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持续的研发与产业化相结合，微型逆变器冉起新星。公司2012年成立至今主要从事光伏逆变器等电力变换设备和电气成套设备及相关产品的研发、制造与销售业务，其中光伏逆变器及相关产品主要包括微型逆变器及监控设备、模块化逆变器及其他电力变换设备、分布式光伏发电系统，电气成套设备及相关产品主要包括高压开关柜、低压开关柜、配电柜等。
公司在持续的研发与产业化相结合过程中，逐步形成了较为成熟的产品开发平台及开发流程。在自主研发的电路拓扑与控制算法等核心元素的基础上，公司不断优化自身光伏逆变器产品的性能、可靠性及成本，并推出了一系列具有市场竞争力的产品；同时凭借自身在电气成套设备领域数十年的行业经验，形成了光伏逆变器领域与电气成套设备领域的有效产业协同，获得了较高的客户认可度。当前公司已经成为微型逆变器领域在技术、市场方面皆具有一定优势的企业之一，产品广泛应用于全球分布式光伏发电系统领域，客户遍及美洲、欧洲、亚洲等多个区域。
2）业务协同：禾迈股份除了从事光伏逆变器业务外，还从事电气成套设备业务。根据禾迈股份招股书披露，其逆变器业务与电气成套设备存在较强的生产协同效应，可有效降低逆变器的单位成本，具体体现在材料采购的协同、生产制造的协同等。其中，材料采购的协同能在一定程度上优化投入成本，生产制造的协同则能够协调生产安装过程，提升生产安装效率。
3）海外业务模式：禾迈股份暂未在境外设立子公司，主要通过直接出口的方式开展业务，进口关税、运输成本等支出主要由境外客户承担，不影响产品的毛利率。昱能在美国、荷兰、澳大利亚、墨西哥等地成立子公司，并通过子公司向当地客户销售微型逆变器产品，该过程中，进口关税、运输成本等支出系计入产品的销售成本，进而影响产品毛利率。
德业股份：户用储能逆变器龙头，微逆业务景气成长
传统业务夯实基础，逆变器业务景气成长。随着企业科技创新和技术升级，公司的主营业务经历了三个阶段的变化。2000年至2006年，公司主营注塑件、模具、钣金件、环境电器等产品，伴随着业务发展，这一阶段公司积累了注塑、热处理、模具开发及产品结构设计等核心技术和工艺能力；2007年至2014年，公司在原有业务的基础上发展了热交换器和电路控制系列两大业务，掌握了热交换器生产工艺与核心技术，其中热交换器开始供应美的家用空调。2015年至2021年初，公司对主营业务进行调整，构建热交换器、电路控制、环境电器三大核心产业链。
（1）热交换器系列产品主要为冷凝器和蒸发器，是空调、除湿机和热风机的主要部件，主要用于热量传递过程。（2）环境电器系列产品主要为除湿机，用于调节空气湿度、温度和净化空气等。（3）电路控制系列产品主要为逆变器，是太阳能、风能等清洁能源发电系统的核心设备，用于将直流电转换为交流电。该系列还包括变频控制芯片产品，用于整机系统的控制等业务领域。
产品端：技术迁移创造更符合C端需求的产品。公司先前在其他产品上的技术积累为储能逆变器业务的发展提升提供了较大的帮助。一方面，公司在热交换器、变频控制芯片的技术经验与逆变器的散热、控制技术相通。另一方面，公司在家电行业的长期积累，使得公司能够抓住C端消费者的核心需求，其设计的逆变器产品外形更美观、噪音更小、效率更高、更符合用户使用习惯，受到中高端消费者的喜爱。
公司产品布局全面，低压单项逆变器聚焦户用需求，同时开发了适用更大的家庭场景和小型工商业的功率更高的三相产品。德业拥有完整的光伏逆变器解决方案，包括住宅和商业电站解决方案。同时，公司还提供太阳能储能系统解决方案。主营产品包括：组串并网逆变器1.5-110kW,储能逆变器3-50kW,微型并网逆变器300-2000W。截止2022年5月德业逆变器产品已经畅销全球90多个国家，助力环境可持续发展。
销售端：瞄准海外市场，绑定海外大客户根据需求迭代产品，以高性价比取胜。公司在储能逆变器行业进入较早，美国和南非市场为之前主要销售地区。公司对市场需求极度敏感，针对不同国家市场客户的不同需求，设计不同类型的产品。各国市场在设备要求、系统要求、安装要求方面都有差别，公司绑定下游渠道大客户，共同研发设计符合市场需求的产品，成为公司突破新市场的关键。
Hemai Shares: micro inverter rising star, profitability leading the industry
With continuous research and development combined with industrialization, micro inverter has become a new star. Company was founded in 2012 mainly engaged in the photovoltaic inverter, power transformation equipment and electrical complete equipment and related product development, manufacturing and sales business, photovoltaic inverter and related products mainly include the micro inverter and monitoring equipment, modular inverters and other power transformation equipment, distributed photovoltaic power generation system, Complete electrical equipment and related products mainly include high voltage switchgear, low voltage switchgear, power distribution cabinet and so on.
In the process of continuous R&D and industrialization, the company has gradually formed a more mature product development platform and development process. On the basis of self-developed circuit topology and control algorithm and other core elements, the company constantly optimized the performance, reliability and cost of its photovoltaic inverter products, and launched a series of products with market competitiveness. At the same time, with decades of industry experience in the field of complete electrical equipment, the company has formed effective industrial collaboration between the field of photovoltaic inverter and the field of complete electrical equipment, and has gained high customer recognition. At present, the company has become one of the enterprises with certain advantages in the field of micro inverter technology and market, and its products are widely used in the field of global distributed photovoltaic power generation system, with customers in America, Europe, Asia and other regions.
Independent capacity optimization cost space, manufacturing capacity in the industry leading position. From 2019 to 2021, under the background of raw material shortage and gross margin fluctuation in the industry, the gross margin of Hemai micro inverter business remained relatively stable and was at the leading level in the industry. In terms of net interest rate, the continuous decrease in expense ratio from 2019 to 2021 drove the net interest rate to show an upward trend, and the Company's net interest rate in 2021 was also higher than other comparable companies in the industry.
The picture
The overall profitability of Hemai in the micro-inverse industry is at a relatively high level, mainly reflected in: 1) Production mode: both Reneng Technology and Enphase produce through the commissioned processing mode, while Hemai's micro-inverter production is carried out through self-production, such as assembly and gluing, so the product cost in the production process is relatively low. Taking Yuneng as an example, its processing fee accounts for about 10% of the total cost of the company, while Hemai basically produces all its own products, and the related cost items are well controlled. From 2018 to 2020, the unit costs of micro inverters in Yuergeng without accessories are 589.72 yuan/set, 695.11 yuan/set and 744.79 yuan/set, respectively, while those in Hemai with accessories removed are 528.44 yuan/set, 531.75 yuan/set and 455.09 yuan/set, respectively.
2) Business collaboration: Hemai is not only engaged in photovoltaic inverter business, but also in complete electrical equipment business. According to the prospectus of Hemai shares, there is a strong production synergy effect between its inverter business and complete electrical equipment, which can effectively reduce the unit cost of inverters, which is specifically reflected in the coordination of material procurement and production and manufacturing. Among them, the cooperation of material procurement can optimize the input cost to a certain extent, while the cooperation of production and manufacturing can coordinate the production and installation process and improve the efficiency of production and installation.
3) Overseas business mode: Hemai has not set up overseas subsidiaries, and mainly conducts business through direct export. Import duties, transportation costs and other expenses are mainly borne by overseas customers, which does not affect the gross profit margin of products. Renergen has established subsidiaries in the United States, the Netherlands, Australia, Mexico and other places, and sells micro inverter products to local customers through subsidiaries. In the process, import tariffs, transportation costs and other expenses are included in the cost of sales of products, which affects the gross profit margin of products.
The picture
Dye Shares: household energy storage inverter leader, micro reverse business boom growth
Traditional business lay a solid foundation, inverter business boom growth. With technological innovation and technological upgrading, the company's main business has undergone three stages of change. From 2000 to 2006, the company mainly engaged in injection molding parts, molds, sheet metal parts, environmental appliances and other products. With the business development, the company accumulated core technology and process ability in injection molding, heat treatment, mold development and product structure design at this stage. From 2007 to 2014, the company developed heat exchanger and circuit control series on the basis of the original business, and mastered the production process and core technology of heat exchanger, among which the heat exchanger began to supply Midea household air conditioners. From 2015 to the beginning of 2021, the company adjusted its main business and built three core industrial chains: heat exchangers, circuit control and environmental appliances.
(1) Heat exchanger series products are mainly condenser and evaporator, which are the main components of air conditioning, dehumidifier and heat fan, mainly used for heat transfer process. (2) Environmental electrical products are mainly dehumidifiers, used to adjust the air humidity, temperature and purify the air. (3) The circuit control series products are mainly inverters, which are the core equipment of solar energy, wind energy and other clean energy power generation system, and are used to convert direct current into alternating current. The series also includes frequency conversion control chip products for the whole system control and other business areas.
Product side: Technology migration creates a product that better meets the needs of the C-side. The company's previous technology accumulation in other products has greatly helped the development of energy storage inverter business. On the one hand, the company's technical experience in heat exchanger, frequency conversion control chip and inverter heat dissipation, control technology. On the other hand, the company's long-term accumulation in the home appliance industry enables the company to grasp the core demand of C-terminal consumers. The inverter products designed by the company are more beautiful in appearance, less noise, more efficient and more in line with users' usage habits, which are favored by middle and high-end consumers.
The company has a comprehensive product layout, low voltage single inverter focuses on household demand, and has developed three-phase products with higher power suitable for larger family scenes and small industry and commerce. Dfes has a complete range of PV inverter solutions, including residential and commercial power station solutions. At the same time, the company also provides solar energy storage system solutions. Main products include: cluster grid-connected inverter 1.5-110kW, energy storage inverter 3-50kW, micro grid-connected inverter 300-2000W. As of May 2022, Deutde inverter products have been sold in more than 90 countries around the world, helping environmental sustainable development.
Sales end: Aiming at the overseas market, binding overseas major customers to iterate products according to their needs, and winning with high cost performance. The company entered the energy storage inverter industry early, with the United States and South Africa as the main sales regions. The company is extremely sensitive to the market demand and designs different types of products according to the different needs of customers in different countries. There are differences in equipment requirements, system requirements and installation requirements in various markets. The company binds major customers in downstream channels to jointly develop and design products in line with market demands, which has become the key for the company to break through new markets.