以下沉產業鏈為根基，潮電智庫特選出逆變器行業十大明星產品進行拆解，旨在通過展現內部核心結構件及成本占比組成，為中國供應鏈找到更準確的商機落點。

繼陽光電源SG125HV、古瑞瓦特MAX 80KTL3 LV之后，本期拆解主角為固德威GW15K-SDT。

GW15K-SDT為固德威的明星產品，屬于三相光伏逆變器，廣泛適用于戶用及小型工商業屋頂光伏系統。

潮電智庫拆解GW15K-SDT得知，其IGBT與MOSFET芯片均由德國半導體公司英飛凌主供；MCU芯片由德州儀器，連接器由安費諾等美企主供；電感、PCB版、變壓器供應則分別出自中國供應商伊戈爾、生益電子、可立克；電容和散熱器由日本老牌電子企業松下和三洋供應。

通過對頭部廠商多款不同型號與規格的逆變器產品拆解，潮電智庫分析認為，目前電感、PCB版、變壓器等器件的供應已經基本實現國產替代，但其它結構件，特別是核心芯片端尚由國外主導。這與國外廠商起步早積累深，以及中國逆變器產品需要通過海外相關認證等因素密切相關。

在逆變器行業，上市公司固德威（688390.SH）目前處于一線陣營，有著不俗的市場表現。

財報數據顯示，固德威2022年逆變器銷量約為68.83萬臺，其中并網逆變器銷量46.1萬臺，占比67%；儲能逆變器銷量22.73萬臺，占比33%。公司逆變器產品以外銷為主，境外逆變器銷量約為57.73萬臺，占比83.9%。

2022年，固德威實現營收47.1億元，同比增長75.87%；凈利潤6.36億元，同比增長128.48%。

今年第一季度，固德威實現營收17.19億元，同比增長164.6%；凈利潤3.36億元，同比增長幅度達到驚人的3473.7%。

作為固德威的重點產品之一，其SDT G3系列采用全新家族化外觀，采用鋁鎂合金拉伸技術，帶有超靜音設計（噪聲最低29dB）。最大效率可達98.7%，160V 超低啟動電壓，最大22A輸入電流。整機IP66防護等級適應各種惡劣環境，可選配直流拉弧保護、RSD、二級防雷保護保障電站安全，延長電站壽命。

下期主角，將是美國光伏巨頭Enphase公司的某款逆變器暢銷機型，其供應商名單絕對出人意料，敬請持續關注。

Graphical representation of GW15K-SDT of Goodwe: Integrating German, American, Chinese, and Japanese Supply Chains; with the key components domesticating Domesticating Three Key Components

Built upon the foundation of the downstream industry chain, Chaodian has carefully seleced ten outstanding products from the inverter industry for disassembly, aiming to reveal their internal core structures and cost compositions, and to identify more accurate business opportunities for the Chinese supply chain.

Following SunGrow's SG125HV and Growatt's MAX 80KTL3 LV, this essay we will focuses on the dissection of Goodwe's GW15K-SDT.

GW15K-SDT is a star product from Goodwe, a three-phase photovoltaic inverter widely used in residential and small-scale commercial rooftop photovoltaic systems.

Upon disassembling the GW15K-SDT, Chaodian found that its IGBT and MOSFET chips are supplied by Germany's semiconductor company Infineon; MCU chips are sourced from Texas Instruments, and connectors from American company Amphenol; inductors, PCB boards, and transformers are respectively provided by Chinese suppliers Yigor, Shengyi Electronics, and Clik; capacitors and heat sinks come from traditional Japanese electronics companies Panasonic and Sanyo.

based on the disassembly of various inverter products from leading manufacturers with different models and specifications, Chaodian analyzes that the supply of components such as inductors, PCB boards, and transformers has been basically localized, but other structural components, especially the core chips, are still dominated by foreign suppliers. This is closely related to the early and deep accumulation of foreign manufacturers and the need for Chinese inverter products to undergo overseas certifications.

In the inverter industry, listed company Goodwe (688390.SH) is currently among the top-tier players with impressive market performance.

Financial reports show that Goodwe sold approximately 688,300 inverters in 2022, of which 461,000 were grid-connected inverters, accounting for 67%; and 227,300 were storage inverters, accounting for 33%. The company's inverter products are primarily exported, with overseas sales reaching around 577,300 units, accounting for 83.9%.

In 2022, Goodwe achieved revenue of 4.71 billion RMB, a year-on-year increase of 75.87%; and a net profit of 636 million RMB, a year-on-year increase of 128.48%.

In the first quarter of this year, Goodwe achieved revenue of 1.719 billion RMB, a year-on-year increase of 164.6%; and a net profit of 336 million RMB, an astonishing year-on-year increase of 3473.7%.

As one of Goodwe's key products, its SDT G3 series features a brand-new, family-like appearance, adopting aluminum-magnesium alloy stretching technology with ultra-quiet design (minimum noise 29dB). The maximum efficiency can reach 98.7%, with an ultra-low start-up voltage of 160V and a maximum input current of 22A. The entire machine has an IP66 protection level, suitable for various harsh environments. Optional DC arc pulling protection, RSD, and secondary lightning protection ensure station safety and extend the life of the power station.

In the next edition, the focus will be on a best-selling model of the American photovoltaic giant, Enphase. The list of suppliers is undoubtedly unexpected, so please stay tuned.