智通财经网·2025-12-22 02:36Core Viewpoint - The report indicates a positive outlook for the wind power industry, with significant growth in bidding volumes and profitability expected for wind turbine manufacturers in the coming years [1] Industry Summary - According to Zheshang Securities, the cumulative bidding volume for wind power turbines in Q1-Q3 2025 is projected to reach 127.3 GW, representing a year-on-year increase of 16% [1] - The recovery in bidding prices, along with an expansion in export scale, is expected to drive the gross profit margin of wind turbine manufacturers back into an upward trend [1] - The period from Q3 to Q4 of this year is identified as a critical window for observing profit recovery, as the time from winning bids to actual revenue recognition typically spans 4-8 quarters [1] Company Summary - The report highlights that Chinese turbine manufacturers secured 34.3 GW of overseas orders in 2024, with 19.28 GW achieved in the first three quarters of 2025 [1] - Guosen Securities anticipates that domestic wind power installations will maintain a growth rate of 10%-20% in 2026, supported by saturated orders and stable pricing [1] - The profitability of main engine manufacturers is expected to improve quarterly, with increased exports boosting performance, indicating a synchronized growth trend in both domestic and international markets [1] - In the context of significant year-on-year growth in offshore wind installations and bidding, companies involved in subsea cables and piles are likely to experience a resonance in orders and performance [1]