风电行业周报：国际风能大会在京召开，行业共吁避免低价竞争

Industry Investment Rating - The report maintains a "Outperform" rating for the wind power industry, indicating a positive outlook for the sector [1] Core Views - The 2024 Beijing International Wind Energy Conference (CWP2024) saw 12 major wind turbine manufacturers sign a "Self-Discipline Convention" to prevent price wars and promote fair competition, aiming for sustainable industry growth [1][2] - The industry is shifting from lowest-price bidding to evaluating projects based on lifecycle costs (LCOE), including maintenance and power generation capabilities, signaling a return to rationality [2] - Offshore wind development is gaining momentum, with significant projects in Shandong, Zhejiang, and Guangdong provinces, expected to drive demand for towers, piles, and cables [25] Industry Dynamics - Wind power installations in China reached 33.61GW from January to August 2024, a 16.22% YoY increase, with wind power generation accounting for 9.10% of total electricity consumption [1][16] - Onshore wind installations grew by 14.25% YoY to 25.01GW in H1 2024, while offshore wind installations declined by 24.55% YoY to 0.83GW [2][16] - Raw material prices showed mixed trends, with epoxy resin prices rising by 1.52% WoW, while steel, copper, and aluminum prices declined [1][19] Company Performance - Key stock performances: - Chuanrun Co (002272) led gains with a 44.85% increase, while Changgao Electric (002452) saw the largest decline at -6.88% [12][14] - Titan Wind Energy (002531) and Dongfang Cable (603606) were among the top decliners, with drops of -3.88% and -5.06%, respectively [14] - Valuations: The wind equipment index had a TTM P/E ratio of 30.48x and an MRQ P/B ratio of 1.41x, with P/E ratios ranging from 29.46x to 30.48x during the week [10][11] Investment Recommendations - Host manufacturers: Recommended companies include Sany Renewable Energy (688349) and Goldwind Science & Technology, benefiting from large-scale MW products and cost reductions [25] - Tower and pile suppliers: Haili Wind Power, Titan Wind Energy, and Taisheng Wind Energy are highlighted for their regional advantages and overseas market expansion [25] - Cable suppliers: Dongfang Cable (603606) and Qifan Cable are recommended for their high-voltage product capabilities and market leadership [25] - Component suppliers: Companies like Jinlei Technology (300443) and Zhenjiang Co (603507) are favored for their strong overseas presence and customer relationships [25] Market Trends - Wind turbine bidding: A total of 2294.25MW of wind turbine projects were launched, with 790MW of projects awarded at an average price of 1848.60 yuan/kW [22][23] - Offshore wind turbine prices: The average bidding price for offshore wind turbines in 2023 was 3442.14 yuan/kW, showing a downward trend [24]