中泰证券：风电行业高景气 关注七个领域的投资机会

Core Viewpoint - The wind power industry is experiencing high prosperity due to exceeding domestic bidding volumes, accelerated domestic offshore construction, and increasing overseas wind power demand, suggesting investment opportunities in various segments of the industry [1]. Group 1: Wind Power Equipment - The domestic onshore price stabilization and profit expectation recovery, combined with the increase in offshore wind power, are optimizing profit structures, with domestic companies expected to accelerate overseas order releases [1]. - The demand for large megawatt blades is expected to tighten due to the increasing proportion of large megawatt blades and the rapid replacement demand for blade molds, leading to strong price increase expectations and profit recovery [3]. - The wind power demand growth and the transition to dual-bearing forms for main shaft bearings are driving an increase in bearing demand [4]. Group 2: Gearboxes and Towers - The terminal demand for gearboxes is expected to grow rapidly due to high growth in end-user demand and the increasing proportion of doubly-fed and semi-direct drive models, with leading gearbox manufacturers likely to benefit significantly [5]. - The domestic and overseas offshore wind power growth is contributing to increased shipments of tower piles, with scale effects and structural optimization enhancing profitability [6]. Group 3: Cables and Castings - The acceleration of domestic offshore wind power construction is expected to drive short-term increases in submarine cable shipments, while long-term trends indicate rising demand for high voltage and flexible direct current cables due to deep-sea offshore wind developments [6]. - The supply-demand outlook for wind power castings is relatively tight, with a clear upward trend in casting prices expected by 2025, which will drive profit recovery [8].