今年7月始，潮電智庫行業(yè)首啟儲能明星產(chǎn)品拆解模式，引發(fā)產(chǎn)業(yè)鏈高度關(guān)注。繼陽光電源逆變器SG125HV之后，本期拆解主角為古瑞瓦特逆變器MAX 80KTL3 LV。

古瑞瓦特是全球第三大光伏逆變器供應(yīng)商，今年5月已通過港交所聆訊，計劃在港股上市。

據(jù)悉，MAX 80KTL3 LV 工商業(yè)逆變器是古瑞瓦特的明星機型，采用7路MPPT設(shè)計，效率可達(dá)99%，是目前中國效率最高記錄保持者；采用雙DSP，CPLD，ARM等四“核芯”結(jié)構(gòu)，可以實現(xiàn)更多更復(fù)雜的功能；采用無熔絲設(shè)計，減少易損件，特有的一鍵診斷功能，無需單獨配置檢測設(shè)備、無需拆卸組件便可以實現(xiàn)組件智能IV曲線掃描和電網(wǎng)電能質(zhì)量診斷。

市場信息顯示，越南隆安省的海松工業(yè)園光伏電站總?cè)萘繛?MW，項目采用36臺古瑞瓦特MAX 80KTL3 LV 逆變器。電站日均發(fā)電15000KWH，所發(fā)電量全額上網(wǎng)，日收益1252.5美元。

潮電智庫通過產(chǎn)品拆解所得，逆變器核心器件成本較為平均，最高不超過15%，其中IGBT、MOSFET、電感、MCU主控芯片、散熱器等五項器件成本超過10%。國產(chǎn)廠商占據(jù)部分供應(yīng)位置，如伊戈爾主供電感，深南電路主供PCB板，可立克主供變壓器。

略顯尷尬的是，在2022年全球前十的光伏逆變器品牌中，中國占據(jù)七席之多，而且陽光電源、華為、古瑞瓦特、錦浪科技囊括了前四；但在逆變器產(chǎn)品的供應(yīng)端，中國力量顯得較為薄弱，其中超過七成的核心器件市場仍由安森美、英飛凌等海外企業(yè)主導(dǎo)。

潮電智庫分析認(rèn)為，當(dāng)前儲能風(fēng)口紅利集中，市場快速擴張讓逆變器成本過高的弊端并未充分體現(xiàn)。待行業(yè)回歸穩(wěn)定及理性增長期，以及中國供應(yīng)鏈廠商在技術(shù)創(chuàng)新不斷突破，光伏逆變器組件國產(chǎn)替代的空間非常巨大。

據(jù)機構(gòu)統(tǒng)計，2022年古瑞瓦特光伏逆變器出貨量為93.05萬臺，是全球最大的戶用光伏逆變器提供商；其中在美洲、亞洲和EMEA（歐洲、中東和非洲）分別排名第1、第1和第3。

在逆變器產(chǎn)品方面，古瑞瓦特?fù)碛?3款單相戶用逆變器、17款三相戶用逆變器、29款小功率工商業(yè)逆變器、17款大功率工商業(yè)逆變器及8款公用事業(yè)逆變器。在儲能系統(tǒng)方面，古瑞瓦特?fù)碛?8款備用電池逆變器、33款并網(wǎng)儲能逆變器、14款微電網(wǎng)逆變器及7款電池包。

根據(jù)招股書內(nèi)容，2020年至2022年，古瑞瓦特的營收分別為18.93億元、31.94億元和70.93億元，2022年的同比增幅為122.0%；同期年內(nèi)溢利分別達(dá)到3.66億元、5.73億元和12.13億元，同期毛利率分別達(dá)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.