SunGrow Photovoltaic Grid-Tie Inverter SG125HV Disassembly: Core components sourced from overseas suppliers, with IGBT accounting for the highest proportion of total cost
The photovoltaic industry has matured, and its economic value is continuously being explored, leading to a noticeable increase in the shipment of inverters.
In the first half of this year, both domestic and overseas photovoltaic installation demands have grown rapidly, with core components such as modules and inverters maintaining a high export growth rate. According to data from the Chaodian , the export volume of inverters reached nearly 25 million units from January to May 2023, with a year-on-year growth of 45.2%.
From the market perspective, the Chinese photovoltaic inverter industry shows a state of full competition, with a high market concentration, and leading companies have benefited significantly. Among them, SunGrow Power and Huawei ranked first and second in terms of shipment volume, making them part of the top-tier enterprises. GROWATT, JNTech, Sungrow Power Supply, and GoodWe are part of the second-tier enterprises, with their market shares ranging from 6% to 8%.
According to Chaodian , the typical product life cycle of photovoltaic inverters is generally around 10-15 years. It is expected that from 2022 to 2026, the overall scale of the photovoltaic inverter industry will continue to grow.
Furthermore, Chaodian believes that energy storage will become the second key to unlock the inverter market.
Energy storage is a crucial support for the large-scale development of renewable energy and plays a significant role in utilizing new energy. It is an essential part of the energy revolution. Energy storage inverters can control the charging and discharging process of energy storage battery packs and perform AC-DC conversion, making them a necessary component of energy storage systems, accounting for approximately 15% of the total cost of such systems.
Based on the sinking industrial chain, Chaodian has selected the top ten star products in the inverter industry for disassembly, aiming to showcase the current core structure components and cost proportions. This will help to identify more accurate business opportunities for China’s supply chain.
In this issue, the first protagonist to be showcased is SunGrow Power’s photovoltaic grid-tie inverter SG125HV.
The photovoltaic grid-tie inverter is an essential component in photovoltaic power generation systems, mainly used as a dedicated inverter power supply in the field of solar photovoltaics. The grid-tie inverter converts the AC power generated by solar panels into AC power that can be directly fed into the grid through power electronic conversion technology.
In terms of product applications, the photovoltaic grid-tie inverter not only has the function of AC-DC conversion but also maximizes the performance of solar cells and system fault protection. It includes multiple functions such as automatic operation and shutdown, maximum power tracking control, anti-isolated operation, automatic voltage adjustment, DC detection, and DC ground detection.
SunGrow Power’s SG125HV has a rated power of 125 kW and is the world’s first series inverter with a power exceeding 100 kW, weighing only 60 kg.
According to research on the industrial chain, except for the inductor, all other main components of SunGrow Power’s SG125HV are supplied by overseas strong enterprises. Among them, IGBT ranks first with a cost proportion of 15%, while the cost of components such as inductors, MOSFETs, MCU control chips, and heat sinks also exceeds 10%.
An executive from a leading domestic energy storage company stated to Chaodian that because product exports involve certification aspects, it is currently challenging for Chinese companies to enter the first-tier supply chain. However, there is a broad future space for substitution.
It is worth noting that with the rise of energy storage, SunGrow Power (300274.SZ) has achieved continuous growth in its operating performance in recent years. In 2022, the company achieved a revenue of 40.257 billion yuan, a year-on-year increase of 66.79%, and a net profit of 3.593 billion yuan, a year-on-year increase of 127.04%.
Based on forecasts from 35 institutions within the past six months, the average net profit of SunGrow Power for 2023 is estimated to be 6.975 billion yuan, representing a year-on-year increase of 94.1%.
