风电出海报告系列1：全球风电高增长，乘风出海正当时

Investment Rating - The report initiates coverage of the offshore wind power industry with a rating of "Overweight" [3][27]. Core Insights - The offshore wind power sector is expected to benefit from increasing overseas demand, with supply chain bottlenecks becoming apparent, leading to performance boosts for companies involved in wind turbines, towers, and submarine cables [3][24]. - Global wind power installations reached a cumulative total of 1,021 GW by the end of 2023, with a year-on-year growth of 13%. The report anticipates that global new installations will reach 131 GW in 2024, with a five-year CAGR of 9.4% [7][11]. - The offshore wind segment is projected to grow significantly, with new installations expected to reach 18 GW in 2024, representing an 80% increase year-on-year, and a five-year CAGR of 27.9% [12][24]. Summary by Sections 1. Global Wind Power Growth - The global wind power market is experiencing robust growth, with 117 GW of new installations in 2023, a 50% increase from the previous year [7][11]. - The Asia-Pacific region remains the largest market, accounting for 71% of global installations, driven by strong performances in China and India [8][11]. 2. Offshore Wind Power Surge - Offshore wind power installations reached 10.8 GW in 2023, with China and Europe being the primary contributors [12][24]. - The report highlights that the share of offshore wind power is expected to continue increasing due to abundant resources and technological advancements [12][24]. 3. Global Wind Power Supply Chain Bottlenecks - Supply chain constraints are anticipated in Europe and North America due to rising raw material costs and geopolitical factors, leading to potential capacity shortages in wind turbine production [17][24]. - The report notes that the demand for wind turbines, towers, and submarine cables is expected to exceed supply in various regions, creating opportunities for Chinese companies to expand overseas [17][24]. 4. Chinese Wind Power Companies Seizing Overseas Opportunities - Chinese companies in the wind turbine, tower, and submarine cable sectors are beginning to secure overseas contracts, which are expected to enhance their performance [24][25]. - The report identifies key players such as Goldwind Technology, Mingyang Smart Energy, Sany Heavy Energy, Yunda Co., Daikin Heavy Industries, and Oriental Cable as recommended stocks [3][27]. 5. Investment Recommendations and Target Stocks - The report recommends several companies for investment, including Goldwind Technology, Mingyang Smart Energy, Sany Heavy Energy, Yunda Co., Daikin Heavy Industries, and Oriental Cable, based on their potential to benefit from the growing offshore wind market [3][27][28].