Core Insights - The wind power sector in A-shares has shown revenue growth among major wind turbine manufacturers, but net profit has displayed significant divergence [1][3] - The domestic wind power market is facing intensified competition, with turbine sales prices remaining low, posing challenges to profitability for manufacturers [1][3] - Electric Wind Power, the smallest listed wind turbine manufacturer, reported a revenue of 2.66 billion yuan, a year-on-year increase of 118.6%, but still recorded a net loss of 280 million yuan [1][3] Revenue and Profitability Summary - Jin Feng Technology: Revenue of 28.54 billion yuan, growth of 41.3%, net profit of 1.49 billion yuan, growth of 7.3% [3] - Mingyang Smart Energy: Revenue of 17.14 billion yuan, growth of 45.3%, net profit of 610 million yuan, decline of 7.7% [3] - Yunda Co.: Revenue of 10.89 billion yuan, growth of 26.3%, net profit of 140 million yuan, decline of 2.6% [3] - Sany Heavy Energy: Revenue of 8.59 billion yuan, growth of 62.8%, net profit of 210 million yuan, decline of 51.5% [3] - Electric Wind Power: Revenue of 2.66 billion yuan, growth of 118.6%, net profit of -280 million yuan, growth of 27.9% [3] Performance Trends - Electric Wind Power has faced a decline in net profit since its IPO in May 2021, with losses of 338 million yuan, 1.271 billion yuan, and 785 million yuan projected for 2022 to 2024 [3] - The company has increased R&D investment to 239 million yuan, a year-on-year increase of 19.19%, with a high R&D expense ratio of 9.0% [3][4] Inventory and Financial Health - Electric Wind Power's gross margin decreased to 14.66%, down 1.47 percentage points year-on-year, indicating ongoing financial struggles [4] - The company reported significant impairment losses from inventory, amounting to 155 million yuan and 124 million yuan for 2023 and 2024, respectively [6] - As of June 2025, the company's inventory value reached 4.166 billion yuan, accounting for 86.04% of net assets, a year-on-year increase of 64% [6] Strategic Measures - In response to challenges, Electric Wind Power has implemented various strategies, including switching to land-based product technology, upgrading offshore products, and optimizing management [8] - Despite a reduction in operating expense ratio by 23.27 percentage points, the company has not been able to reverse its loss situation [8] - The company's debt ratio reached 85% by mid-2025, an increase of nearly 7 percentage points year-on-year, marking a historical high [8]

Core Viewpoint - The long-term growth logic of the wind power industry remains unchanged, with significant increases in installed capacity and market demand, despite challenges in profitability due to price competition [1][3]. Group 1: Industry Growth and Performance - In the first half of the year, the cumulative installed capacity of wind power in China exceeded 570 million kilowatts, a year-on-year increase of nearly 23%, with new grid-connected capacity reaching 51.4 GW, up nearly 99% year-on-year [1]. - Major wind turbine companies reported revenue growth, with increases ranging from 26% to 63%. Goldwind Technology led with a revenue of 28.537 billion yuan and a year-on-year growth of 62.75% [1]. - Despite revenue growth, most leading companies, except Goldwind Technology, reported declines in net profit, with Mingyang Smart Energy's net profit down 7.68% to 610 million yuan, and Sany Renewable Energy's net profit down 51.54% to 210 million yuan [1][2]. Group 2: Price Competition and Market Dynamics - Intense price competition has led to a significant drop in bidding prices for onshore wind turbines, from 3,000-4,000 yuan per kilowatt in 2021 to below 1,400 yuan per kilowatt in 2024, a decline of over 50% [2]. - The industry is beginning to stabilize, with major companies signing a self-discipline agreement to raise bidding prices starting in the fourth quarter [2][3]. - The average bidding price for onshore wind turbine units has increased by over 9% compared to the full year of 2024, reaching 1,552 yuan per kilowatt [2]. Group 3: Future Outlook and Strategic Initiatives - The wind power industry is expected to see a recovery in profit margins, with companies like Sany Renewable Energy anticipating a significant increase in gross profit margins next year due to higher bidding prices and cost reduction strategies [3]. - The industry is witnessing a shift towards non-lowest price bidding mechanisms, which is expected to stabilize wind turbine prices [3]. - Leading companies are focusing on securing orders, enhancing product reliability, and expanding into overseas markets to lay a foundation for future performance [6]. Group 4: Global Market Position - China's wind power industry chain accounts for over 60% of the global market, and other regions, particularly in the Asia-Pacific, will struggle to meet construction demands without Chinese supply chains [4]. - Major companies are actively expanding their overseas orders, with Goldwind Technology's overseas orders increasing by over 42% year-on-year, and Sany Renewable Energy's overseas sales revenue reaching 233 million yuan with a gross margin exceeding 20% [6].

Market Overview - On September 15, the wind power equipment sector declined by 0.36%, with Electric Power Wind leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Stock Performance - Notable gainers in the wind power equipment sector included: - Yunda Co., Ltd. (300772) with a closing price of 18.70, up 5.17% and a trading volume of 463,800 shares, totaling 8.53 billion yuan [1] - Pangu Intelligent (301456) closed at 28.46, up 2.30% with a trading volume of 52,400 shares, totaling 1.48 billion yuan [1] - Conversely, Electric Power Wind (688660) saw a significant decline of 4.88%, closing at 19.10 with a trading volume of 438,100 shares, totaling 845 million yuan [2] Capital Flow - The wind power equipment sector experienced a net inflow of 42.78 million yuan from institutional investors, while retail investors saw a net outflow of 164 million yuan [2] - Key stocks with notable capital flows included: - Yunda Co., Ltd. (300772) had a net inflow of 103 million yuan from institutional investors, but a net outflow of 94.92 million yuan from retail investors [3] - Hewei Electric (603063) recorded a net inflow of 66.60 million yuan from institutional investors, with a net outflow of 46.31 million yuan from retail investors [3]

Core Viewpoint - The successful certification of the Electric Wind W2500-126 model by the Japan Maritime Association (ClassNK) marks a significant milestone for the company, enabling its entry into the Japanese wind power market, which is known for its stringent technical standards [1] Group 1: Certification and Market Entry - The Electric Wind W2500-126 model has received authoritative certification from ClassNK, which is crucial for entering the Japanese wind power market [1] - Japan's wind power market is recognized as one of the most demanding globally, with specific requirements for typhoon resistance and earthquake durability in wind turbine equipment [1] - The certification of the 2.5MW wind turbine represents a breakthrough for Electric Wind, laying a solid foundation for market expansion in Japan's onshore wind power sector [1]

Core Viewpoint - The wind power equipment sector experienced a slight decline of 0.11% on September 12, with major losses led by Daikin Heavy Industries, while the overall market indices showed modest gains [1][2]. Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22% - The Shenzhen Component Index closed at 12996.38, up 0.13% [1]. Wind Power Equipment Sector Performance - Key stocks in the wind power equipment sector showed varied performance, with notable gainers including: - Electric Wind Power (688660) up 8.08% at a closing price of 20.07 - Weili Transmission (300904) up 3.45% at a closing price of 68.28 - Zhonghuan Hailu (301040) up 2.17% at a closing price of 24.01 [1]. - Conversely, Daikin Heavy Industries (002487) led the declines, down 2.78% at a closing price of 40.26 [2]. Capital Flow Analysis - The wind power equipment sector saw a net outflow of 225 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 48 million yuan [2][3]. - Notable capital flows included: - Electric Wind Power (688660) with a net inflow of 131 million yuan from institutional investors - Ji Xin Technology (601218) with a net inflow of 38.89 million yuan [3].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The report highlights the issuance of the "New Energy Storage Scale Construction Special Action Plan" by the National Development and Reform Commission and the National Energy Administration, aiming for a new energy storage capacity of over 180 million kilowatts by 2027, with direct investment of approximately 250 billion yuan [5][36] - The electric equipment sector has shown strong performance, with a 28.39% increase year-to-date, outperforming the CSI 300 index by 12.81 percentage points [12][18] - The report suggests focusing on leading inverter companies that benefit from the development of new energy storage technologies [40] Market Review - As of September 11, 2025, the electric equipment industry has risen by 11.64% over the past two weeks, ranking first among 31 industries [12] - The wind power equipment sector increased by 0.35%, while the photovoltaic equipment sector rose by 13.34% [18] - The battery sector saw a significant increase of 19.50% in the same period [18] Valuation and Industry Data - The electric equipment sector's PE (TTM) is 31.61 times, with sub-sectors like the motor sector at 61.67 times and photovoltaic equipment at 25.19 times [25] - The report provides detailed valuation metrics for various sub-sectors, indicating a strong market position for electric equipment [25] Industry News - The report discusses the "Electric Equipment Industry Steady Growth Work Plan (2025-2026)" aimed at improving equipment supply quality and promoting high-quality development of new energy equipment [36] - It also mentions the ongoing efforts to enhance the acceptance and regulation capabilities of the grid for clean energy [36] Company Announcements - The report includes various company announcements, such as the completion of registration procedures by Xidian New Energy in Thailand and significant contract wins by Youxunda [38] Weekly Perspective - The report emphasizes the importance of the new energy storage plan and its implications for the electric equipment sector, suggesting that companies with advanced technology and scale in inverter production should be closely monitored [39][40]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen a strong increase of 1.90%, with significant gains in constituent stocks such as Juhe Materials (688503) up 12.79%, Aotwei (688516) up 6.53%, and Yihua Tong (688339) up 5.29% [1] - The new energy sector is performing well, particularly in the photovoltaic concept, with domestic electric vehicle brands like Leap Motor, Xpeng, and NIO achieving record sales in August, indicating strong growth resilience [1] - The Sci-Tech Innovation New Energy ETF (588830) rose by 1.97%, with the latest price reported at 1.5 yuan [1] Group 2 - Dongwu Securities indicates that silicon material prices hit bottom in Q2 2025, with significant profit pressure; however, profitability is expected to turn positive in H2 2025 as industry competition drives prices up [2] - The silicon wafer market is experiencing oversupply, leading to competitive pricing; profitability is anticipated to improve in H2 2025 and into 2026 due to capacity consolidation and industry competition [2] - The overall price of components has entered a bottom range, with expectations for price recovery in Q2 2025 driven by installation surges and improved financial reporting [2] Group 3 - As of August 29, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index include JinkoSolar (688223), Trina Solar (688599), and Daqo New Energy (688303), collectively accounting for 48.15% of the index [3] - The Sci-Tech Innovation New Energy ETF (588830) closely tracks the performance of the New Energy Index, which includes 50 large-cap stocks in the photovoltaic, wind power, and new energy vehicle sectors [2][3]

Market Overview - On September 9, the wind power equipment sector declined by 2.6%, with Electric Power Wind leading the drop [1] - The Shanghai Composite Index closed at 3807.29, down 0.51%, while the Shenzhen Component Index closed at 12510.6, down 1.23% [1] Stock Performance - Notable gainers included: - Jixin Technology (601218) with a closing price of 5.07, up 4.11% [1] - Pangu Intelligent (301456) at 29.92, up 2.50% [1] - Weili Transmission (300904) at 71.19, up 1.80% [1] - Significant losers included: - Electric Power Wind (688660) at 18.10, down 14.18% [2] - Zhonghuan Hailu (301040) at 23.95, down 10.17% [2] - New Qianglian (300850) at 37.06, down 4.80% [2] Capital Flow - The wind power equipment sector experienced a net outflow of 672 million yuan from main funds, while retail investors saw a net inflow of 576 million yuan [2] - The table of capital flow indicates that major stocks like Daqian Heavy Industry (002487) and Jixin Technology (601218) had varying levels of net inflow and outflow from different investor types [3]

截至发稿，电气风电市值为281亿元。 每经头条（nbdtoutiao）——"中国真正实现了弯道超车"！从美国回来14年，陈智胜亲历中国创新药大 爆发：以前跨国药企不太信任中国数据，但现在不同了 （记者 王晓波） 每经AI快讯，电气风电（SH 688660，收盘价：21.09元）9月8日晚间发布公告称，截至本公告披露日， 上海电气风电集团股份有限公司控股股东上海电气集团股份有限公司直接持有公司股份约8.19亿股，占 公司总股本的61.4%，其中7.92亿股为在公司首次公开发行股票前取得的股份，约2667万股为通过证券 交易所集中竞价交易买入取得的股份。上海电气投资有限公司持有公司800万股，均为在IPO 前取得， 占公司总股本的0.6%。电气投资作为上海电气的全资子公司，因股权控制关系构成一致行动人。上海 电气合并持有公司股份约8.27亿股，占公司总股本的62%。相关股份均为无限售条件流通股。 公司于2025年9月8日收到控股股东上海电气出具的《关于上海电气集团股份有限公司减持上海电气风电 集团股份有限公司股份计划的告知函》，因自身内部业务安排需要，控股股东上海电气拟通过集中竞价 交易的方式减持公司股份数量不超 ...

电气风电(688660.SH)发布公告，公司于2025年09月08日收到控股股东上海电气（601727）出具的《关 于上海电气集团股份有限公司减持上海电气风电集团股份有限公司股份计划的告知函》，因自身内部业 务安排需要，控股股东上海电气拟通过集中竞价交易的方式减持公司股份数量不超过1333.33万股，减 持比例不超过公司总股本的1%。减持期间为自本减持计划公告披露之日起15个交易日后的3个月内。 ...