风电：走出内卷

Core Insights - The wind power industry in China has reached a turning point in 2025, moving out of a phase of intense price competition and entering a new stage of market-driven development [1][3][9] Industry Performance - In Q3 2025, the wind power sector achieved revenues of 66.2 billion yuan, a year-on-year increase of 27%, with a net profit of 1.45 billion yuan, up 4.6% [1] - For the first three quarters of 2025, the wind power sector's revenue reached 171 billion yuan, a 37.9% year-on-year growth, and net profit was 5.67 billion yuan, up 12.5% [1] - Leading company Goldwind Technology reported a revenue of 48.15 billion yuan in the first three quarters, a 34.34% increase, and a net profit of 2.58 billion yuan, a significant rise of 44.21% [1] Price Recovery - The average bidding price for onshore wind turbines (excluding towers) rose to 1,593 yuan/kW in 2025, a 12% increase from 2024 [3] - The price of offshore wind turbines stabilized between 2,700 and 2,800 yuan/kW [3] - The industry has seen a recovery in profitability due to the rational return of wind turbine prices, moving away from the previous low-price competition [2][3] Strategic Goals - The "Wind Energy Beijing Declaration 2.0" sets ambitious targets for wind power development, aiming for an annual installation of at least 120 million kW during the 14th Five-Year Plan period, a 140% increase from the previous version [4][5] - By 2030, the cumulative installation target is set to reach 1.3 billion kW, a 62.5% increase from the earlier goal [4] Product Development Shift - The industry is shifting focus from merely increasing capacity to enhancing value and reliability in product development [6][7] - Goldwind Technology introduced the "Value Cost of Electricity (LCOV)" concept, emphasizing the importance of project profitability over just reducing costs [7] - Companies are increasingly integrating AI technology to improve operational efficiency and project returns [7][8] Global Expansion - The "Two Seas Strategy" (overseas markets + deep-sea development) is becoming a core development direction for leading companies in the wind power sector [9][10] - By the end of 2024, Goldwind Technology had established a manufacturing base in Brazil, while other companies are expanding their global presence in markets like Uzbekistan, India, and Saudi Arabia [10][11] - Domestic companies are transitioning from traditional product exports to localized operations, with significant growth in overseas orders, which are crucial for enhancing profitability [11]