中银证券：中银晨会聚焦-20241024

Key Insights - The report highlights a significant rebound in the offshore wind power sector in China, driven by the steady progress of projects in Jiangsu and Guangdong provinces, which had previously faced delays due to military and navigation approvals [2][3] - The wind power equipment sector saw a 5.86% increase, with notable stock performances from companies like Hai Li Wind Power and Jin Lei Co., both exceeding 7% growth [2] - The report indicates a strong demand for wind turbine installations, with a total of 89.17 GW of wind turbine capacity tendered in the first three quarters of 2024, marking a 110.3% year-on-year increase [3] Wind Power Equipment Sector - The resumption of bidding for the Jiangsu Guoxin project and the successful bid for the Guangdong Fan Stone offshore cable project signal a positive trend in offshore wind development [3] - The report notes that the high number of tenders is expected to support installation demand for the next 1-2 years, with onshore projects leading the growth [3] - A consensus among manufacturers to curb price wars is anticipated to improve profitability across the supply chain, which has been under pressure due to aggressive pricing strategies [3] Photovoltaic Industry - The China Photovoltaic Industry Association has called for compliance in competitive practices, warning against bidding below production costs and promising to report such actions to regulatory authorities [5][6] - The report outlines a significant increase in production capacity for silicon wafers, cells, and modules, with year-on-year growth rates of 46.6% and 66.7% respectively [6] - The association's efforts to stabilize component prices are expected to enhance profit margins for manufacturers, with a projected minimum selling price for components set at 0.68 CNY/W [7] Company Performance - Jinbo Biological reported a revenue of 988 million CNY for Q1-Q3 2024, reflecting a 91.16% year-on-year increase, with a net profit of 520 million CNY, up 170.42% [9][10] - Jiangsu Wuzhong achieved a revenue of 1.647 billion CNY in the same period, a 9.58% increase, with a remarkable net profit growth of 311.54% [12][13] - The medical beauty segment of Jiangsu Wuzhong showed strong performance, contributing significantly to revenue growth with a gross margin of 82.17% [14]