Core Viewpoint - The A-share market experienced a downturn on September 26, with all three major indices closing lower, while the wind power equipment index rose by 2.67%, indicating a divergence in sector performance amid broader market challenges [1] Industry Summary - On September 24, China announced a new round of national contribution targets, aiming for wind and solar power generation capacity to exceed six times the 2020 levels by 2035, targeting a total of 3.6 billion kilowatts [1] - As of the end of August this year, China's total installed capacity for wind and solar power surpassed 1.69 billion kilowatts, creating new growth opportunities for the wind power industry [1]

证券日报网讯天顺风能（002531）9月26日在互动平台回答投资者提问时表示，公司处在陆上业务转型 至海上业务阶段，随着转型逐步落地，公司有信心将各板块业务盈利水平提升至行业之上。 ...

Core Viewpoint - The company, TianShun Wind Power, acknowledges the long cycle and high capacity requirements of offshore wind power projects, indicating a need to align production capacity with future market demand [1] Group 1: Company Insights - As a new entrant in the offshore wind power sector, the company is working to match its production capacity with anticipated market needs, although current capacity utilization has not reached ideal levels [1] - The company expresses confidence in securing orders across its regional bases as global demand for offshore wind power is confirmed and regional supply tensions exist [1]

Core Viewpoint - The wind power equipment sector in the A-share market has seen a strong rally, with significant increases in stock prices for key companies, driven by favorable government policies and growth projections for renewable energy [1][2]. Industry Summary - As of September 26, the wind power equipment index rose by 4.5%, with companies like Weili Transmission, Jixin Technology, Mingyang Smart Energy, and Riyue Co. reaching their daily price limits [1][2]. - The Chinese government has announced a new round of national contributions, aiming for non-fossil energy consumption to account for over 30% of total energy consumption by 2035, with wind and solar power capacity expected to reach six times the 2020 levels, targeting 3.6 billion kilowatts [3]. - Current installed capacity for wind and solar energy in China exceeds 1.69 billion kilowatts, indicating substantial growth potential for the wind power industry [3]. - To meet the 2035 targets, an average annual installation of nearly 200 gigawatts (GW) of wind and solar capacity is required, with wind power expected to grow by approximately 65 GW annually over the next decade [3]. - A report by Wood Mackenzie forecasts that global annual new wind power installations will exceed 170 GW over the next five years, with a peak of 200 GW expected by 2034 [4]. Company Summary - The wind power industry is experiencing a positive development phase characterized by rising prices and increased installation volumes. In the first five months of 2025, domestic new wind power installations reached 46.28 GW, a year-on-year increase of 134% [4]. - Wind turbine prices are recovering, with the average bidding price for onshore wind turbines reaching 1,552 yuan per kW in the first seven months of 2025, a 9% increase from the previous year [4].

经济观察网 风电设备板块大幅走强，吉鑫科技（601218）2连板，日月股份（603218）、明阳智能 （601615）、威力传动（300904）涨停，天能重工（300569）、盘古智能（301456）涨超10%，通裕重 工（300185）、天顺风能（002531）、新强联（300850）、大金重工（002487）、飞沃科技（301232） 跟涨。平安证券指出，氢氨醇业务实质是电站业务的延伸。在136号文实施的背景下，市场一度担忧风 机企业电站业务的发展前景，随着政策层面对绿色液体燃料的支持以及风机企业加大对氢氨醇的投资， 风机企业电站业务想象空间打开。该行认为，当前风机企业面临国内风机制造业务盈利水平拐点向上、 出海即将迎来业绩兑现以及电站业务迎来氢氨醇增量的三重共振，看好风电整机企业的投资机会。 ...

Summary of the Conference Call on China's Wind Power Industry Industry Overview - The conference call focuses on the **wind power industry in China**, highlighting a significant turnaround after a down-cycle from 2022 to 2024, attributed to self-regulation and robust demand [3][12][39]. Key Points Demand and Installation Forecasts - **Domestic demand** is expected to remain resilient during the 15th Five-Year Plan (FYP), with forecasts of annual installations of **106GW for 2025**, **103GW for 2026**, and **105GW for 2027**, potentially reaching **~120GW per annum from 2028 to 2030**, including **15-20GW offshore annually** [4][12][45]. - Public tendering for wind projects was robust, with **21.5GW tendered** from June to August 2025, marking a **21% year-on-year increase** [13][45]. Industry Dynamics - The industry has achieved a **price and profitability turnaround** without significant government intervention, driven by: 1. **Increased demand** for wind installations, with a **79% year-on-year rise** in new installations in the first seven months of 2025 [40]. 2. **Recovery in bidding prices** for Wind Turbine Generators (WTG), with onshore prices rising **8%** and offshore prices **12%** in 2025 [52]. 3. **Supply chain consolidation** and improved quality focus among manufacturers due to past losses and accidents [15][41]. Investment Preferences - Preference for **key WTG component suppliers** and **submarine cable manufacturers** over WTG Original Equipment Manufacturers (OEMs) due to better margin recovery prospects [5][14]. - **ZTT** is highlighted as a preferred investment due to its strong valuation and expected growth in submarine cable deliveries [20]. Company-Specific Insights - **Sinoma S&T** upgraded to Overweight (OW) with a price target of **Rmb48.2**, reflecting a **98.9% increase in net profit estimates for 2025** and **117.1% for 2026** due to recovery in gross profit margins across its business segments [19][21]. - **Ningbo Orient** remains OW despite a **39.4% reduction in net profit estimates for 2025**, with a price target of **Rmb69.63** [22][23]. - **Riyue** and **Goldwind** are maintained at Equal Weight (EW) with adjusted price targets reflecting lower profit forecasts due to rising costs and reduced sales expectations [24][25][29]. Risks and Challenges - Potential risks include **delays in offshore project approvals**, **competition affecting offshore WTG prices**, and **increased costs for outsourced machining** [16][24][29][37]. - The industry faces challenges from **overseas shipment growth slowing down** and **delayed revenue recognition** for key offshore projects [30][32]. Conclusion - The wind power industry in China is positioned for a strong recovery, driven by robust demand and improved pricing dynamics. Key players in the supply chain are expected to benefit from ongoing margin recovery and favorable market conditions, making them attractive investment opportunities in the near term [42][43].

Core Viewpoint - TianShun Wind Power experienced a slight increase in stock price on September 24, with a trading volume of 278 million yuan, indicating active market participation and interest in the company [1]. Financing Summary - On September 24, TianShun Wind Power had a financing buy-in amount of 29.42 million yuan and a financing repayment of 39.26 million yuan, resulting in a net financing outflow of 9.84 million yuan [1]. - The total balance of margin trading for TianShun Wind Power reached 282 million yuan, with the financing balance accounting for 1.96% of the circulating market value, indicating a high level of financing activity compared to the past year [1]. - In terms of securities lending, the company had a repayment of 3,400 shares and a sell-out of 3,800 shares, with a total sell-out value of 30,200 yuan, while the securities lending balance was 1.85 million yuan, which is below the 30th percentile of the past year [1]. Financial Performance - For the first half of 2025, TianShun Wind Power reported a revenue of 2.189 billion yuan, reflecting a year-on-year decrease of 3.08%, while the net profit attributable to shareholders was 53.82 million yuan, down 75.08% year-on-year [2]. - Cumulatively, since its A-share listing, the company has distributed a total of 1.426 billion yuan in dividends, with 171 million yuan distributed over the past three years [3]. Shareholder Structure - As of September 19, the number of shareholders for TianShun Wind Power was 81,300, a decrease of 2.26% from the previous period, while the average circulating shares per person increased by 2.31% to 21,972 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited being the third-largest shareholder, increasing its holdings by 3.29 million shares [3].

Core Viewpoint - The rapid development of China's wind power industry is driving significant growth in the demand for wind turbine blades and their core materials, particularly in the wind blade core material sector, which is expected to see its market size increase from 7.35 billion yuan in 2021 to 14.05 billion yuan in 2025, reflecting an 18.1% year-on-year growth [1][6]. Wind Blade Core Material Industry Overview - Wind blades are the core components of wind turbines, responsible for converting wind energy into mechanical energy, which is then transformed into electrical energy [2]. - The manufacturing materials for wind blades include various components such as reinforcement materials, core materials, matrix materials, surface coatings, and structural adhesives [2]. Key Materials in Wind Blade Structure - Core materials, which are crucial for enhancing the structural integrity of wind blades, are typically used in the skin and web of the blades to improve stiffness and reduce weight [3][4]. - Common core materials include balsa wood, PVC foam, and PET foam, with balsa wood being the primary material due to its favorable compressive and shear strength [3][4]. Industry Chain of Wind Blade Core Materials - The upstream of the wind blade core material industry consists of raw materials like balsa wood, PVC, and PET, with a high dependency on imports for balsa wood [4]. - The midstream involves the production and manufacturing of core materials, while the downstream pertains to the application in wind blade manufacturing [4]. Market Size and Growth - The market size for the wind blade industry in China is projected to grow from 29.4 billion yuan in 2021 to 56.2 billion yuan in 2025, driven by increasing installed capacity [5][6]. - The wind blade core material market is expected to expand from 7.35 billion yuan in 2021 to 11.9 billion yuan in 2024, with a forecasted growth to 14.05 billion yuan in 2025 [1][6]. Competitive Landscape - Key players in the wind blade core material industry include both wind blade manufacturers and specialized core material producers, such as Tian Sheng New Materials and Jiangsu Changyou Environmental Technology [8][9]. - Companies are focusing on vertical integration to reduce costs and enhance competitiveness in the market [8]. Development Trends in the Industry - The trend towards larger and lighter wind blades is driving demand for improved core materials, which must meet higher performance and cost-efficiency standards [12]. - PET foam is anticipated to become the mainstream material in the future due to its mechanical strength, lower cost, and recyclability compared to balsa wood and PVC foam [13]. - The demand for wind blade core materials is expected to rise in line with the increasing global demand for clean energy and the growth of wind power installations in China [14].

Market Overview - The wind power equipment sector experienced a decline of 0.49% on September 22, with Xin Qiang Lian leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] Stock Performance - Notable gainers in the wind power equipment sector included Hengrun Co. (603985) with a closing price of 16.24, up 3.18%, and Changyou Technology (301557) at 78.05, up 2.59% [1] - Conversely, Xin Qiang Lian (300850) saw a significant decline of 3.12%, closing at 38.75 [2] Trading Volume and Capital Flow - The total trading volume for the wind power equipment sector indicated a net outflow of 306 million yuan from institutional investors, while retail investors saw a net inflow of 206 million yuan [2] - The trading data showed that major stocks like Daqian Heavy Industry (002487) and Hewei Electric (603063) had varying levels of net capital inflow and outflow [3] Individual Stock Analysis - Daqian Heavy Industry (002487) had a net inflow of 65.14 million yuan from major investors, while retail investors experienced a net outflow of 78.41 million yuan [3] - Hengrun Co. (603985) reported a net inflow of 9.48 million yuan from major investors, but a significant outflow of 35.53 million yuan from retail investors [3]

Core Viewpoint - TianShun Wind Power's stock has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 14.07 billion yuan, while the company continues to face challenges in revenue and profit margins [1][2]. Financial Performance - For the first half of 2025, TianShun Wind Power reported a revenue of 2.189 billion yuan, a year-on-year decrease of 3.08%, and a net profit attributable to shareholders of 53.82 million yuan, down 75.08% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.426 billion yuan, with 171 million yuan distributed over the past three years [3]. Stock Performance and Trading Activity - As of September 22, TianShun Wind Power's stock price was 7.83 yuan per share, with a trading volume of 164 million yuan and a turnover rate of 1.16% [1]. - Year-to-date, the stock price has decreased by 0.76%, but it has seen a 6.82% increase over the last five trading days and a 9.51% increase over the last 20 days [1]. Shareholder Structure - As of September 10, the number of shareholders for TianShun Wind Power was 83,200, a decrease of 0.91% from the previous period, with an average of 21,476 circulating shares per shareholder, an increase of 0.92% [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 17.53 million shares, an increase of 3.29 million shares from the previous period [3].