中金：风电行业盈利整体回升 2026年需求展望趋向乐观

Core Viewpoint - The wind power industry in China is expected to see a gradual increase in demand by 2026, following a significant value uplift in 2025, with a notable growth in both onshore and offshore wind installations and output [1] Industry Trends - The forecast for new wind power installations in China for 2026 is set at 120-130 GW, with a potential slight decline in onshore installations, while offshore installations are expected to grow significantly to 13-17 GW [2] - The overall value of the wind power industry in 2026 is anticipated to remain healthy, with steady growth [2] - The manufacturing net profit margins in the industry are expected to recover significantly from the second half of 2025 into 2026 [2] - Demand for wind turbine components is projected to exceed expectations in 2026, with a focus on product upgrades [2] - The delivery of offshore wind towers is gradually increasing, while overseas offshore wind remains in a tight supply-demand cycle [2] - Continuous accumulation of orders for submarine cables is expected, with a gradual increase in delivery, particularly for 500kV products [2] Financial Performance - In the first half of 2025, the overall profitability of the wind power equipment industry showed a recovery, with total revenue and net profit (excluding non-recurring items) increasing by 40.1% and 25.9% year-on-year, respectively [1] - In the second quarter of 2025, total revenue rose by 45.6% year-on-year and 62.2% quarter-on-quarter, while net profit (excluding non-recurring items) increased by 33.5% year-on-year and 72.9% quarter-on-quarter [1] - Excluding the turbine segment, the net profit (excluding non-recurring items) for the first half and second quarter of 2025 increased by 59.1% and 69.8% year-on-year, respectively [1]