CSSC-STC(SH:600072) Zhong Zheng Wang·2025-11-06 09:24Core Insights - The wind power industry is currently facing a "high demand, weak profitability" dilemma, with new installed capacity expected to nearly double year-on-year by the first half of 2025, yet equipment manufacturers are experiencing a "revenue growth without profit" situation [1] - The price war in wind turbine equipment has led to significant cost pressures, with onshore turbine bidding prices dropping below 1,300 RMB/kW, compared to 3,000-4,000 RMB/kW in 2021 [1] - The operational model of "rolling development" in wind farms is becoming a key strategy for companies to offset losses in turbine equipment and optimize cash flow [1] Industry Developments - The "Wind Energy Beijing Declaration 2.0" has been jointly released by wind energy companies, setting a target of no less than 120 GW of new installed capacity annually during the 14th Five-Year Plan, with offshore wind power accounting for at least 15 GW, aiming for a cumulative installed capacity of 1,300 GW by 2030 [2] - The practice of companies like China Shipbuilding Technology is validating the maturity of the "rolling development" model in the wind power industry, which balances scale expansion and efficiency improvement through standardized construction and operational management [2] - The asset transfer approach is gaining consensus in the industry, allowing for quick capital mobilization to support new wind power project layouts, reflecting a healthy cycle within the wind power sector [2]