风电内外需共振，新强联第三季度盈利能力显著改善

Core Insights - New Strong Union (新强联) reported significant improvement in Q3 2024, with revenue reaching 9.08 billion yuan, a 48.63% increase quarter-on-quarter [1] - The company achieved a net profit of 469.38 million yuan in Q3, marking a 590.04% increase from the previous quarter [1] - The net cash flow from operating activities surged to 290 million yuan, up 189.97% year-on-year [1] Company Performance - For the first three quarters of 2024, New Strong Union's total revenue was 19.65 billion yuan, with a net profit attributable to shareholders of 61.51 million yuan [1] - The company has established a full industry chain coverage from raw materials to finished products through subsidiaries, enhancing product quality and cost competitiveness [1] - The company is focusing on R&D investments for new technologies and products, which will support future innovation [1] Industry Outlook - China's offshore wind power market is projected to grow from 6.3 GW to 20.0 GW from 2023 to 2033, with a compound annual growth rate (CAGR) of 12.2% [2] - The offshore wind power sector is expected to see accelerated project approvals and construction, marking a significant turning point for the industry [2] - New Strong Union's order backlog was approximately 1.68 billion yuan as of August 2024, with a notable increase in delivery pace in Q3 [3] Market Dynamics - The domestic wind power sector is experiencing robust growth, with a 289.2% increase in offshore wind project tenders in September [3] - Global offshore wind power is also expanding rapidly, particularly in Europe, where the EU aims for 111 GW of cumulative installed capacity by 2030 [3] - New Strong Union is well-positioned to benefit from the high demand in the offshore wind sector due to its technological advantages and early market entry [3]