开源证券：国内风电需求基本盘稳固 出海从产品出口转为深度属地化布局

Group 1 - The core viewpoint is that domestic wind power demand is stable, with the "15th Five-Year Plan" aiming for annual new installed capacity of no less than 120GW, including at least 15GW from offshore wind [1][2] - The cumulative new installed capacity of domestic wind power from 2021 to 2024 is expected to reach 272.1GW, significantly higher than the 145.5GW during the "13th Five-Year Plan" [1] - The domestic wind power market is shifting towards wind energy due to its higher grid price and better alignment with load curves, indicating a strong preference for wind power projects [1] Group 2 - The wind turbine industry is recovering from price wars, with the average bid price for onshore wind turbines increasing by 13% in 2025 compared to 2024, suggesting improved profitability [2] - The domestic offshore wind project reserves are abundant, and the installed capacity is expected to remain high during the "15th Five-Year Plan" [2] - Global wind energy demand is rising, with a forecasted compound growth rate of 12.4% for onshore wind and 15.8% for offshore wind from 2025 to 2030, indicating strong growth potential in international markets [3] Group 3 - Domestic wind turbine manufacturers are accelerating their international expansion, transitioning from product exports to localized operations in regions like Brazil and Europe [3] - In the first three quarters of 2025, domestic manufacturers secured a record 19.28GW in overseas orders, which are expected to enhance profitability as these orders enter the delivery phase [3] - The European offshore wind auction volume is set to reach a historical high in 2024, with companies like 大金重工 becoming leading suppliers in the European offshore wind market [3]