乘风而起，行业业绩与信心共振

Core Insights - The wind power equipment industry in China is expected to see significant growth during the "14th Five-Year Plan" period, with annual new installed capacity projected to be no less than 120GW, including at least 15GW from offshore wind [1][2] - The global wind energy market is anticipated to grow substantially, with a forecasted addition of 367GW in onshore wind capacity (excluding China) from 2025 to 2030, reflecting a compound annual growth rate (CAGR) of 12.4%, and offshore wind at a CAGR of 15.8% [1][3] Group 1: Domestic Wind Power Market - The domestic wind power demand is stable, supported by the dual carbon goals and the plan to reach 3.6 billion kilowatts of wind and solar capacity by 2035 [2] - New installed capacity in China is expected to reach 86.99GW in 2024, with a cumulative addition of 272.1GW from 2021 to 2024, significantly higher than the 145.5GW added during the "13th Five-Year Plan" [2] - The signing of industry self-discipline agreements and optimization of bidding rules are expected to alleviate the price war pressures on wind turbine manufacturers, leading to a 9% increase in the average bidding price for onshore wind projects from 2024 [2] Group 2: Offshore Wind Potential - The offshore wind sector in China has substantial growth potential, with a rich reserve of projects expected to maintain high installation levels during the "14th Five-Year Plan" [2] - The domestic offshore wind market is poised for growth, with significant project reserves and a favorable policy environment [2] Group 3: International Market Expansion - Domestic wind turbine manufacturers are accelerating their international expansion, with a total of 19.28GW of overseas orders secured by seven major manufacturers in the first three quarters of 2025, marking a new high [3] - The average price of overseas orders is higher, contributing to improved profitability for manufacturers, especially as these orders enter a concentrated delivery phase [3] - The European offshore wind auction volume is expected to reach a historical high in 2024, with companies like 大金重工 becoming leading suppliers in the European offshore wind market [3]