CMS(SH:600999) Zhi Tong Cai Jing·2025-04-10 03:10Core Viewpoint - The wind power bidding volume in 2024 is expected to increase significantly by 90% year-on-year, reaching a historical high of 164 GW, with the industry anticipated to enter a concentrated delivery period in 2025, leading to improved profitability in the upstream manufacturing sector [2][3]. Group 1: Wind Power Bidding and Delivery - The wind power bidding volume is projected to grow by 90% in 2024, indicating a strong upward trend in the industry [3]. - The industry is expected to enter a concentrated delivery phase in 2025, correlating with the increased bidding volume [3]. Group 2: Component Sector Dynamics - The growth rate of construction projects in the component sector has turned negative, with capital expenditure significantly slowing down, leading to a reduction in fixed costs as delivery volumes increase [4][5]. - The profitability in the component sector is expected to improve due to the effective dilution of fixed costs and potential price increases in certain segments [5]. Group 3: Complete Machine Sector Insights - The complete machine sector is experiencing a stabilization in bidding prices, with the average bidding price reaching 1527 RMB/kW in December 2024, a 10% increase from April 2024 [6]. - There is a positive trend in exports for complete machines, with leading domestic manufacturers now capable of competing in overseas markets, which may enhance their profitability [6].