Core Viewpoint - The wind power industry in China is experiencing a significant recovery, with many companies reporting substantial profit growth in their 2025 mid-year performance forecasts, indicating a positive trend compared to the same period last year [1][2]. Industry Overview - The wind power industry chain, including components like blades, flanges, foundations, and towers, has shown profitability and growth, with several companies reporting performance increases of up to 100% year-on-year [1]. - The domestic wind power bidding volume reached a historical high in 2024, boosting installation expectations for the industry [1][7]. - Changes in bidding rules by state-owned enterprises have shifted the focus from low prices to product quality and service, creating a healthier competitive environment [1][7]. Company Performance - Leading wind power blade manufacturer, Zhongcai Technology, expects a profit of 800-1,000 million yuan for the first half of 2025, a year-on-year increase of 80%-123% [2]. - Dajin Heavy Industry anticipates a net profit of 510-570 million yuan, reflecting a year-on-year growth of 223%-261%, driven by significant overseas business growth [2][4]. - Jixin Technology, a leader in wind power castings, projects a profit of 65.94-96.87 million yuan, marking a year-on-year increase of 96.61%-188.84% [4]. - Hengrun Co. expects to turn a profit of 35-45 million yuan, benefiting from the recovery of the wind power sector and the release of new product capacities [5]. - Guoda Special Materials forecasts a revenue of approximately 2.5 billion yuan, a year-on-year increase of 32.91%, with a net profit increase of 367.51% [5][6]. Supporting Factors for Recovery - Strong demand from the market, with the domestic wind power installation scale expected to reach 112 GW in 2025, representing a 25% increase [7]. - The average bidding price for onshore wind turbines has risen by about 10% compared to 2024, indicating a return to rational pricing [8]. - Technological upgrades and strategic breakthroughs in supply-side capabilities have led to value release across the industry [9]. Challenges Ahead - Despite some companies reporting recovery, challenges remain, with certain firms still facing losses and the industry experiencing internal differentiation [10][11]. - Companies like Tiensun Wind Energy are projecting a significant decline in profits due to strategic adjustments and project delays [12]. - The industry must transition from price competition to high-quality, sustainable development to achieve long-term stability and growth [14][15].
风电吹响复苏“冲锋号”,三重逻辑支撑上市公司业绩回暖
3 6 Ke·2025-08-01 09:08