解码三一重能：风电龙头的突围与出海

Core Insights - The global energy transition is advancing, and China's wind power industry is shifting from "capacity export" to "ecological rooting" in overseas markets [1] - The success of companies like SANY Heavy Energy relies on both technological strength and the ability to adapt to local ecosystems and global regulations [1][2] - The wind power industry is capital, technology, and compliance-intensive, requiring companies to build resilient local supply chains and improve cross-cultural collaboration [1] Company Overview - SANY Heavy Energy's South Kou Industrial Park in Beijing is a key manufacturing hub, featuring advanced wind power equipment and recognized as a "lighthouse factory" [2][5] - The company has developed the world's largest 35 MW six-degree-of-freedom wind turbine test platform, showcasing its leadership in technology and innovation [3][6] - SANY Heavy Energy emphasizes quality and innovation, with a commitment to R&D, investing approximately 5% of its revenue annually [7][8] Market Dynamics - The wind power industry is entering a new cycle, with a goal of reaching 1.3 billion kW of cumulative installed capacity by 2030 [8] - SANY Heavy Energy is experiencing fluctuations in performance due to competitive pricing pressures but anticipates a recovery in gross margins as low-price orders are digested [9][10] - The company has secured over 2 GW of overseas orders, indicating a strong growth trajectory in international markets [10][11] Global Strategy - SANY Heavy Energy's globalization strategy includes establishing subsidiaries and localized marketing teams in key regions such as Europe, South Asia, and Africa [10] - The company aims to implement localized production to meet local market demands while reducing costs and improving delivery efficiency [10][11] - The focus on a "core hub + regional node" supply chain structure is designed to maintain technological advantages while enhancing operational efficiency [10]