十年税优红利终结 陆上风电迎新一轮效能变革 94%风电装机扎堆国内 成本压力倒逼转型

Core Insights - The termination of the 50% VAT refund policy for onshore wind power marks a significant shift in China's wind power industry from "policy support" to "market competition," prompting a transformation across the entire industry chain [1][2] - The offshore wind power tax support policy will continue until the end of 2027, reflecting the different development stages and needs of onshore and offshore wind sectors [2] Industry Transition - As of August 2025, China's cumulative wind power installed capacity reached 580 million kW, accounting for approximately 11% of total electricity consumption, indicating wind power's evolution into a key energy source [1] - The removal of tax incentives is seen as a necessary step towards industry maturity and policy optimization, as the need for such incentives has significantly decreased with the industry's growth [1] Cost Pressure and Transformation - The cancellation of tax benefits is expected to increase tax costs for onshore wind companies, potentially raising the levelized cost of electricity (LCOE) by 1% to 5%, depending on various factors [3] - The industry is shifting focus from price competition to comprehensive evaluations of LCOE, with offshore wind power becoming a high-stakes arena for assessing corporate capabilities [3][5] Technological Advancements - Leading companies are already leveraging technological innovations to enhance efficiency, such as the development of new technologies that reduce costs and improve operational efficiency [4][5] - The industry is moving towards a more refined and efficient operational model, emphasizing lifecycle cost management and optimization across all project phases [5] Global Expansion - With domestic market pressures increasing, international expansion has become essential for sustained growth, as evidenced by the low percentage of Chinese wind turbine manufacturers' revenues coming from overseas [6] - Chinese wind power companies are expected to leverage their cost and technological advantages to accelerate global market penetration, with several leading firms already making significant strides in international markets [6][7] Market Valuation Shift - The transition from being mere equipment suppliers to comprehensive global renewable energy solution providers may reshape market valuation logic for wind power companies, emphasizing stability and risk resilience [7]