风电周报（2024.9.16-2024.9.22）：8月风电装机稳增，项目储备推进提速

Investment Rating - The report maintains an "Outperform" rating for the wind power sector, with specific stock recommendations including "Buy" for Dongfang Electric and "Hold" for TianShun Wind Energy, TaiSheng Wind Energy, and others [1][3]. Core Insights - The wind power sector is experiencing steady growth in installed capacity, with a total of 33.61 GW added in the first eight months of 2024, representing a year-on-year increase of 16.22% [1][20]. - The report highlights significant policy support, including the Guangdong Province's initiative to develop local wind power projects aimed at enhancing rural economies by 2025 [1][7]. - The offshore wind power projects are gaining momentum, with several key projects in Jiangsu and Guangdong making progress in environmental assessments and approvals [2][3]. Summary by Sections Industry Dynamics - The Guangdong Energy Bureau has proposed a pilot program to develop wind power projects in rural areas, aiming for completion by the end of 2025, with expected annual income of at least 20,000 yuan per MW for local collectives [1][7]. - The National Development and Reform Commission has called for the second batch of green low-carbon advanced technology demonstration projects, with specific requirements for large-capacity wind power projects [1][7]. Market Performance - The wind power equipment sector saw a decline of 2.08% this week, underperforming compared to the broader market indices [9][15]. - The latest TTM price-to-earnings ratio for the wind power equipment index is 25.45, with a market-to-book ratio of 1.17, both showing a decrease from the previous week [9][15]. Installed Capacity Data - As of August 2024, the cumulative installed wind power capacity reached approximately 470.3 GW, with a year-on-year growth of 19.9% [20][21]. - The report notes that land-based wind power installations have increased by 25.01 GW in the first half of 2024, while offshore installations have seen a decline [20][21]. Raw Material Prices - Recent trends indicate an increase in the prices of rebar, scrap steel, copper, and aluminum, while medium-thick plate prices have decreased [27][30]. - The price of rebar is reported at 3,241 yuan per ton, reflecting a 0.75% increase from the previous week [27][30]. Investment Recommendations - The report suggests that the offshore wind power sector is poised for growth, with specific recommendations for companies like SANY Heavy Energy and Goldwind Technology, as well as component suppliers such as Dongfang Cable and QiFan Cable [3][41]. - The report emphasizes the importance of technological advancements and market expansion for companies involved in the wind power supply chain [3][41].