风电行业周报：江苏海风项目提速，风电板块走强

Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [6] Core Viewpoints - The domestic offshore wind construction is accelerating, highlighting opportunities in the offshore wind sector. Recent projects include the Jiangsu Guoxin Dafeng 850MW offshore wind project and the successful grid connection of the Shandong Peninsula South offshore wind base [2][33] - The power equipment sector saw a significant increase in stock performance, with an 11.06% rise in the week of October 21-25, 2024, ranking first among 31 Shenwan primary industries [3][9] - Wind power installations in China reached 39.12GW from January to September 2024, marking a 16.8% year-on-year increase [19][21] Summary by Sections 1. Wind Power Sector Market Review - The power equipment sector's stock performance for the week of October 21-25, 2024, was +11.06%, leading among all industries [3][9] - Wind power equipment saw a 15.51% increase, second only to photovoltaic equipment [3][10] - Year-to-date performance for the wind power equipment sector is -4.55% [10] 2. Wind Power Industry Chain Tracking 2.1 Wind Power Installation Data - In 2024, from January to September, China added 39.12GW of wind power capacity, a 16.8% increase year-on-year [19][21] - The monthly addition in September 2024 was 5.51GW [19] 2.2 Wind Turbine Bidding Data - A total of 33 projects initiated turbine procurement with a combined bidding scale of 8997.7MW during the week of October 21-25, 2024 [22] - 27 wind power projects started turbine procurement, totaling 4808.95MW [24] 2.3 Upstream Raw Material Price Tracking - The average price of medium-thick plates was 3693.40 yuan/ton, down 2.92% from the previous week [30] - The average prices for ductile iron, cast iron, and scrap steel were 3340.60, 3408.00, and 2319.80 yuan/ton, respectively, with declines of 3.55%, 2.20%, and 1.37% [30] 3. Investment Recommendations - Focus on growth stocks benefiting from offshore wind demand, such as Dongfang Cable, Haili Wind Power, and Tiensun Wind Power [4][33] - Companies with strong overseas market capabilities include Dajin Heavy Industry and Taisheng Wind Power [4][33] - Wind turbine manufacturers with recovering profitability include Goldwind Technology, Mingyang Smart Energy, and Sany Heavy Energy [4][33]