Western Securities(SZ:002673) Zhi Tong Cai Jing·2025-12-11 05:53Core Viewpoint - The wind power industry remains highly prosperous, with two main stock selection themes identified: (1) the recovery of wind turbine profitability and potential for exceeding installation expectations, driven by strong overseas demand; (2) the resonance of domestic and international offshore wind demand, with a positive outlook for offshore wind growth [1] Group 1: Wind Turbine Market Dynamics - Wind turbine bidding prices have shown a continuous upward trend, with the average bidding price for onshore wind turbines reaching 1618 RMB/kW in the first ten months of 2025, a year-on-year increase of 6.86%; the average bidding price including towers is 2096 RMB/kW, up 9.78% year-on-year, indicating a potential recovery in wind turbine sales profitability by 2026 [2] - The bidding and approval volumes for wind turbines in 2025 also reflect year-on-year increases, with a 13.16% rise in bidding volume and a 29% increase in project approvals, suggesting that domestic wind turbine shipments in 2026 may exceed expectations [3] Group 2: Offshore Wind Development - Domestic nearshore projects are progressing smoothly, with multiple projects in Guangdong and Jiangsu advancing through installation processes; policies for deep offshore wind have been continuously released since 2025, indicating significant growth potential for deep offshore wind projects [4] - The acceleration of offshore wind power construction overseas is evident, with Europe expected to add 8.40 GW of new offshore wind capacity in 2026; the auction volume for offshore wind in Europe has reached 60.05 GW from 2021 to the first half of 2025, indicating a robust pipeline for future projects [5] Group 3: Investment Recommendations - Based on the recovery of wind turbine profitability and installation demand, the company recommends focusing on wind turbine and component investments, highlighting companies such as Goldwind Technology, Mingyang Smart Energy, and SANY Heavy Energy, while also suggesting attention to component manufacturers like Rihua Co., Ltd. [6] - For the accelerated development of offshore wind, the company recommends investments in subsea cables and foundation segments, with specific recommendations for companies like Orient Cable and Zhongtian Technology in the cable segment, and Daikin Heavy Industry and Tianneng Wind Power in the foundation segment [6]