高端装备之海上风电装备专题：蛰伏待机，挖掘降本压力下的机会

Investment Rating - The report does not explicitly provide an investment rating for the offshore wind power equipment industry Core Insights - China's offshore wind power is entering a transition period towards full grid parity, with uncertainties in the short to medium term but promising long-term prospects. The core contradiction in the development of offshore wind equipment lies in demand, as the installation capacity significantly declined after the cancellation of national subsidies in 2022. The approval delays due to military and navigation reasons are direct constraints, but the key bottleneck is the significant drop in project profitability. The report estimates new installations of 10GW and 13GW in 2024 and 2025, respectively, with a long-term focus on deep-sea development [1][10][17] - Under cost-reduction pressure, different segments of the offshore wind industry chain have varying price reduction potentials and measures. The key to improving project profitability lies in reducing lifecycle costs. The report highlights two main strategies: 1) the large-scale manufacturing of wind turbines as a primary cost-reduction method, focusing on segments like foundations and towers where value dilution is minimal; 2) enhancing the operational capabilities and efficiency of offshore wind installation vessels to lower installation and maintenance costs [1][10][29] - The offshore wind foundation and tower segments exhibit strong anti-deflation capabilities, presenting opportunities for leading companies to expand internationally. The usage and value of wind turbine foundations increase with water depth, which can offset the dilution of usage caused by large-scale manufacturing. Leading tower companies are expected to face temporary overcapacity in the domestic market but possess strong competitiveness for international expansion, with companies like Dajin Heavy Industry poised to benefit [1][10][29] - There is a structural shortage of offshore wind installation and maintenance vessels, necessitating supplementation. The lifecycle of offshore wind farms requires various marine equipment, with installation and maintenance vessels being critical. The report notes that the surge in orders for installation vessels from 2020 to 2022 may lead to structural overcapacity, while the maintenance market is still in its infancy, presenting growth opportunities for leading manufacturers and specialized third-party maintenance companies [1][10][29] Summary by Sections 1. Demand Side of Offshore Wind Power in China - Short to medium-term uncertainties exist, while long-term prospects are promising. The economic viability and approval issues are disrupting short-term installation demand. The transition towards full grid parity is ongoing, with significant declines in new installations observed post-subsidy withdrawal [11][17][20] 2. Continuous Cost-Reduction Pressure in Offshore Wind Projects - The offshore wind industry chain faces ongoing cost-reduction pressures. The large-scale manufacturing of wind turbines is a primary method for cost reduction, and enhancing marine equipment levels is crucial for lowering engineering costs. Operators hold a "chain master" position, transmitting cost pressures down the chain, with varying pressures across different segments [29][33][37] 3. Offshore Wind Foundations and Towers - The foundation and tower segments show strong anti-deflation capabilities, with opportunities for international expansion. The domestic market may experience temporary overcapacity, leading to a focus on international markets for leading companies [48][49] 4. Structural Shortage of Offshore Wind Marine Equipment - There is a structural shortage of installation and maintenance vessels, with the maintenance market still developing. The report emphasizes the need for specialized vessels to enhance operational efficiency and reduce lifecycle costs [1][10][29]