic inverter brands in 2022, China occupies seven positions, and Suntech Power, Huawei, GROWATT, and Jinlang Technology take the top four. However, in the supply side of inverter products, Chinese strength appears relatively weak, with more than 70% of the core component market still dominated by foreign companies such as ON Semiconductor and Infineon.
Chaodian Research Institute analysis shows that the current surge in energy storage benefits has led to a rapid expansion of the market, and the disadvantages of high inverter costs have not been fully reflected. As the industry returns to a stable and rational growth period and Chinese supply chain manufacturers continue to make technological breakthroughs, there is enormous potential for domestic substitution of photovoltaic inverters.
According to institutional statistics, in 2022, GROWATT’s photovoltaic inverter shipments reached 930,500 units, making it the world’s largest provider of residential photovoltaic inverters. It ranked first in the Americas, Asia, and EMEA (Europe, the Middle East, and Africa).
In terms of inverter products, GROWATT has 23 single-phase residential inverters, 17 three-phase residential inverters, 29 low-power commercial and industrial inverters, 17 high-power commercial and industrial inverters, and 8 utility inverters. In terms of energy storage systems, GROWATT has 38 backup battery inverters, 33 grid-connected energy storage inverters, 14 microgrid inverters, and 7 battery packs.
According to the prospectus, GROWATT’s revenue from 2020 to 2022 was 1.893 billion yuan, 3.194 billion yuan, and 7.093 billion yuan, with a year-on-year growth rate of 122.0% in 2022. During the same period, net profits were 366 million yuan, 573 million yuan, and 1.213 billion yuan, with gross profit margins reaching 38.7%, 35.8%, and 35.9% respectively.
