风电出海破局高阶竞争 迈向“深耕时代”

Core Insights - The global energy transition and the competitiveness of China's wind power industry have made "going global" a central theme for development [1] - The shift from product export to localized operations signifies an evolution in the globalization strategy of Chinese wind power companies [2] Group 1: Trends in Globalization - The pace of Chinese wind power companies "going global" has accelerated, with competition now focusing on technology, service, and localization rather than just product pricing [2] - By the third quarter of 2025, domestic companies secured a total of 23.043 GW of international wind turbine orders, with export orders doubling year-on-year in the first half of the year [2] - Companies are moving from a simple product supply model to a "full-chain cooperation" model, which includes equipment supply, technology licensing, and localized production [2] Group 2: Localization Practices - The complex environment of overseas markets demands higher localization capabilities from companies, as different regions have distinct policies, market demands, and cultural backgrounds [3] - Electric Power Equipment (688660.SH) has established overseas operations in regions like the Middle East and East Asia, targeting high-growth markets while diversifying regional risks [3] - A partnership with Oman’s Mawarid Group includes not only equipment supply but also technology licensing and local factory design, exemplifying the shift from "selling equipment" to "providing comprehensive solutions" [3] Group 3: Value Reconstruction - The overseas market offers wind power companies opportunities beyond short-term order growth, including business model restructuring, brand value enhancement, and technological advancement [4] - Participation in various wind power projects allows companies to accumulate operational experience under extreme conditions, which can inform domestic product development [4] - The profitability potential of the overseas wind power market is becoming evident, with data indicating that the gross margin for overseas wind turbines is higher than that for domestic ones [4]