风电周报（2024.10.14-2024.10.20）：国际风能大会在京召开，行业共吁避免低价竞争

Investment Rating - The investment rating for the wind power sector remains "Outperform the Market" [1] Core Insights - The 2024 Beijing International Wind Energy Conference highlighted the signing of a self-discipline agreement by 12 wind turbine manufacturers to prevent unhealthy price competition and promote sustainable development in the wind power market [2][7] - The wind power sector has seen a significant increase in installed capacity, with 33.61 GW added in the first eight months of 2024, representing a year-on-year growth of 16.22% [1][16] - The average price for offshore wind turbines has shown a downward trend, with the average bid price recorded at 3442.14 RMB/kW [3][10] Industry Dynamics - The self-discipline agreement aims to ensure fair competition by adhering to legal standards, promoting pricing self-discipline, and establishing operational rules [2][7] - The wind power sector's performance has been mixed, with some stocks like Chuanrun and Jinpan Technology leading gains, while others like Changgao and Dongfang Electric faced declines [12][14] - The total installed capacity for onshore wind power reached 429.93 GW, with a year-on-year increase of 20.18%, while offshore wind power capacity reached 38.17 GW, growing by 21.33% [16][19] Market Performance - The wind power equipment index's latest TTM price-to-earnings ratio is 30.48, with a market-to-book ratio of 1.41, indicating a slight decrease in valuation compared to the previous week [10][11] - The wind power equipment sector's performance was relatively weak, with a weekly increase of only 0.14%, underperforming compared to the broader market indices [10][11] Installed Capacity Data - In the first half of 2024, onshore wind power added 25.01 GW, a year-on-year increase of 14.25%, while offshore wind power saw a decrease of 24.55% with only 0.83 GW added [16][19] - The total wind power generation in the first eight months of 2024 was 597.3 billion kWh, accounting for 9.10% of the total electricity consumption [16][17] Material Prices - The prices of most raw materials have decreased, with only the price of epoxy resin rising by 1.52% this week [19][20] - Current prices for materials include medium-thick plates at 3727 RMB/ton and rebar at 3664 RMB/ton, both showing a decline compared to the previous week [19][20] Tendering and Pricing Trends - A total of 2294.25 MW of wind power projects were tendered this week, with the average bid price for onshore projects at 1848.60 RMB/kW, reflecting a slight increase from the previous week [22]