与整个光伏逆变器行业参与者众多不同，微型逆变器市场竞争格局高度集中，且参与者寡。根据Wood Mackenzie统计，2020年全球逆变器出货CR3/CR5/CR10分别为49%/59%/80%。但在微型逆变器领域，仅Enphase一家就占比80%左右的份额。紧随其后的是近期IPO的昱能科技。

昱能科技主要产品包括微型逆变器、智控关断器、能量通信及监控分析系统等，是行业内最早实现微型逆变器量产出货的境内厂商之一，并在此基础上不断推陈出新，相继研制出并取得欧美市场认证的全球首款三相微型逆变器以及全球首款单相四体微型逆变器。

其微型逆变器、智控关断器、能量通信器等产品已经在中国大陆及美洲、欧洲、澳洲等 90 多个国家及地区实现销售，并取得了 100 多项国内外认证证书或相应列名。2021年其微型逆变器收入占比达到76.98%。

由于微型逆变器的市场分布，昱能科技的收入基本全部来自海外，其中美国占比在20%以上，2018-2019年甚至接近30%；美洲其他地区与欧洲地区合计占比也在60%以上，2020年则接近75%。

与昱能科技不同，禾迈股份算是微型逆变器新星，其微型逆变器收入占比为57.87%（含监控设备）。禾迈股份收入同样主要在海外，不同的是，其美国市场占比不高，仅约10%；美洲其他地区和欧洲占比合计要高于昱能科技。

禾迈股份的微型逆变器毛利率也明显高于昱能科技，2021年差额接近20个百分点（禾迈股份还包括监控设备业务）。对于毛利率的差距，昱能科技在招股书中表示，这主要源于其美国市场占比较高。美国作为全球最大市场，又是行业龙头Enphase的大本营，很难通过提高售价获得较高的毛利率。

除了昱能科技和禾迈股份，传统家电业务起家的德业股份也在大力拓展逆变器业务。其逆变器业务从起步初期就聚焦储能、微逆等差异化细分市场，2021 年公司逆变器业务收入占比28.92%，其中储能逆变器、组串式并网逆变器、微型并网逆变器的收入分别为 5.32、5.39、1.07 亿元，是微型逆变器领域不可忽视的竞争者。

Different from the large number of participants in the whole photovoltaic inverter industry, the competition pattern of the micro inverter market is highly concentrated and there are few participants. According to the statistics of Wood Mackenzie, the CR3, CR5 and CR10 of global inverter shipments in 2020 are 49%, 59% and 80%, respectively. But Enphase alone accounts for about 80% of the micro-inverter market. It was followed by the recent IPO of Renergen Technology.

Can yu technology main products include the micro inverter, intellectual control shut off, energy, communications and monitoring analysis system, etc., is the first in the industry to realize the micro inverter output and producers of goods within the territory of the caliber, and on the basis of constantly, successively developed and achieved the European and American market certification of the world's first miniature three-phase inverter single-phase four segments, as well as the world's first micro inverter.

Its micro inverter, intelligent switch off, energy communicator and other products have been sold in mainland China, America, Europe, Australia and other more than 90 countries and regions, and has obtained more than 100 domestic and foreign certification certificates or corresponding list. In 2021, its micro inverter revenue accounted for 76.98%.

Due to the market distribution of micro inverters, the revenue of Renesola is basically all from overseas, among which the United States accounts for more than 20%, and even nearly 30% in 2018-2019. The rest of the Americas and Europe together account for more than 60%, up from nearly 75% in 2020.

Different from Renergen Technology, Hemai is a new star of micro inverters, whose micro inverters account for 57.87% of revenue (including monitoring equipment). The revenue of Hemai shares is also mainly from overseas, but the U.S. market is not high, only about 10%. The rest of the Americas and Europe combined account for more than Renesola.

Hemai's micro inverter gross margin is also significantly higher than Renesola's, with a margin of nearly 20 percentage points in 2021 (Hemai also includes the monitoring equipment business). As for the gap in gross margin, Renesola said in its prospectus that it was mainly due to its high share of the U.S. market. In the US, the world's largest market and home to Enphase, the industry leader, it is difficult to achieve higher gross margins by raising prices.

In addition to Yueneng and Hemai, Deutsche, which started as a traditional home appliance company, is also expanding its inverter business. Its inverter business has focused on differentiated market segments such as energy storage and micro inverse since its initial stage. In 2021, the company's inverter business revenue accounted for 28.92%, among which the revenue of energy storage inverter, cluster grid-connected inverter and micro grid-connected inverter were 5.32, 539 and 107 million yuan respectively, which are the non-negligible competitors in the field of micro inverter.