风电整机专题报告：风机盈利回升，聚焦整机龙头

Investment Rating - The report suggests a positive investment outlook for the wind power industry, particularly focusing on leading turbine manufacturers such as Goldwind Technology, Yunda Shares, Sany Heavy Energy, and Mingyang Smart Energy [3]. Core Insights - The wind turbine bidding scale reached a historical high, with domestic wind power installed capacity expected to grow rapidly. In the first eight months of 2024, the domestic wind turbine bidding scale was 86.70 GW, a year-on-year increase of 104.88% [2][7]. - The report anticipates that the domestic wind power installed capacity will see significant growth, with projections of 84.52 GW, 92.71 GW, and 103.30 GW for the years 2024-2026, representing a CAGR of 9.18% [24]. - The report highlights that onshore wind prices have stabilized, and turbine gross margins are expected to continue recovering. The average price for onshore wind turbines is currently between 1200-1400 RMB/KW, showing signs of recovery since April 2024 [3][59]. - The profitability of leading turbine manufacturers is improving, with sufficient orders on hand. The report notes that the gross margin for major wind turbine companies has shown varying degrees of recovery in the first half of 2024 [3][73]. Summary by Sections 1. Bidding Scale and Installed Capacity Growth - The wind turbine bidding scale has reached a record high, with expectations for rapid growth in installed capacity. The bidding scale for onshore wind turbines was 81.43 GW, a year-on-year increase of 120.61% [2][7]. - The report forecasts that the onshore wind bidding volume in 2024 is expected to exceed 100 GW, while offshore wind bidding is projected to be around 10 GW [2][11]. 2. Global Wind Power Growth - Global wind power installations are expected to grow rapidly, with offshore wind installations projected to increase from 11 GW in 2023 to 66 GW by 2033, representing a CAGR of 20% [29][38]. - The report indicates that regions such as Asia, Africa, and Latin America will see significant growth in onshore wind installations, while Europe and Asia will contribute to the majority of offshore wind growth [29][34]. 3. Price Stabilization and Margin Recovery - Onshore wind turbine prices are stabilizing, with expectations for continued recovery in gross margins. The average price for offshore wind turbines is currently between 2500-2700 RMB/KW [3][64]. - The report notes that the gross margins for major wind turbine manufacturers have improved in the first half of 2024, with specific companies showing varying degrees of recovery [3][73]. 4. Financial Performance of Leading Companies - The revenue of major wind turbine manufacturers showed a slight increase in the first half of 2024, with total revenue reaching 471.25 billion RMB, a year-on-year increase of 5.30% [76]. - The report highlights that the net profit margin for wind turbine manufacturers has shown signs of improvement, with a net profit of 23.12 billion RMB in the first half of 2024, despite a year-on-year decline of 11.10% [86].