风电行业2024H1总结：风机板块业绩突出，静待全球海风需求共振

Investment Rating - The report maintains an "Outperform" rating for the wind power industry [2]. Core Insights - The wind turbine sector showed outstanding performance in Q2 2024, being the only segment in the wind power industry chain to experience year-on-year profit growth, primarily due to a low base in Q2 2023 for Goldwind Technology [2][10]. - In H1 2024, the wind turbine segment continued to be the sole profit growth area, with Goldwind Technology and Mingyang Smart Energy showing recovery in gross margins [2][10]. - The report highlights a robust demand for onshore wind turbine tenders, with a significant increase in bidding volumes, indicating a high level of market activity [3][10]. Summary by Sections Wind Power Industry Overview - In H1 2024, the wind power industry achieved a revenue of 148.41 billion yuan, a year-on-year increase of 2.66%, while net profit attributable to shareholders decreased by 16.23% to 13.08 billion yuan [10][11]. - The overall gross margin for the industry was 22.22%, down by 1.61 percentage points year-on-year [10][11]. Performance by Segment - Wind Turbines: Revenue increased by 11.02%, and net profit rose by 6.88% [11]. - Wind Towers: Revenue decreased by 34.74%, and net profit fell by 43.69% [11]. - Blades: Revenue dropped by 6.78%, with net profit declining by 56.94% [11]. - Bearings: Revenue fell by 12.94%, and net profit saw a dramatic decrease of 200.05% [11]. - Forgings and Castings: Revenue decreased by 12.22%, and net profit dropped by 39.01% [11]. - Submarine Cables: Revenue increased by 10.83%, but net profit decreased by 2.81% [11]. - Power Stations: Revenue grew by 6.49%, while net profit declined by 9.55% [11]. Market Trends and Future Outlook - The report anticipates a significant increase in offshore wind demand, particularly in Europe, with a projected 40 GW of offshore wind auctions expected in 2024 [4][5]. - The domestic market is expected to see continued growth in onshore wind installations, with projected installations of 80 GW in 2024 and 90 GW in 2025 [3][4]. - The report suggests that the pricing for onshore wind turbines may have bottomed out, while offshore wind turbine prices have seen some decline [3][4]. Key Companies to Watch - The report recommends focusing on companies such as Zhongtian Technology, Oriental Cable, Dajin Heavy Industry, Hengtong Optic-Electric, Mingyang Smart Energy, and Goldwind Technology, among others, due to their strong performance and market positioning [4][5].