浙商证券：陆风招标量价齐升 重视海风及出海逻辑

Core Viewpoint - The global wind power demand is expected to maintain steady growth, with an anticipated addition of 186.2 GW in new installations by 2026, representing a year-on-year increase of 14.0% [1] Group 1: Global Wind Power Demand - The long-term demand for global wind power is projected to grow steadily, with significant contributions from traditional installation regions such as China, Europe, and the Americas, as well as rapid growth in Latin America, the Middle East, India, and other Asia-Pacific regions [1] - The expected new installations for 2026 include 161.5 GW from onshore wind (up 7.7% year-on-year) and 24.7 GW from offshore wind (up 85.6% year-on-year), with a compound annual growth rate (CAGR) of approximately 10.9% from 2024 to 2030 [1] Group 2: European Wind Power Market - Europe is entering a peak installation period for offshore wind power, with significant growth in onshore wind as well [1] - According to WindEurope, the expected new offshore wind installations from 2025 to 2030 are projected to be 3.03, 8.04, 7.69, 5.99, 6.16, and 12.13 GW, totaling 43.04 GW, with a CAGR of 32% during this period [1] Group 3: Domestic Wind Power Market - In the domestic market, the bidding prices for onshore wind have been steadily increasing, with the average winning bid for onshore wind turbines (including towers) reaching 2,248 RMB/kW by October 2025, up from a low of 1,553 RMB/kW in April 2024 [2] - The cumulative bidding volume for wind power equipment in the first three quarters of 2025 reached 127.3 GW, reflecting a year-on-year increase of 16% [2] - The recovery in bidding prices, combined with an increase in export capacity, is expected to drive the gross profit margin of wind turbine manufacturers back into an upward trend [2] Group 4: Investment Recommendations - Companies to watch in the wind turbine sector include Goldwind Technology, Yunda Co., Mingyang Smart Energy, and SANY Renewable Energy [3] - For offshore wind foundations and towers, recommended companies include Dajin Heavy Industry, Haili Wind Power, Tiensun Wind Energy, and Taisheng Wind Energy [3] - In the subsea cable sector, companies such as Orient Cable, Zhongtian Technology, and Hengtong Optic-Electric are highlighted [3] - Key component manufacturers include Jinlei Co., Delijia, Times New Material, Riyue Co., and Guoda Special Materials [3]