风电行业2024年中报总结：1H24业绩承压，国内海风仍是核心变量

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [5]. Core Insights - The wind power sector experienced a slowdown in revenue growth and profit pressure in the first half of 2024, with total revenue of 142.448 billion yuan, a year-on-year increase of 0.65%, and a net profit of 8.385 billion yuan, a decrease of 22.15% [2][32]. - The domestic wind power market is expected to see a new round of installation peaks driven by policy planning and increasing demand for offshore wind projects, particularly in Europe [2][15]. - The report highlights the importance of offshore wind as a core variable for the industry, with expectations for significant growth in installations in the second half of 2024 [2][15]. Summary by Sections 1. Review of the Wind Power Industry in H1 2024 - Domestic wind power installations reached 25.84 GW in H1 2024, a year-on-year increase of 12.40%, with onshore wind growing steadily and offshore wind underperforming expectations [15]. - The report anticipates total new installations for 2024 to exceed 85 GW, representing a growth of over 12% year-on-year [15]. 2. Operating Data Summary for the Wind Power Sector - In H1 2024, the wind power sector's listed companies reported a total revenue of 1,424.48 billion yuan and a net profit of 83.85 billion yuan, with a gross margin of 18.51% [32]. - The report notes a significant increase in overseas revenue, which reached 8.924 billion yuan, a year-on-year increase of 31.09%, accounting for 20.39% of total revenue [32]. 3. Core Segment Analysis - The report identifies three segments with relatively strong performance: 1. The complete machine segment, which is expected to see profit recovery due to increased installation scale and higher overseas revenue [2][46]. 2. The submarine cable segment, which has maintained revenue growth despite slight profit declines due to project delays [2][46]. 3. The export segment, where some companies have leveraged early overseas supply chain layouts to gain advantages [2][46]. 4. Industry Outlook and Investment Strategy - The report emphasizes the resonance of domestic and international demand, recommending a focus on both onshore and offshore wind segments for investment opportunities [3][2].