电力设备及新能源：全球风电需求迎高景气周期，塔筒桩基获出海放量新机遇

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The global wind power demand is entering a high prosperity cycle, with significant opportunities for tower and foundation exports [1][2]. - The offshore wind power market is expected to see substantial growth, particularly in Europe and China, with a projected increase in installed capacity [12][24]. - The trend towards larger and deeper offshore wind turbines is driving demand for tower and foundation structures, with a notable increase in specifications and requirements [32][35]. Summary by Sections 1. Global Wind Power Growth - The global installed capacity for wind power is steadily increasing, with Europe adding 14.5 GW of onshore and 3.8 GW of offshore capacity in 2023, bringing total capacities to 238 GW and 34 GW respectively [12][24]. - The REPowerEU plan and the European Wind Action Plan provide high certainty for future offshore projects, with expectations of nearly 10 GW of annual additions starting in 2025 [12][17]. 2. Trends in Turbine Size and Offshore Development - The trend towards larger turbines is accelerating, with average turbine capacities increasing and the need for larger foundations becoming evident [32][35]. - The demand for tower and foundation structures is expected to grow significantly, with the Chinese market projected to reach nearly 10 million tons by 2026, and the European market expected to demand close to 6 million tons by 2028 [2][32]. 3. Domestic Companies' Strategies - Domestic companies are actively expanding their production capacities and product offerings to capture international market share, particularly in Europe [3][7]. - The top five domestic companies in the tower and foundation sector are positioned to benefit from increased export opportunities, with a projected market share of 20% in Europe by 2028 [3][7]. 4. Market Dynamics and Investment Recommendations - The report recommends focusing on companies with strong overseas market expansion capabilities, such as Tianneng Wind Power, Taisun Wind Power, and Haili Wind Power, due to their potential for order acquisition and revenue growth [2][7]. - The overall market is expected to see improved capacity utilization and profitability as the wind power sector enters a high prosperity cycle [2][7].