以下沉产业链为根基，潮电智库特选出逆变器行业十大明星产品进行拆解，旨在通过展现内部核心结构件及成本占比组成，为中国供应链找到更准确的商机落点。

继阳光电源SG125HV、古瑞瓦特MAX 80KTL3 LV之后，本期拆解主角为固德威GW15K-SDT。

GW15K-SDT为固德威的明星产品，属于三相光伏逆变器，广泛适用于户用及小型工商业屋顶光伏系统。

潮电智库拆解GW15K-SDT得知，其IGBT与MOSFET芯片均由德国半导体公司英飞凌主供；MCU芯片由德州仪器，连接器由安费诺等美企主供；电感、PCB版、变压器供应则分别出自中国供应商伊戈尔、生益电子、可立克；电容和散热器由日本老牌电子企业松下和三洋供应。

通过对头部厂商多款不同型号与规格的逆变器产品拆解，潮电智库分析认为，目前电感、PCB版、变压器等器件的供应已经基本实现国产替代，但其它结构件，特别是核心芯片端尚由国外主导。这与国外厂商起步早积累深，以及中国逆变器产品需要通过海外相关认证等因素密切相关。

在逆变器行业，上市公司固德威（688390.SH）目前处于一线阵营，有着不俗的市场表现。

财报数据显示，固德威2022年逆变器销量约为68.83万台，其中并网逆变器销量46.1万台，占比67%；储能逆变器销量22.73万台，占比33%。公司逆变器产品以外销为主，境外逆变器销量约为57.73万台，占比83.9%。

2022年，固德威实现营收47.1亿元，同比增长75.87%；净利润6.36亿元，同比增长128.48%。

今年第一季度，固德威实现营收17.19亿元，同比增长164.6%；净利润3.36亿元，同比增长幅度达到惊人的3473.7%。

作为固德威的重点产品之一，其SDT G3系列采用全新家族化外观，采用铝镁合金拉伸技术，带有超静音设计（噪声最低29dB）。最大效率可达98.7%，160V 超低启动电压，最大22A输入电流。整机IP66防护等级适应各种恶劣环境，可选配直流拉弧保护、RSD、二级防雷保护保障电站安全，延长电站寿命。

下期主角，将是美国光伏巨头Enphase公司的某款逆变器畅销机型，其供应商名单绝对出人意料，敬请持续关注。

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.